Nintendo to Reduce Stake in Seattle Mariners

Nintendo of America said Wednesday that it planned to reduce its stake in the Seattle Mariners to 10% by selling the majority of its interest in the Major League Baseball team to other members of the current ownership group.

As part of the deal, current team Chief Executive Howard Lincoln would retire from "day-to-day" operations and be replaced by John Stanton as chairman and chief executive.

Terms of the deal, which is subject to approval by Major League Baseball, weren't disclosed. The transaction, which involves the sale to First Avenue Entertainment LLP, the limited partnership that owns the Seattle Mariners, is expected to close in August.

Hiroshi Yamauchi, a scion of Nintendo's founding family, became majority owner of the Seattle Mariners in 1992 and is said to have played a key role in keeping the team in town.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

(END) Dow Jones Newswires

April 27, 2016 20:45 ET (00:45 GMT)

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