Molson Coors has been an equity owner of the Colorado Rockies for 22 years. The beer company has had a vested interest in the team since becoming an expansion squad in 1991. The Molson Coors company owns a 14.5 percent share in the Rockies.
SportsBusiness Journal is now reporting that Coors is ready to sell its share in the baseball team in order to focus on creating a worldwide beer brand.
Coors will part ways with Rockies
With the Rockies estimated to be worth about $600 million and currently standing at $80 million in debt, 14.5 percent would equal out to $75.4 million.
The Molson Coors company said the following in a recent statement to SportsBusiness Journal:
“Molson Coors is proud of the role we played in bringing a Major League Baseball team to Denver and remains highly supportive of the Colorado Rockies. However, we have decided to sell our 14.5% stake in the team so that we can focus our resources more fully on building our global beer business. This transaction has no impact on the naming rights for the stadium, which will remain Coors Field.”
Jay Stein – president of Sandor Development in Scottsdale, Arizona – may be the man to purchase Coors’ share. He previously held a similar ownership role with the Padres, forming part of Jeff Moorad’s ownership group in 2009. Moorad sold those shares last year to San Diego’s current owners.
Either way, Coors will still look at holding the naming rights to Coors Field in Colorado, which you can check out a unique look at the building of in the video above. The stadium’s naming rights were sold to the company in 1995 for $15 million at a length that was agreed upon at the time of the deal, which is “indefinite”.
It has also been reported that the Denver Post was looking to sell its small share in the Rockies as well. The Denver Post owns 7.3 percent of the team, but has since taken its share off the market.
For more information, please refer to the following sites: SportsBusiness Journal and MLB.com.
Photo credit – rockiesrumors.com
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