Indians owner hires firm to find minority investor

Published August 30, 2015

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.

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.

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