That seems like a massive overreaction lol. The minority owners should hire a good CPA to look into Sternberg putting himself on the payroll. And if they dont build one,Nashville will. They collectively own less than 10% of the Rays franchise. Baltimore Orioles Baltimore Boston Red Sox Boston New York Yankees NY Yankees Tampa Bay Rays Tampa Bay Toronto Blue . The partnership was originally founded by the former Rays owner, the late Vince Naimoli, to bring a Major League Baseball franchise to Tampa Bay. The Rays issued a brief statement Tuesday afternoon responding to the lawsuit. Williams concurred that a trial would be the most viable option. The lawsuit outlines a series of acquisitions of limited partner interests from 2007 to 2018 giving an additional ownership stake to Sternberg. 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. If not Tampa, then another city. Its dirty businesses tactics and it never works out. Value of team based on current stadium deal (unless new stadium is pending) without deduction for debt. Your email address will not be published. A real franchise owner with a quality team. UPDATED 12:47 PM ET May. . Arena way outside downtown Ottawa and he saved them from leaving around 2003. You see the results of his efforts everywhere, including here. 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This is one of the most misinformed takes Ive ever seen. Thats a screwed up country, whose policies are preventing the Blue Jays from playing at home. 12. They have more playoff wins in this time than the Blue Jays and Orioles. 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. And this guy isnt helping. For the allegations that will go to arbitration, the minority owners are seeking a financial audit and damages in excess of $30,000. Dont you know that, averagejoe? The NY Supreme Court found in the Nationals favor, as had the MLB arbitration panel. 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. Dates for arbitration and a trial have not been set. F everyone else as long as you get yours-regardless of honor, laws or morals, huh? A group of limited partners owns 37 percent, and the estate of the late Vincent Naimoli, the teams first owner, owns 15 percent. Lol people love shoehorning their hate of the radical left into any conversation. Championships: None. The complainants additionally claim that Sternberg has placed himself and others on partnership payroll without explanation, among other allegations. Championships: 3 (2006, over the Dallas Mavericks, 2012, over the Oklahoma City Thunder, 2013, over the San Antonio Spurs.). Their suit only seeks to remove Sternberg as general partner, not majority partner. The Rays have played in two World Series, losing to the Dodgers in 2020 and Phillies in 2008. Jun 29, 2022 A group of Tampa Bay Rays minority owners has filed a third lawsuit against lead owner Stu Sternberg, alleging that their ownership "has been reduced to a mere shell,. The Rays have been bad for MLB. But the latest one puts that company front and center. Taxpayers paid 62% of costs. The suit is deceptive and inflammatory and is fraught with error and falsehood. Sorry, Eugene is not the worst owner in sports. Its always take pity the poor owner. If there are requirements that the majority owner works for the benefit of all the partners, that changes everything. 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. 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. He will sell off before it happens thsts what guys like this do. He cares about making m0ney and when the time comes, he will sell and happily walk away with even more riches in his pockets. Owners net worth: Bruce Sherman is worth an estimated $550 million (Source: wealthypersons.com), Championships: 2 (World Series wins in 1997 against the Cleveland Indians and 2003 against the New York Yankees). Stu Sternberg is a con and rule #1 for a con is never put up your own money. The suit alleges he has been in . 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. The Rays model flows from him, including the front office and coaching staff. 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. The business did so well, Khan purchased Flex-N-Gate just two years later. 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. You hit the nail on the head in terms of our Pharma industry and how our overpayments have built an industry the world needs. Thats brutal. There is technically another way, called a guaranteed payment, but that would have to be in the partnership documents. Im fine with Nashville but please come up with a better name than Stars.. 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. Senior Director, Building Operations. But hey lets just yell back and forth about how high the tax rate should be instead of giving more of a damn about how that tax money is actually being spent and why. The Rowdies began the season with a 13 game unbeaten streak. The Rays may have more budget constraints compared to their AL East peers, but their return on investment tends to be high. 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. Yeah that one guy arrested for having a gathering during lockdown and making a fool of himself really set Canada back. With first place on the line in the AL East, the Tampa Bay Rays and Boston Red Sox stuck to playing baseball Monday night. 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. At least Loria attempted to spend on payroll several times. It isnt quality baseball. I know I would want that stipulation before handing over my share of the money. The Catalyst honors its name by aggregating & curating the sparks that propel the St Pete engine. The latter wasa successful tax attorney who had tried to purchase the Los Angeles Rams and had advised NFL owners on financial matters. The Rays minority partners are suing Sternberg for violation of Floridas Unfair and Deceptive Trade Practices Act and unjust enrichment and fraudulent transfer. Of course, no sane prospective owner would buy in at this point, with contentious labor negotiations fast approaching, so things are on hold there. 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. First dose is about 75% effective. The three. 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. Owners [ edit] General Managers [ edit] Other executives [ edit] Brian Auld Rocco Baldelli [1] Eddie Bane Cam Bonifay R. J. Harrison Gerry Hunsicker Fred McGriff Rick Williams References [ edit] Since he bought the Rays, he hasnt done much to help the team, the cities, or MLB. Additionally, with how much hate Manfred gets, do you really want him to be the one making these types of decisions? Owners net worth: $800 million (Source: celebritynetworth.com). 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. I will take America over Canada any day of the week. He integrated the two soon after and grew it into one of the largest bumper manufacturers in the world by 1987. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. MWeller, Im not sure what you mean by that. All the same in this modern time. Not baseball. If it happens, according to the partnership agreement, he could be compelled to sell the general partnership stakes hes acquired since 2004. The partners accuse Sternberg of having intentionally concealed the existence of the Rays Baseball Club entity. The state of Florida is fortunate to have nine pro sports teams among the Big 4 sports. Hes a smart businessman. The Tampa Bay Rays have agreed to a three-year, $40-million contract with right-hander Zach Eflin, the largest contract ever given to a free agent by the franchise. I can easily name 3 clubs I would really like the MLB to investigate and strip the owners of their rights to the club. The contrast between Sternberg and the competence of the Rays front office and coaching staff is pretty striking. James Shields scattered five hits over 6 1-3 innings and B.J. This group helped bring the Magic to Orlando. at US policies pretty much singlehandedly prop up the huge profits in the pharmaceutical industry with our strong patent protection. This guy is a piece of garbage. Sounds on brand to me. The lawsuit, filed Saturday by five limited partners, said the scheme culminated in Sternbergs surreptitious transfer of the entire baseball club and franchise to a separate entity, called Rays Baseball Club, a limited liability corporation of which Sternberg is the sole member, according to the lawsuit. Some complaints will go to arbitration, as Stuart Sternberg requested, but a jury could still rule on his removal as general partner. i would keep Sounds and consider a callback name for Cleveland instead. 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. Weaver was the founding owner of the Jaguars. 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. 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. F the Stu Rays. Championships: 2 (2002 against the Oakland Raiders and 2020 against the Kansas City Chiefs), Owner: Sunrise Sports and Entertainment (Vincent Viola, chairman). 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