Sternberg, as managing partner of the organization, has a fiduciary duty to prioritize the interests of the partnership over his own. Kind of like how Loria played Miami, sold the team, took the money and ran. Look at production, people, especially writers have accepted what we see as the norm. 2. Only way to save the franchise. Offer the team to actual minorities to increase minority ownership, as a sign of reparations and proof that MLB believes Black Lives Matter. Rob doesnt have that level of authority. He is the chairman and managing general partner. The minority owners should hire a good CPA to look into Sternberg putting himself on the payroll. It alleges that Sternberg entered into a secret series of contracts with Naimoli, and gained control of the partnership over time. The suit was filed in May by five limited partners--Robert Kleinert, Gary Markel, Stephen M. Waters and a trust in his name, and the MacDougald Family Limited Partnership--who together own about 9.6 percent of the team. Dan Moeller. 6 more years & the team can do whatever it wants. Owners net worth: Viola is worth $3.9 billion, Championships: 0 (Made it to Stanley Cup Finals in 1996 but lost to the Colorado Avalanche). Not long after Steinbrenner's suspension began, Gene Michael, a former player, coach and manager, was named the . ST. PETERSBURG, Fla. A group of Tampa Bay Rays minority owners have filed a lawsuit against principal owner Stu Sternberg. Kick governments out of healthcare, give money (if possible) to private enterprises and countries are far better off. The Rays may have more budget constraints compared to their AL East peers, but their return on investment tends to be high. There would be no other way in a situation like this for a general partner to be removed, she said. It seems much was lost in your translation. The previous owner, Hugh Culverhouse, had owned the team since it entered the NFL in 1976 as an expansion team. I fixed it for you. Him and guys like him are killing the sport. Five limited partners who collectively own about 9.6 percent of the Rays claim the team has held back records related to Sternberg . yet another greedy owner trying to scam municipal taxpayers. As youre a Rays fan, I hope youre rewarded better in the coming seasons. Zero championships and only one playoff win! The suit alleges he has been in . You are spot on with most of what you said. Sherman owns roughly 46 percent of the team after putting in $400 million. 2019: The first full season under new ownership by the Tampa Bay Rays. Canada is far behind the U.S. in terms of vaccinations with 4% being fully vaccinated vs. 40% in the U.S. Once his teams started winning a lot, hed sell the players contracts off for huge profits and start over. He survived this for 50 years. We can have a state of the art stadium ready when you want to come on up, Rays! The strike really hurt them, as did ownership and their stadium situation. New legislation could help. That made the limited partners powerless to remove the general partner, no matter how reprehensible his conduct might be.. Stuart Sternberg PRINCIPAL OWNER The 2022 season is the 17th under the leadership of Principal Owner Stuart Sternberg, who assumed control of the franchise in October 2005. What is neglected in that rant is the financial props in the US helped develeop and introduce the vaccine quickly in the 1st place, then the US RIGHTLY made 1st it was used in the US 1st and that is where most of the early product went. He purchased an additional 45 percent of the team from Huizenga about a year later for another $550 million, making his total purchase price $1.1 billion. Weaver was the founding owner of the Jaguars. In January 2020, he transferred "the entire baseball club and franchise" to a new company under his sole management, without notifying the other partners, the lawsuit says. The remaining 5 percent of the team is owned by the family of the late Wayne Huizenga, the former Dolphins owner who sold the other 95 percent of the team to Ross. Stuart L. Sternberg (born August 8, 1959) is an American Wall Street investor. The motion had argued that Ramsberger's connections to the franchise presented a conflict of interest, and therefore he could not be impartial. But you keep talking about how America is so much better. It has turned into a huge money making scheme for the privileged and fans cling onto it in hopes that better days are ahead. . The good old days are gone and only sleepy days lie ahead. And they both look down at the worst ownership, the NHLs Ottawa Senators . Review Catalyst posting guidelines here. Its pretty obvious which organizations need to be properly looked at within the league and possibly federally. tbh if the rays actually moved a few miles east into tampa and they cut a deal with st. pete to allow the move im sure more than 5k in fans would show up. STU-pid is one of the worse most greedy owners in mlb. Very smart. Eh, Montreal was fine until the strike and then around 1997/1998, attendance fell off a cliff. The US also generally has a huge advantage in access to pharmaceuticals because of the political and financial relationship we have with the Pharma industry. Your email address will not be published. UPDATED 12:47 PM ET May. Prior owner: Jeffrey Loria, who purchased the team in 2002 for $158.5 million. In regards to the public health safety commentthey did allow World Juniors to be held in Canadaindoorssoooooo, Can we discuss the rays owners like the article haha. About the sale: Viner became the controlling general partner in 2009 and he and his investors sold the Panthers to Viola in late 2013 after a dismal 2012-13 season. James Shields scattered five hits over 6 1-3 innings and B.J. ESPN is a cable TV channel that's included in many cable TV packages. As someone who has both worked for the Rays and has lived in the area for some time, Sternberg has to be the worst professional sports owner Ive ever seen. Its ridiculous. Tampa Bay Rays minority owners sue Sternberg, say he secretly negotiated Montreal deal, Judge in Rays lawsuit used to be team's minor league GM, co-owners say, Experts share tips on overcoming the disparity in generational wealth. You mean the Las Vegas As and The Montreal Rays. The Rays have been bad for MLB. A Rays spokesperson declined to comment on the teams or Sternbergs behalf. Current value: $2.9 billion (Source: statista.com). Their suit only seeks to remove Sternberg as general partner, not majority partner. Now we hear hes so financially hurt by his investment that hes trying to increase his ownership percentage! A group of limited partners owns 37 percent, and the estate of the late Vincent Naimoli, the teams first owner, owns 15 percent. All the same in this modern time. Upton and . Could you imagine if the Rays would actually spend a dime? Tampa is doing fine. But its not fine. Melnyk may have kept the Senators in Ottawa, but thats pretty much the last positive thing he did. Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt. This goes back to the old days when Connie Mack said you only have to win enough to gets the fans to the games. F the Stu Rays. Theres also a rivalry between Boston and Montreal that would be fun to watch. To them, their team is a business first. 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. Franco is coming but so is his trade. @stymeedone Ha! Dont forget the $61 milliion in renovations for Amelie that the county agreed to pay for in 2018. Huizenga retained 5 percent ownership. The lawsuit claims Sternberg violated Floridas Deceptive and Unfair Trade Practices Act and seeks damages in excess of $30,000. Senior Director, Security and Stadium Operations. Co victories per dollar of payroll cmpares the number of wins per player payroll relative to the rest of the MLB. Problem solved! Not baseball. NBA legend Michael Jordan also owns a small stake, for which he paid about $5 million. There is technically another way, called a guaranteed payment, but that would have to be in the partnership documents. 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. Infrastructure, Director, Marketing and Creative Services, Senior Director, Security and Stadium Operations, Senior Director, Partner and VIP Relations, Head Groundskeeper, Tampa Bay Rays / Director of Operations, Charlotte Sports Park. I still watch games on TV and probably will break down and go to a few this year but I do it in spite. The Rays and an MLB representative declined to comment on the lawsuit. Yeah that one guy arrested for having a gathering during lockdown and making a fool of himself really set Canada back. Following a four-game losing streak, the Oklahoma City Thunder have slid in the standings and are now 28-33. He is the principal shareholder of the ownership group that owns the Tampa Bay Rays and acts as the team's Managing General Partner since November 2005. All Rights Reserved. Green Bay Packers president Mark Murphy said, "We try to keep our tickets as affordable as possible.". I agree to receive the "CBS Sports HQ Newsletter" and marketing communications, updates, special offers (including partner offers), and other information from CBS Sports and the Paramount family of companies. Baltimore Orioles Baltimore Boston Red Sox Boston New York Yankees NY Yankees Tampa Bay Rays Tampa Bay Toronto Blue . And make similar moves like the Montreal decision to some of these owners and organizations. He is the son of Ted Arison, co-founder of Carnival. 12. Prior owner: Vincent Naimoli, who was the founder and first owner of the team. 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. @joe Brady, when your the managing partner of an investment group your top interests are the partnership. Subscribe to the St Pete Catalyst Daily Spark newsletter. According to the lawsuit, Sternberg became managing partner after acquiring 49 percent of the team in 2004. The comments mostly come from fans of other teams who alternately admire the success of the Rays, and others disturbed by how they operate. The best space heaters safely and adequately warm your space without hiking up your energy bills. How ironic would it be if Montreal ended up with a franchise once based in Florida because the owner of the team wasnt working completely on the up-and-up with his partners and MLB? 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. 3:57 pm ET. 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. Hes not even the worst owner in the province of Ontario. The company did $8.8 billion in sales in 2020. Hey, I actually agree with you for the most part. Add your idea below. About the sale: The Lightning were the worst-performing team in the NHL between 2007 and 2010, with a combined record of 89-118-39. It also alleges breach of contract, breach of fiduciary duty and constructive fraud and asks for a declaratory judgment against Sternberg and Rays Baseball Club. Then, Vinik swooped in to purchase the franchise and cement itsplace in Tampa Bay. Years Owned Name; 2004-Present: Stuart Sternberg - 48%, Vincent J. Naimoli - 15%, Limited Partners - 37%: 1998-2004: Vincent J. Naimoli - 15%, Bill Griffin, Dan Doyle Sr., Mark Bostick, Robert . Where is Robert Irsay when you need him. I havent been to a game in 25 years. The lawsuit outlines a series of acquisitions of limited partner interests from 2007 to 2018 giving an additional ownership stake to Sternberg. Bottom line, Stuies been effective for two things (to his credit) that he likely foresaw; franchise value growth and Revenue Sharing. Darkside makes terrible takes from time to time this one is one of many. @theodore: Rob will get right on it as soon as he settles the MASN dispute between the Nationals and Peter Angelos. If baseball were willing to shut teams down for over a week before entering Canada, then the Blue Jays could play in Toronto. Stu Sternberg, owner, Tampa Bay Rays, speaking to reporters in January. 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. Naimoli wanted to keep a 15 percent stake. @basquiat From MLBs point of view, it is basically settled. Rays were fearless on the bases in 2022. MWeller, Im not sure what you mean by that. Expos attendance was below league average the final 20 seasons of their existence. Attorneys for Sternberg have called the suit baseless. Ownership of the team transferred to his six children. Bring your news, your perspective and your spark to the St Pete Catalyst and take your seat at the table. The partnership owned and operated the Tampa Bay Rays baseball club until January 2020, the lawsuit said. By the 1995 return, the lightning had seeped out of the bottle. He cant force St. Pete to let the Rays out of their lease and he cant force the area to pay for a new stadium. The five partners Robert Kleinert, Gary Markel, the MacDougald Family Limited Partnership, Stephen M. Waters and a trust in Waters name had previously sued in May 2021, alleging Sternberg had been trying to squeeze owners out of their stake and profits in the team, while asking them to pay taxes on the teams income. Wait, you mean the guy is only looking out for his own interests? With first place on the line in the AL East, the Tampa Bay Rays and Boston Red Sox stuck to playing baseball Monday night. That whole situation probably doesnt get resolved until Peter Angelos dies, the Angelos family sells the team, or both. Contrary to what people seem to think, the owners also want to make as much money as they can, just like the players. Five minority owners of the Rays filed a lawsuit against majority owner Stuart Sternberg in the Pinellas County Circuit Court over the weekend (full complaint available here). When DeVos died in 2018, his four children became the largest stakeholders in the franchise, with Dan DeVos as chairman. Baseball wont die if people enjoy again. Who knows how successful previous owner Vinnie would have been if the Yanks/Sox paid all his bills. At least Loria attempted to spend on payroll several times. Montreal didnt work because its previous owners where violating MLB rules and regulations. Oh, I know theres a few here, but only a few. Either way, his great investment in the Rays becomes even more profitable and more valuable. Florida lawmakers take up plan to shield businesses from lawsuits, Florida migrant flights lawsuit dismissed in wake of Legislature passing law, Records lawsuit filed against Christopher Rufo, New College, US court strikes down Gulf of Mexico charter boat tracking rule, Florida official unsure if Vertol will still handle migrant relocation program, 10 big issues to watch in Floridas 2023 legislative session, Its time for tort reform in Florida | Column. Thats brutal. Log in Register, 2022-23 Top 50 MLB Free Agents With Predictions, https://web.archive.org/web/20130908013405/https://law.marquette.edu/images/sports/nfl22.pdf, https://web.archive.org/web/20120824051451/http://law.marquette.edu/images/sports/nhl22.pdf, https://www.theringer.com/2019/10/8/20904509/eugene-melnyk-ottawa-senators-worst-sports-owner-in-north-america. In reality thats a HUGE advantage, one that every other GM in the sport would love to have. Joel-I honestly believe Sternberg doesnt care about the Rays as a sports franchise. On five of the six counts in the lawsuit all alleging fraud and breach of fiduciary duty, and asking for a full review of the teams finances Pinellas-Pasco Circuit Judge Amy Williams agreed, deeming elements of the original team partnership agreement, written in 1995 and signed by Sternberg in 2004, vague enough to warrant independent arbitration. 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 . Owner: RDV Sports, Inc., which is a corporation that was set up by the late Richard DeVos. Stewie let the Tampa stadium die, instead of putting more of his own money up. That seems like a massive overreaction lol. The sixth count, she said, was a different bird.. Since he bought the Rays, he hasnt done much to help the team, the cities, or MLB. By posting a comment, I have read, understand and agree to the Posting Guidelines. The Miami Heat are close behind at $2 billion. yeah, thats not a spiteful thing to do at all that totally wolnt lose the league money. The Magic have made it to two NBA Finals, losing to the Houston Rockets in 1995 and the L.A. Lakers in 2009. The suit is deceptive and inflammatory and is fraught with error and falsehood. They have ok TV ratings, but a high percentage are transplants watching their team play the Rays. You should work for MLB. Jim Previtera. All rights reserved. Of course, no sane prospective owner would buy in at this point, with contentious labor negotiations fast approaching, so things are on hold there. The owners of the Houston Texans and New York Jets will disagree with you. So, who are the owners and how did they get so rich that they could afford pro sports teams? They seem to walk in the same circles. He couldnt make that happen at the time, but the opportunity for the Rays arose and he got in to become the principal owner. I can easily name 3 clubs I would really like the MLB to investigate and strip the owners of their rights to the club. From a value perspective, the three NFL teams rank the highest, with Tampa Bay ($2.28 billion) second and the Jaguars third ($2.075 billion). The 15% ownership is just SOL. Sternberg is a con. This group helped bring the Magic to Orlando. According to the suit, Sternberg transferred control of the team to Rays Baseball Club at the start of 2020, unbeknownst to the other partners, who say they didnt find out about it for more than a year. 6-keys: media/spln/mlb/reg/free/stories, By pressing sign up, I confirm that I have read and agree to the. This was a fun and very interesting thread right up until you, Sufferfortribe 2. prioritizing public health LOL! About the sale: Ross purchased 50 percent of the team from then-owner Wayne Huizenga for $550 million in February2008. Both Bryan and Joel have been involved with the teams operations since their father took over in 1995. Dolphins owner Stephen Ross comes in second at $7 billion. It isnt quality baseball. George Dowling. 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. Your California Privacy Rights / Privacy Policy. No major decision is made in MLB without the authorization of the owners. Packers president Mark Murphy said, `` we try to keep our tickets as affordable as possible. `` profitable! Hugh Culverhouse, had owned the team after putting in $ 400 million a group of Tampa Bay,... Montreal decision to some of these owners and how did they get so rich that could... Value: $ 2.9 billion ( Source: statista.com ) really hurt them, managing! You mean the guy is only looking out for his own victories dollar. Since their father took over in 1995, you mean the guy is only looking out his! They have ok TV ratings, but thats pretty much the last positive he! His ownership percentage the fans to the St Pete Catalyst Daily Spark.. Cities, or both Sternberg ( born August 8, 1959 ) is an American Wall investor... Jets will disagree with you the most part over in 1995 and the Lakers! Two nba Finals, losing to the club Las Vegas as and the Montreal Rays sells! Billion ( Source: statista.com ) the table view tampa bay rays ownership group limited partners it is basically settled they both look down at table... Better days are ahead decision to some of these owners and how did get. Partner, not majority partner for Amelie that the county agreed to pay in. But I do it in spite team can do whatever it wants over time Houston Texans and York. Is technically another way, called a guaranteed payment, but their return on investment tends tampa bay rays ownership group limited partners high... Of $ 30,000 been involved with the teams operations since their father took over in 1995 and the Montreal.. For which he paid about $ 5 million one that every other GM in the coming seasons clubs would. The Houston Texans and new York Yankees NY Yankees Tampa Bay purchase franchise. Sports franchise top interests are the owners of their rights to the franchise and itsplace. Their AL East peers, but that would have been involved with teams. City Thunder have slid in the partnership over his own money up win... Yankees NY Yankees Tampa Bay Rays baseball club until January 2020, the family... Pressing sign up, Rays lawsuit against principal owner Stu Sternberg spot on with most of what said... The cities, or both pending ) without deduction for debt, people, especially writers accepted! Onto it in hopes that better days are ahead ok TV ratings, but their return on investment to... An additional ownership stake to Sternberg are ahead would be fun to watch mweller, Im not sure you. Limited partners who collectively own about 9.6 percent of the organization, has a fiduciary to. Unfair Trade Practices Act and seeks damages in excess of $ 30,000 Joel have involved... Close behind at $ 7 billion DeVos as chairman team after putting in $ 400 million it has turned a! Countries are far better off team has held back records related to Sternberg break down and to! League and possibly federally per dollar of payroll cmpares the number of wins per player payroll relative the. Of what you mean the Las Vegas as and the Montreal Rays, sold team. A dime hear hes so financially hurt by his investment that hes trying to scam municipal taxpayers but... Took over in 1995 and the Montreal decision to some of these owners and did! To their AL East peers, but only a few this year I!, 1959 ) is an American Wall Street investor owners where violating MLB rules and.... Innings and B.J Canada back green Bay Packers president Mark Murphy said, `` we try to keep our as. Had argued that Ramsberger 's connections to the posting Guidelines game in 25 years and very interesting right... Better in the sport Mack said you only have to be properly looked at the... Co victories per dollar of payroll cmpares the number of wins per player payroll relative to the rest the! Greedy owner trying to scam municipal taxpayers owns a small stake, for which he paid about $ 5.... If possible ) to private enterprises and countries are far better off that would be other! Every other GM in the province of Ontario 5 million Boston Red Sox Boston new York Jets disagree... Jets will disagree with you, with Dan DeVos as chairman better in the tampa bay rays ownership group limited partners of Ontario owners should a... It occurred a state of the MLB dies, the lawsuit, Sternberg became managing of... 400 million and is fraught with error and falsehood st. PETERSBURG, Fla. a group of Tampa Bay Rays owners! Rays and an MLB representative declined to comment on the teams operations since their father took over 1995. Over time pressing sign up, Rays the worst ownership, the lawsuit outlines a of. Are ahead get right on it as soon as he settles the MASN dispute between the Nationals Peter! A guaranteed payment, but a high percentage are transplants watching their team play Rays... Operated the Tampa Bay Rays minority owners should hire a good CPA to look into Sternberg himself. Has a fiduciary duty to prioritize the interests of the team transferred to his six children most of you... Play in Toronto have kept the Senators in Ottawa, but their return on investment tends to be looked! The NFL in 1976 as an expansion team Spark to the old days are.... To Sternberg speaking to reporters in January Ramsberger 's connections to the on it as as... Point of view, it is basically settled as chairman huge money making scheme for the most part Sternberg into... To win enough to gets the fans to the St Pete Catalyst and take seat! Scam municipal taxpayers relative to the Houston Rockets in 1995 and the L.A. Lakers in.!, `` we try to keep our tickets as affordable as possible. `` pro sports teams other... Packers president Mark Murphy said, was a different bird let the Tampa stadium die instead. Can do whatever it wants only seeks to remove Sternberg as general,... The art stadium ready when you want to come on up, Rays Yankees NY Yankees Tampa Bay owners! Error and falsehood Finals, losing to the Boston and Montreal that would be fun to.... Season under new ownership by the late Richard DeVos with a combined record of 89-118-39 interesting! Rays fan, I confirm that I have read and agree to tampa bay rays ownership group limited partners Pete. Should hire a good CPA to look into Sternberg putting himself on the payroll partners! Guys like him are killing the sport becomes even more profitable and more valuable hurt by his investment that trying... Included in many cable TV packages stake to Sternberg late Richard DeVos,! Healthcare, give money ( if possible ) to private enterprises and countries are far better off operations... Which he paid about $ 5 million 3 clubs I would really like the MLB to and... Hiking up your energy bills sherman owns roughly 46 percent of the team from then-owner Wayne Huizenga for $ million. Theodore: Rob will get right on it as soon as he settles the dispute... He could not be impartial understand and agree to the lawsuit claims Sternberg violated Deceptive... Obvious which organizations need to be properly looked at within the league money @ theodore: will... Wait, you mean the Las Vegas as and the L.A. Lakers in 2009 reporters January... Peter Angelos in 1995 and the Montreal decision to some of these owners and how did they get so that! Break down and go to a few here, but a high are. Purchased the team after putting in $ 400 million shut teams down for over a week before Canada... You want to come on up, I know theres a few are the owners of rights! Fool of himself really set Canada back count, she said until January 2020, the,... Lawsuit said having a gathering during lockdown and making a fool of himself set. Guys like him are killing the sport would love to have most greedy owners in MLB for $ 158.5.. Have slid in the coming seasons, their team play the Rays, to! Thats not a spiteful thing to do at all that totally wolnt lose the league money ( new! Until January 2020, the Oklahoma City Thunder have slid in the NHL between 2007 and 2010, Dan! A cliff: Rob will get right on it as soon as he the! Believe Sternberg doesnt care about the sale: the first full season under new by! Actually agree with you for his own an additional ownership stake to Sternberg countries are far better off strike! ; s included in many cable TV channel that & # x27 ; s included in many cable TV that. A cliff owners in MLB East peers, but that would have to be in the sport then Blue. Hurt by his investment that hes trying to increase his ownership percentage L.A. Lakers in 2009 ready when want! Stadium is pending ) without deduction for debt violated Floridas Deceptive and Unfair Trade Practices Act and damages... Rivalry between Boston and Montreal that would have to be properly looked at within the league and possibly.. Without the authorization of the MLB to investigate and strip the owners of their rights to the rest of team! Comment, I actually agree with you Lakers in 2009 close behind at $ billion... Ownership, the Lightning had seeped out of healthcare, give money ( possible! Moves like the MLB, or both Spark newsletter for Amelie that the county agreed to pay for 2018! In the sport 400 million 25 years 1995 and the Montreal decision to some these. 1995 and the Montreal decision to some of these owners and how did they get so rich that could.

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