It’s too rich for Eli Manning’s deep pockets.
Manning has given up his pursuit to own a small piece of the Giants — the only NFL team he played for in his 16-year career — with the two-time Super Bowl-winning quarterback saying he cannot afford the price tag for a minority stake in the team.
“Basically, it’s too expensive for me,” Manning said Wednesday on CNBC Sport. “A one percent stake [in a team] valued at $10 billion turns into a very big number.”
Eli Manning is no longer pursuing a minority ownership stake in the Giants. Charles Wenzelberg/New York Post
Giants owner John Mara. Charles Wenzelberg / New York PostThe Giants were valued at $7.85 billion, ranking fourth among the NFL’s 32 teams, according to CNBC’s official NFL team valuations.
Last year, NFL owners voted to allow private equity firms to purchase up to a 10 percent stake in a team.
In February, Giants co-owners John Mara and Steve Tisch hired Moelis & Company to explore a potential sale of a minority, noncontrolling stake of the team.
Manning and Hall of Famer Michael Strahan, who spent his entire 15-year NFL career with the Giants, expressed interest in buying into their former team.
Eli Manning (l.) and Giants owner John Mara (r.) Robert Sabo for NY PostThere were other factors at play for Manning to take himself out of the running.
He remains close to the game via his cohost role with older brother Peyton on ESPN’s “ManningCast” on “Monday Night Football” and that could have been seen as a conflict of interest if Manning owned a minority share of the Giants.
“I wouldn’t be able to talk to players that I coached in the Pro Bowl,’’ Manning said. “It was going to affect my day job.’’
Manning said he has no interest in purchasing a stake in another NFL team and that he believes the Giants are worthy of a $10 billion valuation.
Manning made more than $250 million from the Giants in his playing career. He earns lucrative paychecks in endorsements, owns a production company called Ten Till Productions and is a partner in the private equity firm Brand Velocity Group.
Manning also remains employed by the Giants in a team ambassador role.
He is a minority owner of Gotham FC in the NWSL and TGL’s New York golf team.
Strahan teamed with billionaire Marc Lasry to make a bid for a minority stake in the Giants, Sportico reported, and, according to CNBC, investor Julia Koch also submitted a bid.
