New York Times Sells Off Puny Portion Of Boston Red Sox

Red Sox

New York Times Co. (NYT) finally sold off a tiny piece of its 17.5% stake in the Boston Red Sox. Venture capitalist Henry F. McCance, chairman emeritus of Greylock Partners, is taking just 1.18%.

The sale amount has not been announced. He took 50 of their 750 units.

The Times put their entire 17.5% stake in the team on the block back in December 2008. The company shelled out $17 million in 2002 for their piece of the Boston baseball team. In January, the Times hired Goldman Sachs to help them sell it off.  They still own 16.6% of New England Sports Ventures, LLC.

Executives told analysts and reporters on a recent earnings call that they expected to be able to sell off the team for more cash soon. 

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