Monday, 29 June 2015
Last updated 54 min ago
Oct 6 2011 | 11:04am ET
A New York hedge fund manager has bought one of the city's two minor-league baseball teams.
The unidentified hedgie, who succeeded where Greenlight Capital's David Einhorn failed with the Major League New York Mets, led a group of four financial professionals in buying the Staten Island Yankees, a short-season affiliate of the New York Yankees. The deal closed on Friday; all that is known about the group, other than their financial ties, is the name of their holding company, Connecticut-based Nostalgic Partners.
Terms of the deal were not disclosed, although published reports indicate that Nostalgic paid about $8.3 million for the team.
None of the new owners have experience in professional baseball. And, for now, at least, they don't plan to make too many changes to a team that has won six New York-Penn League championships in its 12 years in New York's smallest borough, but which has struggled financially in recent years. Team president Joseph Ricciutti will remain at the helm, and the new owners have pledged to honor the team's lease with New York City at the Richmond County Bank Ballpark, which runs through 2021.
"The team is not going anywhere," Riccuitti told the Staten Island Advance. "It's always going to be the Staten Island Yankees."
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…