Major League Baseball has approved the sale of a minority stake in the Cleveland Guardians to David Blitzer, who also has ownership shares in the Philadelphia 76ers and New Jersey Devils, according to multiple reports.

Blitzer will initially have 25-30% ownership and will have the right to increase his stake to a controlling interest in several years, according to the reports.

Commissioner Rob Manfred announced approval of the sale at the end of a three-day owners meeting in New York.