CLEVELAND (AP) Indians owner Paul Dolan hired an investment broker several months ago to help him find a minority investor for his franchise.
Dolan secured Allen & Co., a New York-based firm, to search for a minority owner, a team spokesman confirmed Sunday. The New York Post first reported the deal on Saturday.
The Dolan family bought the Indians in 1999 from Richard Jacobs for $322 million. The club has had one of the lowest payrolls in the major leagues and attendance at Progressive Field has dropped dramatically in the past few seasons.
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Dolan has said he has no interest in selling his majority controlling interest in the Indians.
Meanwhile, team president Mark Shapiro could possibly leave the team for a similar role with the Toronto Blue Jays. Shapiro served as the club's general manager from 2001-10.