Earlier in the year we reported that Nintendo was planning on selling their majority shares of the Seattle Mariners, today the sale was finalized. Nintendo will keep a 10% stake in the team though the financial details were not disclosed. The impact will be noted in Nintendo’s next quarter.
Update: the sale was worth $661 Million dollars
From Nintendo’s PR:
REDMOND, Wash., Aug. 19, 2016 – Major League Baseball has approved the sale of a majority of Nintendo of America’s interest in the Seattle Mariners to other members of the current ownership group. Nintendo of America will retain a 10 percent stake in the team and regional sports network, while the remainder of its holdings has been sold to other members of First Avenue Entertainment LLLP (FAE). FAE is the limited partnership that owns the Seattle Mariners and a majority interest in Root Sports NW.
As part of the sale, current CEO Howard Lincoln has retired from day-to-day operations, and John Stanton has replaced him as Chairman and CEO, as well as the designated Major League Baseball Control Person for the franchise. Lincoln will continue on as a member of the FAE Board of Directors, representing Nintendo’s ownership interests.
Final financial terms were not disclosed, but the financial impact of the sale to Nintendo will be incorporated into Nintendo Co., Ltd.’s next quarterly financial report.