Mariners CEO resigns, new ownership group taking over club
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.
The ownership change is subject to approval by Major League Baseball, which the club hopes to get during league meetings in August.