Giants sell minority ownership to Koch family as deal earns highest valuation for sports franchise, per report

The Mara and Tisch families will still hold 90% of New York's ownership stakes

The New York Giants have agreed to sell a 10% minority ownership share valued at over $1 billion to the Koch family, according to Bloomberg. The deal values the Giants at more than $10 billion, the highest valuation ever for a sports franchise, just surpassing Mark Walter's $10 billion purchase for majority ownership of the NBA's Los Angeles Lakers. Walter also owns the MLB's Los Angeles Dodgers. 

The sale must be approved by the league's other owners before it can be finalized, which could take place as soon as October. Under the new agreement, the Mara and Tisch families would each hold 45% of the franchise's ownership stakes. They previously each held 50%. 

Julia Koch, the widow of former Koch Industries co-owner David Koch, was involved in the new deal to acquire the Giants. The Koch family also recently purchased 15% of the parent company of the Brooklyn Nets, the New York Liberty and Barclays Center. 

The Giants have been owned, at least in part, by the Mara family since their inception in 1925. In 1991, Tim Mara agreed to sell his 50% interest in the franchise to Bob Tisch, co-owner of the Loews Corporation, for around $80 million. 

Majority ownership of the Giants has since passed to John K. Mara and Steve Tisch, the sons of Tim and Bob, respectively.