Championships: 3 (2004 over the Calgary Flames, 2020 over the Dallas Stars and 2021 over the Montreal Canadiens). Dude they probably know each other. 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. Kind of like how Loria played Miami, sold the team, took the money and ran. 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. You see the results of his efforts everywhere, including here. He became a star at Fidelity and went on to manage itsworld-renowned Fidelity Magellan Fund in the mid-1990s, earning investors a whopping 17% in average annual returns. You should work for MLB. He cares about making m0ney and when the time comes, he will sell and happily walk away with even more riches in his pockets. It sounds like Sternberg has been trying to make a backroom deal with Bronfman and the other owners know theyll be iced out of the deal. The Magic have made it to two NBA Finals, losing to the Houston Rockets in 1995 and the L.A. Lakers in 2009. 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. 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. I like how your definition of being a good business man includes using your position to accumulate personal wealth at the expense of the people youre supposed to represent and in direct conflict with the contracts that enable your position. Hey, I actually agree with you for the most part. Unsurprisingly,. Sounds like the remaining minority owners do not agree with what Sternberg wants to do & now that his ownership stake is at 85% they are seeing the writing on the wall on their remaining 15% share. The partnership was originally founded by the former Rays owner, the late Vince Naimoli, to bring a Major League Baseball franchise to Tampa Bay. Sherman owns roughly 46 percent of the team after putting in $400 million. Its a fraternity that few humans will ever get to experience: owning a professional sports franchise. You hit the nail on the head in terms of our Pharma industry and how our overpayments have built an industry the world needs. Everyone might win *except* St. Petersburg, who would be left with a large empty circus tent/stadium. Now we hear hes so financially hurt by his investment that hes trying to increase his ownership percentage! Only way to save the franchise. An initial hearing in the lawsuit was scheduled for November, 2021. A hearing on the matter is scheduled for September. Though there have been "some . 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. George Dowling. Scumbag owner. We have abided by the partnership agreement and the Tropicana Field use agreement.. Review Catalyst posting guidelines here. Playoff wins count twice as much as regular season wins. We are finally seeing progress on the As but it took a long time. https://www.hollywoodreporter.com/news/general-news/charlotte-rae-dead-facts-life-896111/. Today, the massive rebranding of the club at the start of 2008 marks a watershed for two distinct eras of Rays baseball. Portion of franchise's value attributable to its stadium. that tell people what to do with their own bodies (besides pregnant women, of course) are tyranny, right? By 2020, he had increased his stake to 85 percent by buying other general partnership stakes, including those held by the family of former owner Vince Naimoli, making him both managing partner and sole general partner. It wouldnt be possible.. With all due respect to the Mayor of St Pete the city is losing leverage every year that goes forward & Sternberg is uninterested in staying in St Pete long term since they do not get many walk up fans & a good % of their season ticket holders live outside of St Pete (like myself). I run the table with the Detroit Lions! The same partners also sued Sternberg in May 2021 and accused him of engaging in a long-running scheme to squeeze out the limited partners and seize full control of the franchise, the Tampa Bay Times reported. I cant stand Sternberg he drives fans away from the games. Canada doesnt have a Pharma industry, but they do have lower healthcare costs (if you can actually get care). Stewie let the Tampa stadium die, instead of putting more of his own money up. Let alone he was warned and did it anyway. A spokesperson for the limited partners lawyers declined to comment further. That seems like a massive overreaction lol. 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. The pandemic is almost over bruh, dont really understand your point. Freedom does NOT mean being free from jags whose hearts desire spreading disease in order to pointlessly virtue signal that their being as selfish as possible is true freedom. Problem solved! About the owners: Richard DeVos had four children with his wife Helen: Richard Jr., Dan, Cheri and Doug. By the 1995 return, the lightning had seeped out of the bottle. Right now, he basically has the other owners paying his teams salary, and he knows eventually MLB or Tampa will help fund his relocation in Tampa. Ive been saying this for more than a decade. Theyd certainly do better than the Marlins or Rays and a handful of others if they were back. Every team has a legion of fans who comment, but Rays fans are mostly absent. 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. At the time of purchase in 2004, there were 11 members of the limited partners group. 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. Ownership of the team transferred to his six children. 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. The Rays rank among the least valuable MLB teams, with an estimated valuation of $1.1 billion according to Forbes calculations. 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. 63 years with one family of owners. Zero championships and only one playoff win! Who knows how successful previous owner Vinnie would have been if the Yanks/Sox paid all his bills. And had been for a while. They were actually near the top in attendance in the early 80s then were middle-ish of the pack until the mid-90s. at 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. With first place on the line in the AL East, the Tampa Bay Rays and Boston Red Sox stuck to playing baseball Monday night. The strike really hurt them, as did ownership and their stadium situation. Baltimore Orioles Baltimore Boston Red Sox Boston New York Yankees NY Yankees Tampa Bay Rays Tampa Bay Toronto Blue Jays Toronto. I guess you have to remain quarantined and masked when your government-run health sector cant secure and administer sufficient vaccines. 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. This guy jumped in when baseball was booming and he as well as other owners are milking the system. Its always take pity the poor owner. yeah, as much as I respect the homage to the Negro Leagues club, therr are better names to chose. The Rays have been bad for MLB. The two Major League Baseball teams the Marlins and Rays are owned by consortiums consisting of multiple owners, with majority stakeholders not even claiming 50 percent ownership. This is one of the most misinformed takes Ive ever seen. no thanks, I prefer my freedoms. He wasnt even here 4 years and was one of the faces of the franchised. Kick governments out of healthcare, give money (if possible) to private enterprises and countries are far better off. Lets someone else do it for you.. You have to give credit to the Rays coaching staff for getting the most out of the ever changing players.. Well said, and STU-pid thinks he can threaten Tampa tax payers with moving the team. Nothing is happening until 2027 and then it will be a relocation out of the Bay Area unfortunately, As long as Stu goes thats great! @For Love of the Game Canadas 1st dose rate is actually higher than the US at 54% to 50%. Ive asked this half jokingly and thus half seriously. He's been managing general partner since October 2005. 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. The Rays may have more budget constraints compared to their AL East peers, but their return on investment tends to be high. As a long time baseball and Rays fan your comment stung. That organization was stripped of its ownership and moved because of it. That tactic squeezed out some partners, forcing them to sell their shares to Sternberg at a fraction of their value, the plaintiffs said. Marc Topkin of the Tampa Bay Times reports that city officials have expressed concerns those alleged conversations violate the organizations lease agreement with the city, which bars the team from negotiating to play elsewhere during the term of the contract. About the owner: Viola is the former chairman of the New York Mercantile Exchange (NYMEX), and the founder and chairman of Virtu Financial. As stated in the article he was blatantly not taking investments for the partnership (in which hes responsible) and turning those same interests into his own personal investment so he can further make a move on the rays behalf to invest in something he personally owns and benefits off of when he used his authority to not let the partnership have a chance to make that investment. I wonder if the estate of Charlotte Rae would have a case if they moved to Charlotte and kept the name. Well, congratulations, Suffer, youre my first mute! The Athletic doesnt even have a reporter covering the team because the fan clicks are non-existent. 7. man, if only i had sky daddy in my life, id be as insane as you. Current value: $980 million (Source: statista.com). According to the lawsuit, Sternberg became managing partner after acquiring 49 percent of the team in 2004. Enter the details of the person you want to share this article with. @Tech haha so true, Vancouver could build a brand new stadium by the time the Rays lease is up. I agree, along with getting an owner that will actually sign stars or at least keep its own players. We have an upcoming soccer team ready to develop land in st Pete, true NHL and NFL owners who invest in our community let STUpid go away! The Lightning also faced possible relocation. About the sale: The $1.2 billion sale price was the second-largest sum ever paid for a big league franchise, behind the $2 billion the Guggenheim Partners paid for the Dodgers in March 2012. By Mike Ozanian Forbes Staff . The partners accuse Sternberg of having intentionally concealed the existence of the Rays Baseball Club entity. That original ownership group paid out $32.5 million in expansion fees in 1988 to bring the team to Miami. Los Angeles Chargers Have Shown Keenan Allen The Money But They Wont Show Him The Door, Corner Threes Are Secret Sauce For Milwaukee Bucks Offensive Success, Saudi Investment Chief Ordered To Appear In Court As PGA-LIV Golf Legal Drama Heats Up, OKC Thunder: Upcoming Six-Game Slate Will Dictate Direction Of Season, Is Vince McMahon Secretly Booking WrestleMania 39? Local revenues divided by metro population with populations in two-team markets divided in half. I hope they move to Montreal, the rivalry with the Jays would be fun to watch and travel in that division would be a breeze. Local revenues divided by metro population with populations in two-team markets divided in half. 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