Baseball for the Thinking Fan

Login | Register | Feedback

btf_logo

News

All News | Prime News

Old-School Newsstand


Contributors

Jim Furtado
Founder & Publisher

Syndicate

Stu Sternberg Newsbeat

Wednesday, June 29, 2022

Rays minority owners sue principal owner over ‘fraudulent transfer,’ other claims

The plaintiffs have alleged in multiple lawsuits that Sternberg transferred the Rays into a different business entity, Rays Baseball Club, without their knowledge. In March 2021, the same five owners — Robert Kleinert, Gary Markel, the MacDougald Family Limited Partnership, Stephen M. Waters and a trust in Waters’ name — filed a lawsuit that alleged a “scheme to squeeze out the limited partners” starting in 2004. The group owns about 9.6 percent of the Rays.

All counts in the original lawsuit but one, a request to expel Sternberg as general partner, were sent by the judge to arbitration. In May, in an attempt to dismiss that count, lawyers for Sternberg argued that the minority owners’ complaints “amount to nothing more than the personal grievances of limited partners.”

A second lawsuit, filed in February, alleged the partners had been provided with documents “with obviously altered dates” and had not been provided some documents at all…

The newest lawsuit alleges that Sternberg did not disclose that a $376 million payment from the team’s regional sports network, Fox Sports Sun (now known as Bally Sports Sun), had been received after the ownership of the team and had been transferred into the new entity.

RoyalsRetro (AG#1F) Posted: June 29, 2022 at 01:43 PM | 4 comment(s)
  Beats: rays, stu sternberg

 

 

BBTF Partner

Dynasty League Baseball

Support BBTF

donate

Thanks to
Infinite Yost (Voxter)
for his generous support.

You must be logged in to view your Bookmarks.

Hot Topics

NewsblogMLB home run record: 15 current sluggers who could be next to make push for a 60-homer season
(39 - 6:55am, Sep 25)
Last: sunday silence (again)

NewsblogOMNICHATTER for the week of September 19-26, 2022
(200 - 1:40am, Sep 25)
Last: cardsfanboy

NewsblogHow the Guardians turned the AL Central race into a one-team sprint
(7 - 12:11am, Sep 25)
Last: Howie Menckel

NewsblogRangers’ quest for pitching could lead them to Jacob deGrom
(8 - 11:21pm, Sep 24)
Last: You can keep your massive haul

NewsblogOT - August/September 2022 College Football thread
(394 - 11:15pm, Sep 24)
Last: Lance Reddick! Lance him!

Newsblog2022-23 Preseason NBA thread
(271 - 11:06pm, Sep 24)
Last: Athletic Supporter is USDA certified lean

NewsblogCanada reportedly set to lift vaccine requirements for people entering country, a move that would impact unvaccinated professional athletes
(62 - 6:32pm, Sep 24)
Last: Hombre Brotani

NewsblogThe 2022 Regular Season Has Lacked Intensity
(19 - 4:48pm, Sep 24)
Last: John Northey

NewsblogOrioles hired Goldman to assess sale, source says, but litigation likely to keep team with Angelos for now [$]
(5 - 3:47pm, Sep 24)
Last: John Northey

NewsblogGreat Britain qualifies for first World Baseball Classic
(15 - 3:17pm, Sep 24)
Last: Starring Bradley Scotchman as RMc

NewsblogRoyals fire Dayton Moore as president of baseball operations
(49 - 3:15pm, Sep 24)
Last: donlock

Sox TherapyPredictions of Ridiculousness
(133 - 11:10am, Sep 24)
Last: Steve Balboni's Personal Trainer

Newsblog'Electric' Strider breaks Big Unit's strikeout record
(28 - 3:08am, Sep 24)
Last: Mike A

NewsblogOT: Wrestling Thread November 2014
(2528 - 7:54pm, Sep 23)
Last: 57i66135 is a hard word for me.

NewsblogHow Guardians catcher Hedges hacked PitchCom to pump up his pitchers
(7 - 12:33pm, Sep 23)
Last: Cris E

Page rendered in 2.1981 seconds
46 querie(s) executed