As an NBA executive, he ran in similar circles with MLB executives. The whole saga began on January 13th, when Kendrick sent out a letter to 22 minority owners with ownership stakes of less than 1% to either buy up or be bought out. 19 Bob McManaman, Colangelo Winds Up to Make Big Pitch, Arizona Republic, February 19, 1994, A1, A20. They've been told to increase their investment or be bought out, which they say is an unlawful ultimatum. If it so wishes, a team can have dozens of minority stake owners. The Diamondbacks assert that Chase Field needs significant upgrades or replacement after nearly two decades of use. Dozens of investors backed Phoenix Suns executive Jerry Colangelos original ownership group, Arizona Baseball, Inc., in 1995. ", The team respondedin a statement, saying that with the backing of Major League Baseball, ithas "chosen to streamline the ownership group and reduce the number of partners with very minimal equity stakes in the partnership. 27 Jerry Colangelos Shadow Remains Prominent Over Diamondbacks.. Hell probably get his wish, but it will likely cost the club more than it wants to pay. Nevertheless, Bank One Ballpark has contributed to the revitalization of downtown Phoenix. 6 Robert Barrett, Stadium Fails, Goddard Wins, Arizona Republic, October 4, 1989, A1. "It doesn't make any sense. SPORTS ILLUSTRATED is a registered trademark of ABG-SI LLC. Under Kendricks leadership, the Diamondbacks have enjoyed significantly less success on the field. ", The attorney for the minority owners, Roger Cohen, said his clients weren't legally required to increase their investment and believed Kendrick's leveraging "had to do with consolidating and increasing the ownership stake of the remaining owners. As such, he is responsible for running the day-to-day operations of the team as a whole. Join Matt Vasgersian and Harold Reynolds on MLB Network for the latest news, analysis and more, weekdays at 9 a.m. The plaintiffs insist that Kendrick is using illegal tactics to purge them from the partnership. Cohen rejects any notion that the 1% floor constitutes MLB edict. He realized that if he alienated an ally like Bruner, the political pressure that other county supervisors would face from a public that less than five years earlier had turned down a stadium financing referendum would likely push their votes into the no column.13, Maricopa County tax assessors projected that revenue from the 0.25 percent sales tax would reach its $238 million target in approximately 2 years, and the tax would end around the time the ballpark was slated to open in March 1998. Diamondbacks partners were called upon to make pro rata contributions towards legal, accounting and consulting fees. Accessed August 14, 2016: http://azcentral.com/story/news/local/phoenix/2016/08/08/maricopa-county-rejects-most-diamondbacks-request-65-million-chase-field-upgrades/88279408/. Diamondbacks News MLB News Three minority owners are suing Managing General Partner Ken Kendrick over recent ownership share policy changes Alfredo Molina, Jim Weber, and Carlise Investments. 11 Baseball Panel Backs Phoenix, Tampa Bay, Arizona Republic, March 8, 1995, A1, A16; DBacks Ownership a Mixed Bag, Arizona Republic, March 30, 1998, C33; Richard Obert, Floating on Air, Colangelo Readies Big Party Today, Arizona Republic, March 11, 1995, C1. Arizona Diamondbacks team ownership history - Society for American , "AZ Diamondbacks Team History and Encyclopedia", https://en.wikipedia.org/w/index.php?title=List_of_Arizona_Diamondbacks_owners_and_executives&oldid=1080167209, Lists of Major League Baseball owners and executives, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 30 March 2022, at 17:23.
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