JERSEY CITY, N.J. — Herff Jones, the longtime owner of the New Jersey Generals baseball team, has sold his majority stake in the team to private investors.
The deal, which Jones confirmed to Bloomberg, was completed Wednesday.
Jones, 76, who is also the former owner of Wrigley Field, has been chairman and CEO of the team since 2009.
He owns a controlling stake in a company called World Class Sports Inc. That’s the private equity arm of the club that he also manages.
Jones’ investment firm, Blackstone Group LP, is the largest private equity player in the U.S., according to Forbes, but the firm’s ownership of the Generals has been in dispute.
Jones said he and the team are “deeply committed to the New York Yankees and their fans and to making the team the greatest in baseball history.”
The team was purchased in 2014 by the Yankees for $400 million.
Jones did not immediately respond to a request for comment.
Jones owns the Generalfloss, a sports marketing company that has done advertising for the team, as well as other sports teams, according to his website.
The Generalflowns franchise has been at the forefront of sports marketing since it was founded in 2005, said Eric Zander, a spokesman for World Class, which represents Jones.
The team’s fans, who make up the largest single segment of the franchise’s fan base, have also been key to the team’s success.
The club has sold out its first-ever home game, held in its Yankee Stadium complex, for the past four years.
The Yankees have sold out more than 5,500 home games since its launch in 2005.
The arena, which seats 8,000, has also played host to several professional baseball games, including the Super Bowl, NBA Finals and World Series.
Jones and his family are among a handful of former Generals who have sold off their stakes in the sports teams.
In 2006, Jones sold his stake in his hometown team, the New Orleans Pelicans, to the Brooklyn Nets for $750 million.
In 2007, he sold his share of the St. Louis Cardinals to New York Mets for $850 million.
And in 2015, he and his wife sold their stake in Minnesota Vikings to Minnesota Twins for $1.2 billion.