The San Francisco Giants plan to buy an immediate 25 percent ownership stake in the San Jose Giants, a member of the Class A Advanced California League and part of the San Francisco team’s minor league farm system since 1988.
The agreement, which will be announced Thursday, allows the San Francisco Giants the option of buying further 30 percent of the San Jose Giants by the end of 2010.
Officials of the two teams would not divulge the size of the San Francisco Giants’ investment in the minor league team.
Jim Weyermann, president and CEO of the San Jose Giants, said his team initially approached the San Francisco Giants four years ago to discuss the possibility of the latter organization buying an interest in his team. Talks have continued off and on since 2005, he said.
The San Francisco Giants’ move comes at the same time owners of their cross-bay rival, the Oakland Athletics, have expressed a strong interest in moving to San Jose, especially after the Athletics’ plans to build a new 32,000-seat ballpark in nearby Fremont fell through in February. Any move by the A’s to San Jose is complicated by Major League Baseball having designated Santa Clara County as part of the Giants’ territory.
The agreement, which will be announced Thursday, allows the San Francisco Giants the option of buying further 30 percent of the San Jose Giants by the end of 2010.
Officials of the two teams would not divulge the size of the San Francisco Giants’ investment in the minor league team.
Jim Weyermann, president and CEO of the San Jose Giants, said his team initially approached the San Francisco Giants four years ago to discuss the possibility of the latter organization buying an interest in his team. Talks have continued off and on since 2005, he said.
The San Francisco Giants’ move comes at the same time owners of their cross-bay rival, the Oakland Athletics, have expressed a strong interest in moving to San Jose, especially after the Athletics’ plans to build a new 32,000-seat ballpark in nearby Fremont fell through in February. Any move by the A’s to San Jose is complicated by Major League Baseball having designated Santa Clara County as part of the Giants’ territory.
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