Image of Valley Strong Ballpark via Visalia Rawhide.

One of the oldest minor league baseball franchises on the West Coast has a new ownership group with the acquisition of the Visalia Rawhide by startup sports ownership group OnDeck Partners.

The acquisition, announced Thursday, marks one of two franchises to be acquired by the group led by billionaire investor Marc Lasry. Lasry, leads Avenue Capital Group — a New York-based global firm with over $10 billion in assets with offices in the United States, Europe, the Middle East and Asia.

The group has already invested in ventures backing Tiger Woods, Trackhouse Entertainment, the Baltimore Orioles and others.

The Rawhide — affiliates of Major League Baseball’s Arizona Diamondback — were purchased along with the Montgomery Biscuits Single-A team in Alabama.

“We are excited to launch OnDeck Partners with these two acquisitions which represent our respect for the tradition of Minor League Baseball and our commitment to its future,” said Lasry. “OnDeck is building something special and important: not only supporting the success of the teams in which it invests, but also contributing to the dynamism of the communities in which they are located.”

The acquisitions mark the first step in the new group’s longterm goals of investing in affordable entertainment with a focus on local communities and their connections to the game, according to a release.

Selling the Rawhide is First Pitch Entertainment, led by the Sigal family since 2019. First Pitch Entertainment faced off against the City of Visalia in court over required upgrades to Valley Strong Ballpark. The parties reached an agreement in August 2024 that likely kept Minor League Baseball in Visalia, where it has been for more than 77 years.

New York-based ​OnDeck Partners is led by CEO Mike Carney and is part of the Avenue Sports Fund. The group focuses on developing stadiums as community-centered venues.

The Avenue Sports Fund, controlled by Avenue Capital Group, was launched in 2023 and invests in minority stakes in sports leagues, women’s sports and emerging leagues.

Avenue Capital Group was co-founded in 1995 by Lasry and his sister Sonia Gardner.

OnDeck’s uniting of the two teams under its banner as the first investments into Minor League Baseball focuses on the group’s aim to enhance traditions for fans while introducing forward-looking game-day innovations, fan experiences and community engagements.

“As OnDeck Partners begins its journey, we see incredible opportunities to create unforgettable fan experiences and to enhance in-stadium offerings, resulting in stronger connections between local communities and the game,” Carney said. “Our goal is to enhance these hometown team experiences, ensuring our ballparks remain places where communities gather, celebrate, and create lasting memories together.”