Major League Baseball has approved the sale of a minority stake in the Guardians to David Blitzer, who will initially own 25-30 percent of the franchise, according to reports by The Athletic and the Associated Press. The approval was announced at the conclusion of the owners meeting in New York by commissioner Rob Manfred.

Guardians owner Paul Dolan has been seeking a minority investor for more than a year, a search that began after former minority investor John Sherman bought the Kansas City Royals. In addition to the 25-30 percent initial ownership commitment, Blitzer will have the right to increase his stake to a controlling interest within the next several years, according to multiple reports. The deal is expected to be official within the next few days.