GME Group Media Inc. has announced it will close its investment in the NFL, citing the “challenges” in the industry.GME Group said the stock is trading around $60 per share.
The company has $5.3 billion in cash and $2.3 million in short-term debt.
The NFL, which was founded in 1952, is the world’s most valuable sports league, with a market capitalization of $2 billion.
The announcement comes as the NFL is working to bolster its financial position following a series of high-profile incidents.
In March, the league was forced to issue a $2 million safety deposit guarantee to the league, and in April, the NFL said its revenue from ticket sales was down 15 percent year over year.
On Tuesday, the company’s chairman, Jeff Berwick, said the company is taking steps to shore up its finances.
He said the NFL will continue to invest in football operations and that the company will be a leading sponsor of the league’s playoff games.