The Union have a new minority owner: Richard Leibovitch, founder of New York-based real estate investment firm Arel Capital.
Majority owner Jay Sugarman told the Inquirer and Daily News that Leibovitch purchased a part of the stake owned by another owner in the team who wanted to reduce his investment. Sugarman would not name the selling owner, saying he has been an investor in the team from the start who has been anonymous all along and “was just a capital provider.”
But Leibovitch’s arrival is meant to be public.
“He spent a long time studying the league first, and then studying the Union,” Sugarman said.