Speaking to Marc Topkin of the Tampa Bay Times, Rays principal owner Stuart Sternberg claimed that they Rays have not made money since his group took over in 2005: . It's believed to be the first change in general manager . July 8, 2022 ST. PETERSBURG, Fla. (AP) The Tampa Bay 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" against the club and its principal owner. The legal spat centers on the minority owners claim that Sternberg wrongfully and surreptitiously transferred legal ownership of the team in 2020 from an existing partnership structure to an entity called Rays Baseball Club. The partners say they did not learn about the transfer until months after it occurred. 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.. Canada is making a name for itself arresting pastors in the middle of the street. We have an upcoming soccer team ready to develop land in st Pete, true NHL and NFL owners who invest in our community let STUpid go away! He has investors to answer too, among the reasons why its irrational to ask a business to run at a loss. (https://web.archive.org/web/20120824051451/http://law.marquette.edu/images/sports/nhl22.pdf). Local revenues divided by metro population with populations in two-team markets divided in half. 1. As youre a Rays fan, I hope youre rewarded better in the coming seasons. How is that holding back the league? Local lawyers say the chances of Tampa Bay Rays owner Stu Sternberg stepping away from the team . governments have proven time after time in every sector to be wasteful and slow, just like with covid. In the meantime you can be an insurrectionist and treasonous and get away with it in America and we have people dying and less people having kids because they cant afford the medical bills. Playoff wins count twice as much as regular season wins. Because Sternberg is the Rays sole general partner, it isnt very likely that hes going to choose to vote himself out, said attorney Courtney Fernald of St. Petersburg law firm Englander Fischer, representing the minority owners. Unsurprisingly,. The Miami Heat are close behind at $2 billion. 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 trust bearing Waters name. Its coming. Canada has intentionally delayed the 2nd dose in order to prioritize more 1st dose vaccinations in response to data showing the efficacy of a single dose may be much higher than the 52% originally cited. Attorneys for Sternberg have called the suit baseless. Jeter owns a 4 percent. Prior owners: An ownership group consisting of Arisons father, Ted Arison, and two other men, Pro Basketball Hall of Famer Billy Cunningham and sports agent Lewis Schaffel. Its paying off for us right now, but its also costing taxpayers like you and me billions of dollars every year as Medicare and Medicaid overpay for prescriptions. A real franchise owner with a quality team. for over 2 decades. Canada doesnt have a Pharma industry, but they do have lower healthcare costs (if you can actually get care). Maybe MLB should look at other clubs because of abuse owners have been steadily doing to players, personnel, shareholders, etc. tv: Bally Sports FL, Bally Sun Sports; radio: WDAE 95.3 FM & 620 AM, A judge who was slated to oversee a legal dispute between majority and minority owners of the Tampa Bay Rays has stepped down from the case last August over past ties to the team, including a stint as a minor league general manager. More Expos fans across Canada than in Montreal. The lawsuit, filed in May and amended in October, alleges that Sternberg withheld financial and strategic information while buying up shares from other limited partners, increasing his personal stake in the team at the expense of the partnership that governs it. Take a look at the investments each of the Vinik and Glazier families have made not only to the sports franchises but the Tampa Bay community not like an owner that just takes .., marlins should be a lesson to all. Very smart. There is a big fan base in Tampa for the Rays but the location and stadium is just terrible. The Rays and an MLB representative declined to comment on the lawsuit. About the owner: Vinik, a New Jersey native, attended Harvard Business School where he obtained an MBA before joining Fidelity Investments. 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. Owners net worth: $800 million (Source: celebritynetworth.com). The state of Florida is fortunate to have nine pro sports teams among the Big 4 sports. The best example of the Rays' depth and resilience is a bullpen that, despite suffering one injury after another, has been among the best in the majors all season. It's unclear if a team would reside in Tampa Bay; parent company USL is headquartered in Tampa. 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. That partnership agreement stipulates that a general partner can be removed via majority vote by other general partners. Sternberg, 62, is a former Wall Street investor and Goldman Sachs partner, who first became a part-owner of the Tampa Bay Rays (then the Devil Rays) in May 2004. Problem solved! Sternberg is a con. Just move to MTL play in the dome until the new stadium is built. And make similar moves like the Montreal decision to some of these owners and organizations. i fully believe if the rays can move into tampa especially close to the bucs and they can share the same dt development and the rays chip a bit on development i think everyone can win in this situation. About the sale: Ross purchased 50 percent of the team from then-owner Wayne Huizenga for $550 million in February2008. These allegations along with an obvious desire to relocate along with the year in and year out Moneyball tactics all because hes too cheap just get old. If it happens, according to the partnership agreement, he could be compelled to sell the general partnership stakes hes acquired since 2004. You should work for MLB. Exactly. All three lawsuits list as a defendant Rays Baseball Club LLC, the limited liability company managed by Sternberg that legally owns the franchise. Cant be shrugged off as isolated case either, coming off the heels of Barry freakin Sanders, The Pirates owner is a competitor for that worst ownership award. Rays face Braves with Shane McClanahan on the mound today, St. Petersburg, Tampa Bay Rays to discuss these 9 topics about Tropicana Field. Lets someone else do it for you.. You have to give credit to the Rays coaching staff for getting the most out of the ever changing players.. Well said, and STU-pid thinks he can threaten Tampa tax payers with moving the team. Prior owners: Hollywood executive Oren Koules and former NHL player Len Barrie. The Rays issued a brief statement Tuesday afternoon responding to the lawsuit. This is one of the most misinformed takes Ive ever seen. For the allegations that will go to arbitration, the minority owners are seeking a financial audit and damages in excess of $30,000. And @1984wasntamanual is right, Manfred cant actually do anything about the Rays stadium situation thats pretty much locked in place until after the 2027 season. Didnt help the Expos cause that their best team ever was the 1994 team, and was wiped out by the strike. F the Stu Rays. They have more playoff wins in this time than the Blue Jays and Orioles. 2019: The first full season under new ownership by the Tampa Bay Rays. About the owner: Ross is the owner and chairman of The Related Companies, which owns major pieces of real estate around the world, including Palm Beach County. 9. It sounds like Sternberg has been trying to make a backroom deal with Bronfman and the other owners know theyll be iced out of the deal. They share ownership of the team. The partnership was originally founded by the former Rays owner, the late Vince Naimoli, to bring a Major League Baseball franchise to Tampa Bay. We are finally seeing progress on the As but it took a long time. The latest filing marked the third time this year that the minority owners have sued Sternberg during an escalating legal battle over control of the Rays. Sounds like the remaining minority owners do not agree with what Sternberg wants to do & now that his ownership stake is at 85% they are seeing the writing on the wall on their remaining 15% share. at A score of 120 means that the team achieved 20% moreompared with the league average during the 2021 season. Privacy Policy | Copyright 2020 The St Petersburg Group. The motion had argued that Ramsberger's connections to the franchise presented a conflict of interest, and therefore he could not be impartial. The Magic have made it to two NBA Finals, losing to the Houston Rockets in 1995 and the L.A. Lakers in 2009. By 2020, he had increased his stake to 85 percent by buying other general partnership stakes, including those held by the family of former owner Vince Naimoli, making him both managing partner and sole general partner. The minority owners participating in the lawsuit against Sternberg are listed as the MacDougald Family Limited Partnership, Stephen Waters, a trust in Waters name, Robet Kelinert and Gary Markel. I think the Braves location is horrible in baseball, and thats right by the convergence of major highways. shame on them for prioritizing public health. It seems much was lost in your translation. I fixed it for you. Hopefully they can get a new stadium in Tampa. Virtually everyone in this world is looking out for the best interests of himself and his family. I guess you have to remain quarantined and masked when your government-run health sector cant secure and administer sufficient vaccines. St. Petersburg mayor Rick Kriseman now suggests (via Topkin) that Sternberg consider relinquishing control of the franchise in light of the allegations in the complaint. All Rights Reserved. Baltimore Orioles Baltimore Boston Red Sox Boston New York Yankees NY Yankees Tampa Bay Rays Tampa Bay Toronto Blue Jays Toronto. He's been managing general partner since October 2005. Owner: RDV Sports, Inc., which is a corporation that was set up by the late Richard DeVos. Jeter owns a 4 percent stake in the team after putting in $25 million, making him the sixth-largest investor in the team. Championships: 0. The Rays minority partners are suing Sternberg for violation of Floridas Unfair and Deceptive Trade Practices Act and unjust enrichment and fraudulent transfer. Per Emily L. Mahoney and Josh Solomon of the Tampa Bay Times, the group alleges that Sternberg had been negotiating to sell an interest in the team to Montreal investors in 2014, without the minority owners' knowledge. Court documents show found partners paid $800,000 per 1 percent ownership interest in the Tampa Bay Rays Baseball, Ltd., while limited partners later paid $1,000,000 per 1 percent. 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