Indians owner seeks investment as Shapiro speculation intensifies

CLEVELAND -- Indians owner Paul Dolan is looking for a minority investment partner for his franchise.

He may need a new team president as well.

Dolan, who has had primary control of the Indians since 2013, hired a New York-based investment broker several months ago to help him find a minority owner for the ballclub, which has struggled to stay competitive in a sport without a salary cap in a city still recovering from job losses and a dwindling population.

Dolan secured Allen & Co. to search for a minority owner, a team spokesman confirmed Sunday. The New York Post first reported the deal on Saturday.

The Dolan family bought the Indians in 1999 from Richard Jacobs for $322 million. The Indians, who haven't won the World Series since 1948, have had one of the lowest payrolls in the majors and attendance at Progressive Field has dropped dramatically in the past few seasons.

Meanwhile, team president Mark Shapiro may be leaving the team for a similar role with the Toronto Blue Jays. A decision could be announced as early as Monday.

Shapiro, who has been with the Indians since 1992, served as the club's general manager from 2001-10 before he was promoted to president. The 47-year-old Shapiro has been a steady hand for Cleveland's organization, guiding it around financial obstacles while overseeing the renovation of Progressive Field.

The Blue Jays have major plans to overhaul Rogers Centre, and Shapiro could be intrigued by that challenge as well as joining a team that has overhauled its roster this season with trades and signings.

Shapiro is considered one of baseball's top executives and has served on MLB's competition committee.

The Blue Jays will be looking for a new team president this offseason, when current CEO, Paul Beeston, is expected to retire. Shapiro has not commented on speculation about his candidacy with Toronto.