(Bloomberg) -- Sportsology Capital Partners and Ares Management Corp. are in exclusive talks to buy a stake in Major League Baseball’s Texas Rangers, according to people with knowledge of the matter.
The group is in advanced discussions to acquire the 10% stake in the 2023 World Series winners owned by Janice Simpson, and the transaction is set to value the team at more than $2 billion, said one of the people, all of whom requested anonymity discussing confidential information.
Simpson and her now ex-husband, also a minority owner in the team, were among a group that acquired the Rangers out of bankruptcy in 2010. The Arlington, Texas-based Rangers are majority owned by energy tycoon Ray Davis.
Terms aren’t final, and a deal is unlikely to be finalized until next year at the earliest, one of the people said. As with all transactions that aren’t yet agreed, talks could still fall apart.
Los Angeles-based Ares is pursuing the transaction through its sports, media and entertainment finance effort, for which it raised $3.7 billion last year, a person with knowledge of the matter said. Sportsology is led by co-founders Mike Forde, a former executive at Chelsea F.C., and John Carroll, a former executive at investment firms Willowridge Partners and Central Park Group, its website shows.
Representatives for Sportsology and Ares declined to comment. A representative for the Texas Rangers didn’t immediately respond to a request for comment.
Alternative investment managers have increasingly bet on a variety sports across the globe. Silver Lake, for instance, owns a minority stake in New Zealand Rugby; Dynasty Equity has a minority stake in Liverpool F.C. and Clearlake Capital Group co-owns Chelsea F.C.
--With assistance from Randall Williams.
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