The Los Angeles Dodgers have announced they have sold a minority share in the team to two investors.
The two new owners are Robert L. Plummer and Alan Smolinisky, who purchased less than 5% of the team, according to Bill Plunkett via Forbes.
Via Forbes, the two investors bought less than 5 pct of the team. Via my math, it means an infusion of at least $120m in revenue for #Dodgers https://t.co/2uXStlVKf9
— Bill Plunkett (@billplunkettocr) September 20, 2019
The Guggenheim group originally started with five members and has now expanded to nine.
Dodgers Chairman Mark Walter will remain the controlling owner while Stan Kasten remains as the chief executive officer, according to the LA Times. Walter said in a press release he believes the deal will benefit the Dodgers.
“The two newest members are both civic-minded, accomplished businessmen and lifelong Dodger fans,” said Walter. “We are proud of having built a very strong ownership group, and Robert and Alan will certainly add to that strength. I look forward to having them join us for this exciting post-season run in October.”
Both Plummer and Smolinisky are lifelong Dodger fans.
Plummer is Chairman and CEO of R.P. Lumber Co., Inc., a retail home center and building materials supplier with locations in Illinois and Missouri.
“I have been a fan of the Dodgers since my Little League days, and my involvement with the club is a dream come true,” said Plummer.
Smolinisky is a Principal at Conquest Housing, a private investment company that operates in real estate, publicly-traded securities and other entrepreneurial ventures. He also is the owner of the Palisadian-Post, the more than 90-year-old newspaper serving Pacific Palisades.
“I’m a lifelong Dodger fan and to now be a part of their ownership group is an exciting opportunity and time for me and my family,” said Smolinisky.
