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Tuesday, April 21, 2020

Alex Rodriguez, Jennifer Lopez Retain JPMorgan to Raise Money for Mets Bid (EXCLUSIVE)

Retired baseball star Alex Rodriguez and his fiancé, recording artist and actor Jennifer Lopez, have retained JPMorgan Chase to raise capital for a possible bid on the New York Mets, people familiar with the matter said.

The superstar couple is working with managing director Eric Menell, the bank’s co-head of North American media investment banking, said the people, who were granted anonymity because the matter is private. Menell didn’t respond to several requests seeking comment.

Representatives for Rodriguez and Lopez did not immediately respond to requests for comment.

The Wilpon family, which owns the Mets, said in December they were in talks to sell up to 80% of the Major League Baseball team to hedge fund titan Steve Cohen in a deal that valued the club at $2.6 billion. Under terms of that proposed deal, the Wilpons would’ve maintained control of the franchise for five years.

Wondering what it would say that A-Rod running the team Marlins-style would be a step up from current conditions…..

 

QLE Posted: April 21, 2020 at 12:27 AM | 44 comment(s)
  Beats: alex rodriguez, mets mets mets, ownership

Monday, April 06, 2020

D-Backs Minority Owners Suing Managing Partner Ken Kendrick over Buyouts

Three minority owners of the Arizona Diamondbacks—Alfredo Molina, Jim Weber and limited liability company Carlise Investments—are suing managing general partner Ken Kendrick, per Zach Buchanan of The Athletic.

According to that report, they are claiming Kendrick and the Diamondbacks ownership group “acted unlawfully when it told them either to increase their investment in the team to at least a one-percent stake of ownership or sell each of their ‘ownership units’ back to the team at a price of $60 per unit.”

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.”

“Why they would want to do that, why they would treat our clients that way, to be honest, I can’t imagine,” he added. “It doesn’t make any sense. There is no logic to it.”

Any thoughts on the merits of the actions of either the Diamondbacks or the minority owners?

 

QLE Posted: April 06, 2020 at 12:43 AM | 3 comment(s)
  Beats: diamondbacks, ken kendrick, lawsuits, ownership

Wednesday, March 25, 2020

Today in Baseball History: Helene Britton becomes the first woman to own a team

Stanley Robison was a streetcar magnate who, along with his brother Frank, became baseball moguls as well. They were the founding owners of the Cleveland team that would become the Cleveland Spiders. They, infamously, sold the Spiders and purchased the St. Louis Browns — who would become the St. Louis Cardinals — swapping out Browns and Spiders rosters, which resulted in the 1899 Browns becoming the worst team in baseball history before their eventual demise.

Frank ran the show in St. Louis, but he died suddenly in 1906, leaving Stanley as sole owner. The Cardinals were a terrible club during Stanley’s sole ownership, finishing in last or second-to-last place in all five seasons he was solely at the helm. In late 1910 Stanley’s health began to decline. On March 24, 1911 Stanley — a bachelor with no family of his own — died of heart failure and blood poisoning while visiting his brother’s widow, her daughter, Helene, and Helene’s young family in Cleveland.

Stanley’s death was something of a shock, but it was nothing compared to the shock delivered at the reading of his will: he had bequeathed controlling interest in the St. Louis Cardinals to his niece, Helene. The remainder of the shares went to her mother, Frank’s widow. As a result, Helene Hathaway Robison Britton became the first woman to own a major league baseball team.

QLE Posted: March 25, 2020 at 12:35 AM | 0 comment(s)
  Beats: cardinals, helene britton, history, ownership, women in baseball

Friday, February 07, 2020

MLB may alter rules on owners, casino gambling

ORLANDO, Fla. (AP) — Major League Baseball may alter its regulations on team owners and casino gambling in a manner that could impact the Ilitch family.

Marian Ilitch, the wife of late Detroit Tigers owner Mike Ilitch, owns Detroit’s MotorCity Casino. Her youngest son, Christopher, is controlling owner of the Tigers.

“The general rule will remain that if the club has an interest in a sportsbook, it can’t take bets on that club,” baseball Commissioner Rob Manfred said after an owners meeting Thursday. “The rule does contemplate that there could be an exception provided that there are certain safeguards built in. The safeguards would essentially ensure that there is no controlled input whatever from the club to the betting operator, has to be a completely independent betting operator.”

Doesn’t feel anywhere near sufficient, does it?

 

QLE Posted: February 07, 2020 at 01:13 AM | 2 comment(s)
  Beats: casinos, gambling, ownership, tigers

 

 

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