Oh, I know theres a few here, but only a few. Championships: 2 (2002 against the Oakland Raiders and 2020 against the Kansas City Chiefs), Owner: Sunrise Sports and Entertainment (Vincent Viola, chairman). Hes not even the worst owner in the province of Ontario. Earnings before interest, taxes, depreciation and amortization. A group of the Tampa Bay Rays' minority partners filed suit against principal owner Stuart Sternberg this week, alleging he improperly enriched himself by secretly transferring. The effect of all of this is that the partnership has been reduced to a mere shell, with no revenues from baseball-related operations, no cash flow, and no responsibilities of the management of the Rays team and franchise to the limited partners the very reason the limited partnership was formed, the lawsuit said. More Expos fans across Canada than in Montreal. Not to worry, Rays fans. Hmmm, sounds like the Montreal Expos may be back in 2028. The problem is hes done little to grow the Rays fan base and by extension MLBs fan base. Incredibly so. The partners who filed suit said they did not learn about the transactions until January 2020. About the owner: Sternberg earned a finance degree from St. Johns University and later worked for Goldman Sachs. This is Rob Manfreds MLB so it could absolutely happen. @stymeedone Ha! Add your idea below. Problem solved! With the Rays contractually tied to St. Petersburg through the end of the 2027 season, the organization needed the citys permission to pursue a split-city arrangement within the next few years. About the owner: Viola is the former chairman of the New York Mercantile Exchange (NYMEX), and the founder and chairman of Virtu Financial. 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. Im a Cubs fan living in Tampa. Please login to leave a reply. The team was flirting with bankruptcy and things were made worse by the global recession. But hes killing the sport. Local revenues divided by metro population with populations in two-team markets divided in half. Tampa taxpayers should stick to their guns just like with the NFL and NHL , Raymond James Stadium Publicly financed through a one-half percent sales tax.Raymond James Financial paid $55 M over 18 years for the naming rights beginning in 1998. Championships: None. Unsurprisingly,. 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. Review Catalyst posting guidelines here. The lawsuit was filed in late June in a Pinellas-Pasco Circuit Court by a group of five that makes up about 9.6 percent of the team's ownership. The Orioles are appealing, but unlikely to win. Another franchise will be ready to pick this up! It also asks a judge to void the deal that transferred the team to Rays Baseball Club; to issue an injunction limiting that companys business actions; and to distribute payments to the partners based on that companys cash flow. But you keep talking about how America is so much better. He integrated the two soon after and grew it into one of the largest bumper manufacturers in the world by 1987. Owners: An investment group headed by principal owner Bruce Sherman and CEO Derek Jeter. Wealthy people suing other wealthy people for the privilege of lobbying municipal leaders into funding their stadiums. All three lawsuits list as a defendant Rays Baseball Club LLC, the limited liability company managed by Sternberg that legally owns the franchise. Its not a disease. Either way, his great investment in the Rays becomes even more profitable and more valuable. Both Bryan and Joel have been involved with the teams operations since their father took over in 1995. Naimoli wanted to keep a 15 percent stake. All the same in this modern time. Rays need a new stadium or relocation. He is the son of Ted Arison, co-founder of Carnival. Court documents show that the minority owners are suing the General and Managing Partner of Tampa Bay Rays Baseball, LTD, Stuart Sternberg, Rays Baseball Club, LLC, and Tampa Bay. 2. lol! 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. About the sale: DeVos purchased the Magic in 1991, buying them from a group headed by Orlando real estate developer William duPont III. That seems like a massive overreaction lol. F the Stu Rays. The Rays have their handfull of playoff appearances and a couple of AL Pennants in the Sternberg era so its not like they arent/cant be competitive. Stu Sternberg is a con and rule #1 for a con is never put up your own money. Who knows how successful previous owner Vinnie would have been if the Yanks/Sox paid all his bills. All-Time Owners. /s/. Senior Director, Security and Stadium Operations. They dont do anything to actually grow the product. The Rays majority owner is being insincere and trying to accumulate the best bang for his buck in the shortest of terms? oh no, the poverty team is having a crisis? The final 37 percent went to a group of limited investors, who, at the time, included Robert Basham, co-founder of Outback Steakhouse. Tampa Bay has a fan base but it is hard for it to grow when you spit on your fans and play in play in a mall. Only way to save the franchise. Prior owners: Cliff Viner and a group of investors consisting of minority partners Stu Siegel, Alan Cohen and Wayne Huizenga. All Rights Reserved. Jeter played all 20 years of his Major League career with the New York Yankees, winning five World Series rings. Baseball wont die if people enjoy again. But hes been holstered by his own petard, or however that expression goes. The Nashville market likes this news. Jim Previtera. I cant stand Sternberg he drives fans away from the games. Your email address will not be published. Montreal didnt work because its previous owners where violating MLB rules and regulations. About the sale: Sternberg purchased 48 percent of the team for roughly $65 million in 2004. 2023 www.palmbeachpost.com. Over the years the group owned and sold franchises such as Dairy Queen and Legg Mason. That whole situation probably doesnt get resolved until Peter Angelos dies, the Angelos family sells the team, or both. Owners net worth: $800 million (Source: celebritynetworth.com). 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. Expos attendance was below league average the final 20 seasons of their existence. And they both look down at the worst ownership, the NHLs Ottawa Senators . The five limited partners who filed the lawsuit are: The MacDougald Family Limited Partnership, with a 1.33 percent limited partner interest in Tampa Bay Rays Baseball, which is referred to as the partnership in the lawsuit, Stephen Mitchell Waters 2020 MLB Irrevocable Trust agreement, with a 0.4 percent limited partner interest, Stephen M. Waters, with a 0.7 percent limited partner interest, Gary Markel, with a 2.15 percent limited partner interest, Robert Kleinert, with a 5 percent limited partner interest. The sport is killing itself with all the new BS rules, crappy hitting and players falling apart left and right. According to the lawsuit, that cash flow could be significant. Hines, a global real estate investment, development, and property manager, in partnership with the Tampa Bay Rays has presented a 7 million square feet redevelopment plan for a vibrant, mixed-use . Williams concurred that a trial would be the most viable option. 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. Taxpayers paid 100% of costs. The motion had argued that Ramsberger's connections to the franchise presented a conflict of interest, and therefore he could not be impartial. But its not fine. Jeter owns a 4 percent. Prior owner: An investment group headed up by Orlando real estate developer William duPont III. 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: . ), its a much fairer playing field. 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.. 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. 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). Im not talking about another postseason appearance, but by a better and more accessible park, and along with that the hope your best players dont automatically get traded. That was Tom McCloskey, a Philadelphiaconstruction magnate, who could not come to terms with the NFL over payment for the franchise and was replaced by Culverhouse. Here are our top picks for 2023. Championships: 2 (Super Bowl VII over Washington Redskins in 1972 and Super Bowl VIII over the Minnesota Vikings in 1973). 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 action alleges that Sternberg has worked to squeeze out minority owners and increase his personal ownership stake in the franchise. Now we hear hes so financially hurt by his investment that hes trying to increase his ownership percentage! As a long time baseball and Rays fan your comment stung. He will sell off before it happens thsts what guys like this do. 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. Enter the details of the person you want to share this article with. In the past week when Willy Adames was traded a fan favorite who seemed like best teammate and everyone I know in Tampa Bay loved him. About the owner: Micky Arison is chairman of Carnival Corporation, the world's largest cruise operator. They are contractually bound to play at Tropicana Field through 2027. A lawsuit filed in Pinellas County Circuit Court alleges Tampa Bay Rays principal owner Stu Sternberg engaged in a relentless scheme to squeeze out the limited partners in Tampa Bay Rays Baseball, the organization that owned the Rays. Earnings before interest, taxes, depreciation and amortization. Baseball has become a very boring version of itself. 8. An easier path to the playoffs means nothing once youre in the playoffs and that same fairer playing field works for the other teams in the division as well. (Sternberg, Topkin notes, has previously told reporters discussions with Bronfman began in 2017, but whether those discussions ever got specific enough to violate the lease terms is unclear.). About the owner(s): Malcolm Glazer died in 2014. Neander et al operate under no financial consequences of their actions; keep Snell, you draw flies; trade Snell, you draw flies. 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. The lawsuit alleges, among other claims, that Sternberg and the Rays Baseball Club entity failed to disclose a $376 million payment from regional broadcast partner Fox Sports Sun, which was received after the ownership of the club and franchise had been transferred out of the partnership and into RBC.. Im fine with Nashville but please come up with a better name than Stars.. Please check the opt-in box to acknowledge that you would like to subscribe. Im shocked. A score of 120 means that the team achieved 20% moreompared with the league average during the 2021 season. About the owner: Born in Pakistan, Khan came to the U.S. when he was 16. Quick solution: I give you the Tampa Bay As, and the Oakland Rays! However, Culverhouse was not the person originally awarded the franchise in 1974. Until the inevitable expansion/realignment, the Rays will always be a poor relation to the other teams in their division; NY, BOS and TOR are licenses to print money, and even BALT is well off Now, in a division with Miami, Atlanta and (Charlotte? It claims that Sternberg, without communicating. Five limited partners who own 9.6% of the club claim that they were charged with $3.85 million of taxable income despite not receiving any cash distributions or benefits and that they have not. He has investors to answer too, among the reasons why its irrational to ask a business to run at a loss. Net of stadium revenues used for debt payments. 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. Doesnt make it ok. Ripping others off in the name of your family isnt cool and it isnt ok. Ditto what lefties perceive as justice. 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? Playoff wins count twice as much as regular season wins. The Athletic was first to report on the lawsuit. Owners: Stuart Sternberg is the principal owner at 48 percent. I know I would want that stipulation before handing over my share of the money. Why would anyone consider Canada? Prior owner: Jeffrey Loria, who purchased the team in 2002 for $158.5 million. Kick governments out of healthcare, give money (if possible) to private enterprises and countries are far better off. And make similar moves like the Montreal decision to some of these owners and organizations. The latter wasa successful tax attorney who had tried to purchase the Los Angeles Rams and had advised NFL owners on financial matters. The Miami Heat are close behind at $2 billion. I havent been to a game in 25 years. The Athletic doesnt even have a reporter covering the team because the fan clicks are non-existent. It's unclear if a team would reside in Tampa Bay; parent company USL is headquartered in Tampa. The owners of the Houston Texans and New York Jets will disagree with you. oh, you mean the pastors spreading disease around? It is a modern news platform, powered by community sourced content and augmented with directed coverage. Stop trying to make it out to be one. All Rights Reserved. The partnership was originally founded by the former Rays owner, the late Vince Naimoli, to bring a Major League Baseball franchise to Tampa Bay. At the time of purchase in 2004, there were 11 members of the limited partners group. I was bummed and Rays probably got better and didnt even bring up Wander. Championships: 3 (2004 over the Calgary Flames, 2020 over the Dallas Stars and 2021 over the Montreal Canadiens). Virtually everyone in this world is looking out for the best interests of himself and his family. Its coming. He couldnt make that happen at the time, but the opportunity for the Rays arose and he got in to become the principal owner. When it comes to college basketball, Rick Pitino has seen and done about everything there is to see and do. Waiting for a possible realignment to put them in a division with the Braves and Marlins wont change the financial issues or stadium issues for the Rays. 1. Its a fraternity that few humans will ever get to experience: owning a professional sports franchise. Melnyck saved Ottawa hockey. Franco is coming but so is his trade. The Rays model flows from him, including the front office and coaching staff. The Rays rank among the least valuable MLB teams, with an estimated valuation of $1.1 billion according to Forbes calculations. Weaver was the founding owner of the Jaguars. 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. I wonder if the estate of Charlotte Rae would have a case if they moved to Charlotte and kept the name. 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. Some complaints will go to arbitration, as Stuart Sternberg requested, but a jury could still rule on his removal as general partner. He is quite competent. Bring your news, your perspective and your spark to the St Pete Catalyst and take your seat at the table. @theodore: Rob will get right on it as soon as he settles the MASN dispute between the Nationals and Peter Angelos. 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