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5 local billionaires who could purchase the Cardinals if the team were for sale
After nearly 30 years, the DeWitt family's ownership is getting stale amongst fans. Who could feasibly replace the family?
In 1995, Bill DeWitt III and Stephen Brauer bought the St. Louis Cardinals franchise from Anheuser-Busch for just $150 million. The franchise has ballooned to be valued at $2.55 billion according to Forbes. Forbes estimates that the Cardinals' revenue each year is $372 million. It's safe to say that the DeWitt family has seen quite the return on their investment.
Let me preface the rest of this piece by saying that there are no reports or rumors that the family intends to sell the franchise. In fact, Bill DeWitt Jr. said himself that there aren't even plans for him to supplant his father in full ownership of the team. It appears as though the DeWitt family will continue their ownership of the team for the foreseeable future. The Cardinals are a global brand, and they consistently rank near the top of North American sports teams in valuation. The DeWitts are sitting on a gold mine, and they know it.
My inspiration for this piece started when I began reflecting on which level of the organization to blame most for the team's recent malaise: the players, coaches, front office, or ownership group. At the end of the day, the players are the ones responsible for performing at the level they're expected to reach. The coaches are there to lead, prepare, and direct the team. The front office handles player acquisition, development, and utilization. At the top, the owners are responsible for providing the means to contend, and contention hasn't been in the cards for a few years now.
The DeWitt family has turned the area surrounding Busch Stadium into quite the revenue generator with Ballpark Village and the surrounding condos and apartment complexes. Additionally, the Cardinals have consistently ranked near the top of attendance charts each year. Revenue isn't an issue for the team, even with the uncertainty surrounding Diamond Sports Group and Bally Sports.
If the family does decide to sell the team in the near future -- again, something that is highly unlikely -- then there are bound to be plenty of suitors to swoop in and own a franchise as prominent and lucrative as the St. Louis Cardinals. These potential owners must have net worths great enough to pay the hefty price tag of the franchise, and that severely limits the amount of possibilities.
Also, Cardinal fans would most prefer a local owner, someone who is a fan of the team in addition to an owner. Bill DeWitt Jr. and his son are huge fans of the team themselves, so hopefully, that trend continues. Therefore, we are limiting our scope even more when looking at potential owners or ownership groups.
These 5 local billionaires could purchase the St. Louis Cardinals and reestablish the franchise.
Jack Dorsey & Jim McKelvey
Yes. That Jack Dorsey. The former owner and co-founder of Twitter. Dorsey, 47, was born and raised in St. Louis, Missouri. The former CEO of Twitter went to Bishop DuBourg High School, and he went to the University of Missouri-Rolla for two years before transferring to New York University in the late 1990s.
Dorsey was in the news in 2021 and 2022 during the sale of the company that he created. As the founder of the company in 2006, Dorsey was the face of Twitter. He was its CEO from October 2015 until the company's sale in November 2021.
In addition to his social media ventures, Dorsey also co-founded Block Inc. Block Inc., a financial technology conglomerate, was once known as Square Inc. Who was Dorsey's co-founder in this excursion? Another St. Louis native by the name of Jim McKelvey. McKelvey, 58, went to Ladue High School and Washington University for his education.
He also founded a company called Invisibly in 2016; this company helps individuals take control of their data. McKelvey also served as the chairman of the Federal Reserve Bank of St. Louis from 2022 until April of 2024. His financial acumen is polished given his long history of capital ventures.
While Jack Dorsey could purchase the Cardinals on his own with his $4.9 billion net worth, McKelvey would have to be a partner in this venture, as his $1.8 billion net worth falls below the franchise's valuation. Dorsey lives in California, but his local roots could entice him to purchase the franchise should it go up for sale. McKelvey still lives in St. Louis, and he's quite active in building up the city. Both Dorsey and McKelvey are young entrepreneurs, so their ownership would be an energy injection into the city.
David Steward & Jim Kavanaugh
David Steward is the co-founder of World Wide Technology, a group in St. Louis that provides digital strategy, technology, and supply chain solutions to large organizations both public and private. WWT is one of the largest employers in the St. Louis area, and its footprint is ever-growing in the city and its surrounding areas.
Steward founded the group with Jim Kavanaugh, and he's currently the company's chairman. According to Yahoo! Finance, Steward's net worth of $7.6 billion far exceeds the franchise's value of $2.55 billion. While net worth isn't liquid cash, Steward has the means to purchase the historic franchise. Kavanaugh, a part-owner in St. Louis City SC, could pair with Steward as an ownership group.
According to Worldwide Technology's website, Steward is "an entrepreneur, civic leader, philanthropist and industry trailblazer renowned globally for his faith-based approach to business and inclusive, values-driven leadership." Dave's philanthropic approach would bode well for a fanbase that is desperate for its owner to display concern and care recently.
Should Steward, 73, purchase the Cardinals, he would be the lone Black majority owner in all of Major League Baseball. Dave Stewart, a similar name but different man, is leading a push for an MLB team in Nashville. David Steward and David Stewart would be the only two majority-black owners in baseball if the former makes a push to purchase the Cardinals and if the latter's desire to bring a team to Nashville comes to fruition.
Dave and his wife, Thelma, live in the St. Louis area, so he will remain a local owner. A local billionaire who is philanthropic with his money? Sounds like a good fit to own a baseball team!
Johnny Morris
For those of you who hail from southwest Missouri, Johnny Morris's name is quite familiar to you. Morris founded Bass Pro Shops in 1972. At its induction, the small shop was in the back of his father's liquor store in Springfield, Missouri. Since then, Bass Pro Shops has exploded to be one of the biggest sports and recreation companies in the country.
Morris was born in Springfield, MO in 1948, and he went to Drury University for college. He has spent a lot of his time and money sprucing up southwest Missouri, as he founded the Top of the Rock golf course in Branson along with the Wonders of Wildlife Museum & Aquarium at the Springfield Bass Pro store.
In addition to owning Bass Pro Shops, which bought out Cabela's in 2017, Morris has branched out to other financial areas. He is the founder of White River Marine Group, and his company is a major sponsor in a variety of areas.
Johnny Morris is a Missourian through and through, and his purchase of the St. Louis Cardinals seems to be the most fitting. He still lives with his wife, Jeanie, in Springfield, so he is a fairly local owner. While Morris has stayed away from investing in local sports teams in Springfield like the Springfield Cardinals, a larger and more profitable venture like the St. Louis Cardinals could interest him.
Morris's company has dabbled in sports sponsorships, primarily in NASCAR. Johnny Morris is one of the oldest individuals on this list; he is currently 76 years old. Morris has the highest financial potential to purchase the global brand that is the St. Louis Cardinals, as his net worth is $9.5 billion.
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