Eli Manning Drops Bid for $10 Billion New York Giants Stake

Former New York Giants quarterback Eli Manning said he is no longer pursuing a minority stake in the NFL franchise, telling CNBC the rising price tag had put the deal out of reach. “Basically, it’s too expensive for me,” Manning said, noting that a 1% holding at a roughly $10 billion valuation translates to a “very big number.” Manning also cited potential conflicts with his ESPN "ManningCast" broadcasting duties, which could limit his ability to speak with players and cover games objectively. He added that he has no interest in buying into another NFL team despite soaring franchise valuations across the league. The Giants’ owners—the Mara and Tisch families—hired Moelis & Company in February to solicit bids for a non-controlling stake. Interest has reportedly come from investors including Julia Koch, Michael Strahan and billionaire Marc Lasry. The league last year approved rules allowing private-equity firms to hold up to 10% of a team. NFL team prices continue to climb: the Philadelphia Eagles sold a minority interest in December at an $8.3 billion valuation, and the San Francisco 49ers sold 6.2% of their club in May at more than $8.5 billion. Manning said he still intends to remain involved with the Giants in an advisory capacity but will do so without equity in the franchise.