A Mission Viejo-based holding company has acquired a majority stake in the Orange County Flyers minor league baseball team.
Godfather Media Inc. on Thursday announced it has acquired 60% of the assets of Fullerton-based team, which has been dormant for the past year and faces an uphill battle for a fan base and profitability in the crowded entertainment market in Southern California.
Financial terms of the deal were not disclosed.
The team was purchased from a group of investors led by Las Vegas resident Alan Mintz.
His investment group included Hollywood types such as Actor James Denton of “Desperate Housewives” fame and entertainment lawyer Harris Tulchin, among others.
The group paid about $1 million to buy the team from the Golden Baseball League in 2007.
The Flyers have averaged about $650,000 in annual revenues but haven’t turned a profit.
Godfather Media has said it plans to build a portfolio of long-term investments in small- to medium-sized companies with cash, according to its website
It is seeking growth in the sports, entertainment, mobile and social media industries.
Investment will typically range between $500,000 and $5 million, according to the company.
In January the company announced it was changing its ticker symbol on the low-profile Pink Sheets and its name after a restructuring.
It previously had been known as Energy King Inc., an Irvine-based company that provided heating, ventilation, air conditioning and plumbing services for the residential market.
In late January Godfather Media acquired all of the assets of an independent minor league baseball team called the Yuma Scorpions.
The Flyers and Scorpions both compete in the 10-team independent North American Baseball League.
The Flyers have played games at California State University, Fullerton’s Goodwin Field since 2005.
The team took a year hiatus in 2011 to work on plans to renovate a downtown Fullerton ballpark.
Owning a stadium is the ultimate goal for a minor league team. Without one, revenue is limited to game sales and sponsorships, and a big chunk of revenue goes for lease payments.
The Flyers have been in talks with Fullerton officials for years to build a stadium in the city’s downtown area.
The team also has approached other OC cities.
