A group of minority Tampa Bay Rays owners can proceed with part of a lawsuit seeking to expel Stuart Sternberg as a general partner in the team, a judge ruled Wednesday. The suit has not yet proceeded to the point of discovery, where more facts would figure to come to light to either support or refute the minority shareholders allegations. Quick solution: I give you the Tampa Bay As, and the Oakland Rays! Heres a guy who quietly gave everything he had to the org for a decade and came away saying they had no idea what they were doing. Net of stadium revenues used for debt payments. Following a four-game losing streak, the Oklahoma City Thunder have slid in the standings and are now 28-33. Are we really going to halt the growth of baseball around the world because of a once in a lifetime pandemic? The lawsuit was filed by five limited partners who own a combined 9.6 percent of the team: Robert Kleinert, Gary Markel, the MacDougald Family Limited Partnership, Stephen M. Waters and a. However, Culverhouse was not the person originally awarded the franchise in 1974. According to the Times, the lawsuit requests a jury trial, a receiver to be appointed to review the partnership's finances, more than $30,000 in damages, and for Sternberg's company to be expelled as general partner. Maybe MLB should look at other clubs because of abuse owners have been steadily doing to players, personnel, shareholders, etc. Championships: 2 (2002 against the Oakland Raiders and 2020 against the Kansas City Chiefs), Owner: Sunrise Sports and Entertainment (Vincent Viola, chairman). The Rays model flows from him, including the front office and coaching staff. On Monday, Josh Solomon and Emily L. Mahoney of the Tampa Bay Times reported a group of the team's minority owners filed a lawsuit against principal owner Stuart Sternberg. The partnership was originally founded by the former Rays owner, the late Vince Naimoli, to bring a Major League Baseball franchise to Tampa Bay. Prior owners: Cliff Viner and a group of investors consisting of minority partners Stu Siegel, Alan Cohen and Wayne Huizenga. An initial hearing in the lawsuit was scheduled for November, 2021. Incredibly so. This group helped bring the Magic to Orlando. The Montreal Expos left due to attendance issues in a foreign country and province that actually wanted and still does to succeed from Canadadont think this is even going to happenJarry Park is a tennis stadium..really think Canadians are going to pay for a new stadium in a province that still speaks predominantly French and LOVES hockey and little elseMLB would be crazy to do this. But hes been ineffective in building a brand, and has essentially destroyed what was a promising market. The best insights from the ultimate insiders, 2023 NYP Holdings, Inc. 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About the owners: Sherman made his money after co-founding Private Capital Management, based in Naples, in 1985. 2014 ??? Virtu Financial is one of the largest providers of financial services, trading products and market making services. Sherman owns roughly 46 percent of the team after putting in $400 million. It seems much was lost in your translation. only allowed Steinbrenner to remain as a limited partner until he returned to the front office on March 1, 1993. Owners: An investment group headed by principal owner Bruce Sherman and CEO Derek Jeter. My fear is youll get that park, but Sternberg wont change how he operates. Sadly he is just taking the money out the team for the stadium anyway. The latter wasa successful tax attorney who had tried to purchase the Los Angeles Rams and had advised NFL owners on financial matters. The owners of the Houston Texans and New York Jets will disagree with you. . About the sale: Khan's first attempt to purchase a National Football League team came on Feb. 11, 2010, when he entered into an agreement to acquire 60% of the then-St. Louis Rams from Chip Rosenbloom and Lucia Rodriguez, subject to approval by other NFL owners. Freedom does NOT mean being free from jags whose hearts desire spreading disease in order to pointlessly virtue signal that their being as selfish as possible is true freedom. Vince McMahons slow, but steady, rise from the ashes seems to be continuing this WrestleMania season. @theodore: Rob will get right on it as soon as he settles the MASN dispute between the Nationals and Peter Angelos. Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt. As a long time baseball and Rays fan your comment stung. If he was losing the amount of money he wants you to believe he is, he would sell. 6 more years & the team can do whatever it wants. Owners net worth: While the net worth of Malcolm Glazers six children is not available, Malcom was worth an estimated $4.5 billion at the time of his death in 2014. @Tech haha so true, Vancouver could build a brand new stadium by the time the Rays lease is up. The suit, which was filed Saturday in Pinellas County, accuses Sternberg of depriving the minority owners of their profits from the team while simultaneously requiring them to pay taxes on that would-be income. The previous owner, Hugh Culverhouse, had owned the team since it entered the NFL in 1976 as an expansion team. Of most interest to Rays fans is likely their assertion that Sternberg has been secretly negotiating to sell an interest in the Franchise and Club to a Canadian businessman named Stephen Bronfman and his Montreal Baseball Group. The complaint alleges that Sternberg has been in clandestine discussions with Bronfman since the Spring of 2014.. October 2, 2018: Bill Edwards announced he sold the Tampa Bay Rowdies to the Tampa Bay Rays Major League Baseball club, uniting two professional sports franchises under one umbrella. that tell people what to do with their own bodies (besides pregnant women, of course) are tyranny, right? Review Catalyst posting guidelines here. second when i got across the bay to st. pete where the trop is in a industrial district, nothing around the trop is attracting to fans unless you like hanging out around factories and warehouses. Chris Raineri. The Athletic doesnt even have a reporter covering the team because the fan clicks are non-existent. They seem to walk in the same circles. Taxpayers paid 62% of costs. The Rays say the latest lawsuit filed by a group of limited partners who accuse Stuart Sternberg of wrongfully taking control of the team is a continuation of a "meritless and relentless campaign . The minority shareholders allege hes instead used his authority to decline to acquire potentially advantageous interests for the partnership as a whole, only to then personally acquire those interests and increase his own stake in the partnership. I say no more baseball for Canada. Bad stadium didnt help. That original ownership group paid out $32.5 million in expansion fees in 1988 to bring the team to Miami. The Rays may have more budget constraints compared to their AL East peers, but their return on investment tends to be high. Your California Privacy Rights / Privacy Policy. Dont you know that, averagejoe? Unsurprisingly,. He received an engineering degree while working at automotive manufacturing company Flex-N-Gate Corporation. SHOCKED. Now we hear hes so financially hurt by his investment that hes trying to increase his ownership percentage! It doesnt look good for him or the owners when things like this happen. Below is a list of the 23 individuals, partnerships and trusts that own the Tampa Bay Rays, and the ownership group that each one arrived with: Vince Naimoli (1995), Stuart Sternberg. A Rays spokesperson declined to comment on the teams or Sternbergs behalf. I still watch games on TV and probably will break down and go to a few this year but I do it in spite. For the second time in a year, a group of minority Tampa Bay Rays owners have sued companies held by principal owner Stuart Sternberg, alleging they withheld documents key to a review of the team's finances. I know I would want that stipulation before handing over my share of the money. Current value: $2 billion (Source: statista.com). Well, congratulations, Suffer, youre my first mute! Wait, you mean the guy who is trying to act like a poor baseball owner to con his city to building him a free baseball stadium is only looking out for his own interests? Local revenues divided by metro population with populations in two-team markets divided in half. Insultingly, based on information and belief, these secret negotiations have been going on since the spring of 2014.. Thanks for fixing my comment, Mr. Sternberg. A new ballpark would probably have solved all that and if they win the 94 World Series (which they probably would have as they were that good) Lebatt Park probably becomes a reality. With all due respect to the Mayor of St Pete the city is losing leverage every year that goes forward & Sternberg is uninterested in staying in St Pete long term since they do not get many walk up fans & a good % of their season ticket holders live outside of St Pete (like myself). To us, it is simply a hobby and we are more than ready to spend the owners money for them on what we perceive as a way to win games. For Sternberg's part, his ownership share has risen to 85 percent in 2020, from 49 percent back in 2004, the plaintiffs said. Dan Moeller. governments have proven time after time in every sector to be wasteful and slow, just like with covid. Look at production, people, especially writers have accepted what we see as the norm. Cass Halpin. For the allegations that will go to arbitration, the minority owners are seeking a financial audit and damages in excess of $30,000. 7. It isnt quality baseball. prioritizing public health LOL! Jeter played all 20 years of his Major League career with the New York Yankees, winning five World Series rings. Didnt help the Expos cause that their best team ever was the 1994 team, and was wiped out by the strike. Could you imagine if the Rays would actually spend a dime? Prior owners: Cliff Viner and a group of investors consisting of minority partners Stu Siegel, Alan Cohen Wayne! 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