Jensen is the co-founder of Information Technology, which develops software for the banking industry. While it is unfortunate that the plaintiffs have chosen to decline the offer and take legal action, this decision is well within the rights of the Managing General Partner, who looks forward to the resolution of the matter.". While Martin Stone spent a half-decade in single-minded pursuit of big-league baseball for the Phoenix area, the bid that actually brought a major-league team to Arizona came together more serendipitously. 16 David Fritze, David Schwartz, and Eric Miller, Play Ball: Stadium Tax Wins OK, Arizona Republic, February 18, 1994; Jerry Colangelo; Bob McManaman, Tax Foes Name-Calling Hurt Deeply, Arizona Republic, February 19, 1994, A20. 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. 9. The Arizona State University baseball program has been a national collegiate power since the mid-1960s. Alternatively, his entire interest could be bought out for $3.9 million. Stone persuaded Bidwill to join him in building a stadium in the downtown area. D-backs tickets are on sale now with home games starting April 6! Contact SABR, Ibid. Three minority owners of the Arizona Diamondbacks Alfredo Molina, Jim Weber and limited liability company Carlise Investmentsare suing managing general partner Ken Kendrick, per Zach. A month later Kendrick sent another letter to these three plaintiffs that by electing to not purchase a bigger stake in ownership that they are no longer a limited partner and their stakes will be bought out. In return, the county granted the baseball team a 30-year lease and primary-tenant status. According to USA Today's Bob Nightengale, D'Backs managing general partner Ken Kendrick is weighing the possibility of "selling a significant, but still minority share" of the team. Downtown May Fully Awaken, Arizona Republic, March 12, 1995, BB7. Cohen and Sandweiss authored the plaintiffs complaint and filed it in Maricopa County superior court on March 31. 1:51. Miami Heat Basketball Operations. ", The team respondedin a statement, saying that with the backing of Major League Baseball, it, has "chosen to streamline the ownership group and reduce the number of partners with very minimal equity stakes in the partnership.". All of these plans would be executed once a major professional sports franchise signed a lease to play in the stadium.4, In January 1988 Bidwill won approval from the NFL to move his franchise to Arizona. 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. Barroway became the sole owner of the Arizona Coyotes in June of 2017. 2 Ibid. All Rights Reserved. Showalter came aboard just days after the New York Yankees fired him in the wake of the teams playoff loss in its first postseason appearance in 14 years. Pro-sales-tax Supervisor Ed King lost his bid for re-election in 1996 in a campaign that focused heavily on his support for the tax.17, More than three years after the vote, in August 1997, Supervisor Mary Rose Wilcox, the lone Democrat on the Board of Supervisors, who voted to impose the tax, was shot in the lower back after a Supervisors meeting by a man described as mentally deranged. 5 Martin Van Der Werf, Martin Stone, Arizona Republic, March 12, 1995, BB2; Stadium Developer Quits Deal; Martin Stone Quits Pact for Dome; Plan in Peril; Agreement Reached on Stadium.. In March 2016 Kendrick made public his belief that the Diamondbacks needed a new ballpark, and presented a preliminary proposal to county officials. Martin Stone, the owner of the Phoenix Firebirds, the San Francisco Giants Triple-A affiliate, was the driving force behind the push. Learn how your comment data is processed. AZ, CO, CT, IL, IN, IA, KS, LA, (select parishes), MD, MI, NH, NJ, NY, OH, OR, PA, TN, VA, WV, WY, CA-ONT only.Eligibility restrictions apply. potential future revenue streams related to legalized gambling," per Buchanan. [1] The three plaintiffs are businessman Alfredo Molina, former pitcher Jim Weber and an LLC called Carlise Investments. During his 35 years as a Suns executive, the team was a fixture in the Western Conference playoffs and played to large, boisterous crowds, first at the Arizona Veterans Memorial Coliseum on the State Fairgrounds and then at the downtown America West Arena. Heres the rundown of the suit in question: The plaintiffs are suing on six counts. Kendrick, the . The teams apparent goal is to streamline the ownership group and reduce the number of partners with very minimal equity stakes in ownership. 30 Rebekah L. Sanders, Maricopa County Rejects Most of Arizona Diamondbacks Requested $65M for Upgrades, azcentral.com, August 8, 2016. This means that prospective partners must clear background checks and due diligence reviews. The complaint also alleges breach of contract. Among the Diamondbacks' limited partners are Alfredo Molina and Jim Weber. They practice in Phoenix at the law firm Jaburg Wilk. A trio of Diamondbacks limited partners are taking on the principal owner of the club, Ken Kendrick. It was no secret that Bill Bidwill, owner of the NFLs St. Louis Cardinals, intended to move to Phoenix. Accessed June 3, 2016: http://azcentral.com/story/sports/mlb/diamondbacks/2014/09/27/jerry-colangelos-shadow-remains-prominent-diamondbacks/16344607/. Arizona Diamondbacks owner Ken Kendrick wants minority owners who have less than one percent stake in the team to raise their stakes or part ways with the organization. They've been told to increase their investment or be bought out, which they say is an unlawful ultimatum. The first is Declaratory Judgment, or a request for the court to state their rights under the Partnership Agreement now and in the future. 21 Murray Chass, Arizona Gets Set to Hire Showalter, New York Times, November 12, 1995, 42; Howard Fendrich, Diamondbacks, Yankees Found Success After Showalter Left, Seattle Post-Intelligencer, October 25, 2001. 9 Robert Logan, Colangelo Quits Bulls to Take Phoenix Post, Chicago Tribune, February 29, 1968, C1; Bob Logan, Colangelo Has Suns Climbing for Summit, Chicago Tribune , May 23, 1976, B3; Lee Shappell, Jerry Colangelo, Arizona Republic, March 12, 1995, BB2; Colangelo Took Bait All the Way to Finals; Kevin Simpson, The Place to Be, The Sporting News, November 7, 1994, S3; Jack McCallum, Desert Heat, Sports Illustrated, May 28, 1990, 50-51; Joe Gilmartin, Suns Colangelo NBA Executive of the Year, The Sporting News, May 16, 1981, 46. In April 1987 the city agreed to secure $150 million in bonding to build a 70,000-seat domed stadium on a 66-acre parcel of land in the southern section of downtown Phoenix. ", "Each of those investors was given the opportunity to remain as part of the group by purchasing additional partnership units at a rate determined by a highly respected, independent appraiser. Kendrick wrote to the teams limited partners in a letter entitled Buy-Up/Buy-Out. As summarized by Cohen (and Sandweiss), the letter informed the partners that, as part of a restructured limited partnership, each would be required to own at least 1% of the clubs partnership or their interest would be bought out. By the end of the 2004 season, the club owed more than a quarter of a billion dollars in deferred salaries.26. Involved in Various Philanthropic Endeavors, 10 Things You Didnt Know about Yuri Gurski, The History of and Story Behind the Peloton Logo, The Limitless Possibilities of 3D Printing, 20 Things You Didnt Know About Snapshift, 20 Cities with The Worst Weather in Europe, How Zac Stacy Achieved a Net Worth of $6 Million. Cohen rejects any notion that the 1% floor constitutes MLB edict. Naimoli.) However, they might begin to feel less fondly about the club as they battle Kendrick in court. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy, Diamondbacks minority owners file lawsuit against Ken Kendrick, in a new lawsuit brought against the Diamondbacks. Martinez and allows three runs in 1 2/3 innings in his second start of Spring Training, Perfect day for a nice stroll around the bases. Cronkite School at ASU He made it clear to Colangelo that there would be no increase in the 0.25 percent sales tax unless Maricopa County residents received a good deal on the facility. The Maricopa County Stadium Authority, which was created to save the Cactus League, played a similarly decisive role several years later in the arrival of the Diamondbacks by providing the region with a public institution capable of financing a ballpark costing several hundred million dollars. The best guide in Arizona to getaways, concerts and the dining scene. Metropolitan Phoenixs most significant historical connection to the majors has been as the primary host of the Cactus League. Colangelos Suns had engendered unprecedented enthusiasm in the region for professional sports with an exciting run to the NBA playoff finals that year. According to a 2015 study commissioned by the Diamondbacks, the franchise generated $8.2 billion in economic activity since it began in March 1998. The measure authorized the county to collect a $2.50 car-rental tax. Kendrick is interesting in that it has two potential meanings in two languages. 10 NBA Notebook: Pacific, The Sporting News, October 26, 1987, 47; Steve Wilson, When Youre Colangelo, You Gotta Believe, Arizona Republic, January 16, 1994, 10; Norm Frauenheim, Colangelo-Led Group Buys Phoenix Suns, Arizona Republic, October 13, 1987, A1, A2. Like Kendrick, Jensen and Chipman earned their fortunes in the software industry. Accessed June 3, 2016: http://azcentral.com/story/entertainment/events/2015/02/25/cactus-league-stadium-guide-salt-river-fields-at-talking-stick/24009267/ . As a result, Showalter was fired after the 2000 season.21, The win-now approach was clearly the governing ideology of the Diamondbacks by the time of the November 18, 1997, expansion draft. The financing deal provided the county with an escalating annual revenue guarantee based on ticket sales while requiring the Diamondbacks to pay for the maintenance of the ballpark. This refers to the majority of a partnership pressuring those with minority interests to sell upon threat of termination. The limited partners insist that Kendrick has breached their partnership agreements by, among other steps, imposing the buy-up/buy-out ultimatum. The Diamondbacks willingness to invest heavily in elite starting pitching put them on the fast track to the postseason. Carlisle Investments has. For proof, look no further than the fact that it is a space-grant college, meaning that it belongs to one of 52 consortia formed in the United States for the purpose of researching various space-related topics. (Performed with evil mind is a legal term of art in Arizona; the plaintiffs are not calling Kendrick evil.). ", 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. The arrival of major-league baseball in metropolitan Phoenix in 1998 was preceded by a half-century of close ties between the Valley of the Sun, as Phoenix and 9,200-square-mile Maricopa County are widely known, and the big leagues. He's been managing general partner since 2004. While the limited partners might not have a vote per se on club affairs, their investment can provide important capital to the club. To the extent MLB has already done so in communications with clubs, the league could credibly maintain that Kendricks moves are consistent with established league policies. 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. In the late 1990s, a family of four could attend a game for well under $50, including tickets, parking, and refreshments.24, On game days, thousands of suburbanites who would likely not have otherwise patronized downtown Phoenix brought their discretionary dollars to the BOB and its environs. All Rights Reserved. They were approved by the commissioners office, meaning MLB reviewed their financial and legal backgrounds and deemed them sufficient. Arizona Diamondbacks: Ken Kendrick - Year acquired: 1995 Ken Kendrick was part of an ownership group that brought an expansion team to Arizona, and he became the Diamondbacks' Managing General Partner in 2004. For now, the plaintiffs signal a desire to remain in the partnership. This is a straightforward claim. First, it can come from cynwrig, which is Welsh for greatest champion. Second, it can come from cyneric, which is Anglo-Saxon for family ruler. Due to this, it can be rather challenging to tell when Kendrick refers to which potential meaning, seeing as how the Welsh and the English have been interacting with one another in various ways since the Roman withdrawal. The. It gave ownership of the ballpark to the county and guaranteed the county one-third of the annual earnings from naming rights. The team was a near-immediate contender for a world championship. The owners Jim Weber, Alfred Molina and. A slightly more achievable goal, at least among the very affluent, is to buy a minority stake in a team. pic.twitter.com/mdZE3bNqBO, Lourdes Gurriel Jr. gives the D-backs their first run of the game with an RBI double to right field, bringing in Josh Rojas in the 5th, Proof anything can be an album cover. The company helps connect suppliers and seafood buyers throughout Europe. To illustrate, five years ago the Diamondbacks entered into a contract with Fox Sports Net Arizona for the sale of broadcasting rights. Jerry Colangelo photo on March 22, 2017, was taken by Gage Skidmore. Get ready for plenty of action and exciting matchups all season long. See our ethics statement. Several of the Midwestern clubs in the Cactus League, particularly the Cubs, turned their spring-training homes into popular winter tourist destinations for their fan bases as well as homes away from home for seasonal residents or permanent transplants to Arizona.2. The overwhelming majority of investors chose one of these options. The Arizona Diamondbacks selected Druw Jones with the second overall pick in the 2022 MLB Draft in mid-July, but the team may not get to see Jones play for the Ex-Cy Young winner joins . The 2001 World Series-winning team had an $84 million payroll, of which $46 million was deferred. Most people would expect Earl to mean nobleman, but it is interesting to note that it can mean warrior as well. The move came soon after a drug scandal that threatened the franchises squeaky-clean image. Colangelo believed that taxpayers deserved an immediately competitive club in return for the investment they had made in Bank One Ballpark. Like other new spring-training facilities in Arizona, Talking Stick was subsidized in large part by the $2.50 rental-car tax that was put in place back in 1990 to revitalize the ballparks of the Cactus League.29, In 2005 Bank One merged with J.P. Morgan Chase, and Bank One Ballpark was renamed Chase Field. Short listed for "Leaders in Luxury" Featured in Cover Story Top 30 Marketing Executives in America Taking on this role required Colangelo to manage a $125 million fundraising drive to pay the anticipated franchise fee for the 1994 expansion. This type of petition captures the essence of the lawsuit. A high-school basketball star, Colangelo gained an athletic scholarship to the University of Illinois, where he captained the basketball team and earned All Big-Ten status. Granted, this level of ownership doesnt provide authority over team decisions, on- or off-the-field. 2023 ABG-SI LLC. Colangelo later said that taking the lead in the baseball expansion effort fulfilled his desire to play a more prominent role in increasing the national profile of the Valley of the Sun. Kendrick might argue that he does, in fact, rely on the advice and counsel of limited partners, or that he would like to, but that a large roster of limited partners makes the organization less organized. In 1952 the Chicago Cubs, who had previously trained on owner Phil Wrigleys Catalina Island (California) estate, began training in Mesa, just to the east of Phoenix. In short, it started out as a business that specialized in data processing, but went on to become something much more, as shown by the fact that its latter incarnation specialized in building education platforms for institutes of higher education. Business-wise, Kendrick might be best-known for founding Datatel Inc. Each of those investors was given the opportunity to remain as part of the group by purchasing additional partnership units at a rate determined by a highly respected, independent appraiser. In addition to the BOB, Maricopa County taxpayers subsidized municipal bonds that financed the construction of a number of other downtown attractions during the 1990s, including a new library, a science center, an art museum, and a museum of Arizona history.25, The success the Diamondbacks enjoyed during their early years came at a high price. Several years earlier, the Suns owner had experienced this process while seeking public funds in support of a new venue for the Suns. However, it took some time for the people behind it to get things done, which is why the Arizona Diamondbacks didn't play their first game until 1998. The impending departure, which threatened the existence of the Cactus League, provoked immediate action from local political leaders, including US Senator John McCain, Governor Rose Mofford, and Maricopa County Supervisor Jim Bruner, who later played a major role in the arrival of the Diamondbacks in Arizona. Managing General Partner Years/Date; Ken Kendrick, Managing General Partner: 2004-Present: Mike Chipman, General Partner: 2004-Present: Jeff Royer, General Partner: 2004-Present: Jerry Colangelo, Managing General Partner: 2004-2023 CBS Interactive. 3:57 pm ET, including the six counts on which the plaintiffs are suing, Kik Hernndez recounts on-field bathroom accident, Phillies top prospect Andrew Painter has tender elbow, Max Scherzer fools hitter with new pitch clock rules, Report: Padres looking to extend Juan Soto, Josh Hader, Four international prospects to watch in the WBC, Team USA World Baseball Classic roster, schedule, Phillies top prospect Painter has elbow tenderness, Report: Padres looking to extend Soto, Hader, Report: Mets to use six-man rotation at times in 2023, Dodgers SS Gavin Lux tears ACL, will miss entire season, Joe Musgrove fractures big toe in weight room. ET, Here are the D-backs' 2023 Top 30 prospects, Chafin's goal for '23? MLB may want to offer policy statements that support the benefits of contracting the sizes of limited partners. For the fourth count of Breach of Fiduciary Duty, filed specifically against Kendrick and the General Partner, which is AZDB I the plaintiffs also seek punitive damages as they claim Kendricks actions were willful, malicious and performed with evil mind and a conscious disregard for the risk of injury to the plaintiffs. In the complaint, Cohen claims that Kendrick initially offered to let the limited partners hire their own valuation firm. They also are suing for Breach of Contract and Breach of the Implied Covenant of Good Faith and Fair Dealing, for which they seek compensatory damages. While these individuals are colloquially referred to as owners, they are more accurately called limited partners. Limited partners comprise a legal entitythe partnershipthat is structured to obtain tax advantages and secure immunities from personal liability. Three minority owners are suing Managing General Partner Ken Kendrick over recent ownership share policy changes, Diamondbacks 3, Mariners 6: Melancholy Melancon, Mark Melancon is clearly rounding into mid-season form, but were still figuring out things to talk about, Arizona Diamondbacks Managing General Partner Ken Kendrick is being sued by three minority owners, Diamondbacks Spring Gameday Thread, #8: vs. Mariners. Phoenix Suns Media Relations. The same rate was utilized to purchase back existing units from those who declined the offer to purchase new units. Three minority owners of the Diamondbacks claim that the club and managing general partner Ken Kendrick is illegally trying to force them to either increase their investment in the team or relinquish their stakes at a price the minority owners say is unfairly discounted, according to a lawsuit filed Tuesday in Maricopa County Superior Court. Rooser is a new startup in the seafood industry. Besides his role as the founder of Datatel, Kendrick has spent some time as a banking executive as well. In an article from Zach Buchanan of The Athletic, Arizona Diamondbacks Managing General Partner Ken Kendrick is being sued by three minority owners: Alfredo Molina, chairman and CEO of Molina Fine Jewelers; Jim Weber, a former pro pitcher; and Carlise Investments, LLC. Access to restricted areas in the ballpark, priority seating for games and exclusive meetups with players are among common perks. 9 prospect Drey Jameson strikes out two batters in two hitless innings during his spring outing against the Giants D-backs Insider Group Tickets Private Suites Special Events Caesars Sportsbook at Chase Field Carson Kelly's solo home run Chipman was the creator and original owner of TurboTax. The genesis of the lawsuit stems from a letter sent by Kendrick on Jan. 13. To pay off the construction bonds, Stone or any other prospective tenant agreed to turn over to the city the proceeds from the sale of 212 luxury skyboxes and 10,800 club seats. He is a staff writer for Down the Drive, SB Nations University of Cincinnati athletics website. Despite never winning the championship, Colangelo earned numerous NBA Executive of the Year Awards, acknowledging both his franchises success and his status as a mover and shaker in league circles.9, In 1987 Colangelo headed a 10-member limited partnership called JDM Partners LLC that purchased the Suns for $44.5 million. As retold by Cohen, Kendricks letter claimed that the 1% floor reflected an MLB preference for clubs to streamline their ownership group and minimize the disproportionate number of owners with very small equity stakes. The letter portrayed MLB as concluding efficient club governance and financial stability would be enhanced if each partner possesses a meaningful equity position.. 1 Rick Thompson, A History of the Cactus League, Spring Training Magazine, March 1989. A trio of Diamondbacks limited partners are taking on the principal owner of the club, Ken Kendrick. Michael McCann is SIs Legal Analyst. To that end, the plaintiffs insist on all relevant emails, correspondences, work papers and empirical analyses with MLB and Bases Loaded. Colangelo agreed to a set of terms that saved Maricopa County taxpayers more than $40 million on the facility.12, The stadium financing deal Bruner and Colangelo worked out capped Maricopa Countys sales tax contribution at $238 million. 6-keys: media/spln/mlb/reg/free/stories, at The Diamondbacks assert that Chase Field needs significant upgrades or replacement after nearly two decades of use. Ken Kendrick photo courtesy of the Arizona Diamondbacks. The lawsuit claims Kendrick acted illegally when coercing them into either increasing their investment in the team or relinquish their ownership stakes at $60 per unit, a number that the plaintiffs call unfairly discounted. Welcome to the Jungle! 7 Martin Stone; Bob Cohn, Race for Big Leagues Begins, Arizona Republic, June 15, 1990, A1; Eric Miller, Valley Strikes Out, Arizona Republic, December 19, 1990, A1. Spent Some Time as a Banking Executive, 8. Report: Diamondbacks Owner Sent Threatening Email to Former Arizona AG After Criticism Nick Selbe Jul 22, 2021 After former Arizona attorney general Grant Woods criticized him on Twitter,. Diamondbacks 5, Dodgers 5: The Ties of March, Diamondbacks Spring Gameday Thread, #7: @ Dodgers. Moreover, he believed that unless the Diamondbacks fielded an immediately competitive team, they would not gain a foothold in the increasingly tight market for Arizona sports fans dollars. Cohen speculates that Kendricks potential motive is to consolidate and increase the stakes of the remaining owners who werent bought out. Giannis Antetokounmpo joins Kevin Durant and James Harden as owners of MLS teams Antetokounmpo is not the only NBA star getting involved in the MLS. Andrew Barroway is the Coyotes' Minority Owner & Alternate Governor. Later in 1993, Bruner and Garagiola set up a meeting with Phoenix Suns owner Jerry Colangelo, one of the regions most popular public figures and fervent boosters, to discuss their idea. Two years later, Johnson and Schilling anchored the team that won the 2001 World Series against the Yankees.23, The Diamondbacks success helped them draw large crowds even after the honeymoon of their first season. However, it took some time for the people behind it to get things done, which is why the Arizona Diamondbacks didnt play their first game until 1998. The. 'Get all the hitters out', Notes: Nelson's outing; new facility paying dividends, Flexing: Each team's top power-hitting prospect, Pipeline Podcast: Druw Jones talks shoulder rehab, making pro debut and more, Pfaadt 'fantastic' in debut -- and he made sure to have fun. As of 2016, 15 of the 30 major-league teams belonged to the geographically compact (every team but one is in Maricopa County) and virtually rainout-free Cactus League.3. The arrival of the Cubs and the off-and-on presence of other clubs helped to formalize the existence of the Cactus League, the Grand Canyon States spring-training counterpart to Floridas Grapefruit League.1, Throughout the 1960s and 1970s, the Cactus League remained a small yet stable operation, growing slowly to an eight-team league as Major League Baseball expanded rapidly from 16 to 26 teams. We know they believe the appraisal process commissioned by Kendrick lowballed the value of their interests. The actual ownership of the club has been far more divided. Despite the Diamondbacks more recent struggles in the standings, the steadiness of its leadership transformed the franchise into one of the National Leagues most respected almost immediately. According to the complaint, Kendrick effectively controls about 90% of the Diamondbacks' partnership through his own stake and through his influence over other limited partners. Dozens of investors backed Phoenix Suns executive Jerry Colangelos original ownership group, Arizona Baseball, Inc., in 1995. America West Arena, the Suns new downtown home, opened in June 1992. Majority control of the Diamondbacks is owned by a four-person investment group that took over the club in 2004 from initial majority owner Jerry Colangelo. Many aspire to buy a professional sports team and call the shots. The three minority owners in question are Alfredo Molina, CEO of a Phoenix-area jewelry company; Jim Weber, a former professional pitcher; and Carlisle Investments. , "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. CLAYTON TRUTOR is a history instructor at Northeastern Universitys College of Professional Studies. Molina is required to invest an additional $3.8MM or his stakes will be bought out at the same number, Weber investing another $6MM or get a $1.5MM buyout, and Carlise Investments getting a similar ultimatum for undisclosed amounts. Stoneham placed his clubs spring-training camp in Phoenix. Attorneys for Kendrick are also poised to assert that the teams buy-up/buy-out requirement is fully compliant with partnership agreements. After all, while he isnt the sole owner but rather one of the owners, he is the one who represents the rest whenever the MLB team owners meet up for some reason. National Football League Media Relations. Despite his enthusiasm for bringing big-league baseball to the region, the fiscally conservative Bruner drove a hard bargain. This article was written byClayton Trutor, This article was published in the Team Ownership History Project. The Cleveland Indians announced plans to move their spring-training headquarters from Tucson to Homestead, Florida. They allege that Kendrick violated the law by ordering them to increase their stake in the team or sell their shares back to the team. Minority owners Molina and Weber initially invested in the Diamondbacks in 2004, while Carlisle Investments has been involved in team ownership since 1998. Buchanan's story has additional details on the dispute, including the six counts on which the plaintiffs are suing. The stadium was to serve as the springboard to a $500 million downtown redevelopment plan that would include public and private investments in commercial and retail space, hotels, and housing. Garrett by trade is a personal finance freelance writer and journalist. Accessed June 10, 2016: http://articles.baltimoresun.com/1997-11-19/sports/1997323118_1_red-sox-pedro-martinez-rosters.