SEATTLE (AP) Nintendo of America is selling its majority stake in the Seattle Mariners to a group of minority owners led by new chairman and CEO John Stanton.

Outgoing Chairman Howard Lincoln announced the ownership transaction Wednesday, along with his intent to retire from day-to-day operations overseeing the franchise. Nintendo is selling all but 10 percent of its stake in the franchise and the regional sports network ROOT Sports. The team said it used a valuation of $1.4 billion for the sale.

Stanton's group, First Avenue Entertainment LLP, will own 90 percent of the franchise. Stanton has been a minority owner and will take over daily operations of the franchise. He was also a minority owner of the Seattle SuperSonics as part of the Basketball Club of Seattle.

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The ownership change is subject to approval by Major League Baseball, which the club hopes to get during league meetings in August.