Los Angeles Business Journal

Shamrock to Sell Harlem Globetrotters

By Business Journal Staff Originally published June 13, 2013 at 1:32 p.m., updated June 13, 2013 at 5:24 p.m.

EDITOR'S NOTE: This story has been corrected to note that Shamrock Capital Advisors is now based in Westwood.

Shamrock Capital Advisors reportedly is looking to sell Harlem Globetrotters, the iconic exhibition basketball team known for its on-court antics.

Reuters reported Thursday that Shamrock, the Westwood private investment firm founded by the late Roy Disney, has hired Piper Jaffray to shop the basketball entertainers to potential buyers. Sources told the news service that the team is expected to fetch between $50 million to $100 million. Shamrock did not return calls for comment.

Shamrock acquired an 80 percent stake in the team in 2005, with Mannie Jackson, former owner and chief executive of the team, retaining 20 percent.

The Globetrotters were founded in 1926 in Chicago, and have played more than 25,000 games around the world. Their long-time opponents, the Washington Generals, also traveled with them. The business generates revenue through ticket sales, product endorsements and sales of branded gear.