After initially being interested, former New York Giants quarterback Eli Manning has opted not to buy an ownership stake in the team, saying “it’s too expensive for me.”
The Giants said in February that they were putting a limited stake in the team — possibly up to 10% — on the market, with the process likely to set a record for an NFL franchise valuation.
Forbes’ last valuation of the Giants was $7.3 billion, while CNBC estimated it to be $7.85 billion.
“Basically, it’s too expensive for me,” Manning told CNBC Sport. “These numbers are getting very big. … A 1% stake of something valued at $10 billion — it turns into a very big number.
“I love the Giants, and I think it is deserving of that valuation. There will be people that want to go for it, and I was kind of along for the ride.”
Manning, a two-time Super Bowl MVP with the Giants whose No. 10 is retired by the team, said becoming involved in ownership also would create “a lot of conflicts” with his current projects, including his role as a broadcaster with ESPN.
“It really was a matter of some complications with the fact that I’m doing broadcasting; I wouldn’t be able to talk to the players. I coach in the Pro Bowl. I do a high school football camp where college guys come.
“There would be a lot of conflicts and it was going to affect my day job, so I kind of had to pull out of the Giants deal.”
The Mara and Tisch families each own 50% of the Giants. John Mara and Steve Tisch have been in control of the organization on behalf of their families since the deaths of their fathers in 2005.
Bob Tisch, Steve’s father, bought 50% of the Giants for approximately $75 million in 1991. Tim Mara, John’s grandfather, founded the team in 1925 for $500.