Nintendo to reduce stake in Seattle Mariners

Nintendo of America is relinquishing majority control of the Seattle Mariners after 24 years.

The sales price was not disclosed, but a Nintendo spokesman said the deal now values the MLB team at $1.4 billion.

First Avenue Entertainment, the new owner, chose phone magnate John Stanton as the club's new CEO. He was minority owner of the Mariners and previously owned a stake in the Seattle SuperSonics.

The transaction expected to close in August would leave Nintendo with a 10 percent stake in the team.

Read more from The Wall Street Journal.