Philadelphia Phillies managing partner and principal owner John Middleton signs autographs prior to the 2024 London Series game between the New York Mets and the Philadelphia Phillies at London Stadium in London on June 9, 2024.
The Philadelphia Phillies recently raised close to $500 million in capital from three new investors in a transaction that values the Major League Baseball team and its 25% stake in regional sports network NBC Sports Philadelphia at about $3 billion, according to two people familiar with the deal.
Given that limited-partner stakes typically go for about 20% less than control stakes because LPs have no say in how the team is run, the $3 billion valuation equates to roughly a $3.7 billion control valuation.
A little more than a year ago, Middleman purchased a 16.25% stake in the Phillies at a grossed up valuation of $2.8 billion.
Based on revenue multiples, a $3.7 billion control valuation for the Phillies would be eight times 2023 revenue, compared with multiples of 5.3 for the Orioles and 6.7 for the Mets, according to historic revenue calculations.
Persons:
John Middleton, Stanley, Middleton, Mitchell Morgan, Guntram Weissenberger, Steve Cohen
Organizations:
Philadelphia Phillies, New York Mets, London, The Philadelphia Phillies, Major League Baseball, NBC Sports Philadelphia, Phillies, Baltimore Orioles, Orioles, Mets
Locations:
London
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