Other claims include those for breach of fiduciary duty and breach of implied covenants of good faith and fair dealing. Colangelo persuaded the other partners in Arizona Baseball Inc. to call the team the Arizona Diamondbacks rather than the Phoenix Diamondbacks to cultivate a statewide sense of pride and ownership. 2004-2023 CBS Interactive. As reported by Zach Buchanan of The Athletic, three Diamondbacks minority owners are suing general . Pages in category "Arizona Diamondbacks owners" The following 6 pages are in this category, out of 6 total. 22 Ken Rosenthal, All Arizona Has to Do Now, Right Now, Is Win, The Sporting News, March 12, 2001, 49; Peter Schmuck, In Hurry, a Trading Flurry After Draft, Baltimore Sun, November 19, 1997. In the context of sports, a limited partnership involves a group of investors and businesses who own respective shares. New Phoenix Suns talent Kevin Durant owns 5%. Arizona Diamondbacks principal owner Ken Kendrick sent former Arizona attorney general Grant Woods a threatening and aggressive email June 19 before Woods was fired from the Phoenix law firm . (Performed with evil mind is a legal term of art in Arizona; the plaintiffs are not calling Kendrick evil.). pic.twitter.com/m2n2BoWrVa, D-backs No. 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. 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. The Diamondbacks adopted a quintessentially late 1990s palette of team colors: purple, turquoise, black, and copper. He has participated in SABRs Biography Project since 2012. Naimoli.) Under Colangelo and Garagiola, the Diamondbacks won division titles in 1999 and 2001 as well as the pennant and World Series in 2001. Bearing the name of a Phoenix-based airline, it was one of the earliest examples of stadium naming rights being sold to a corporation.10, In September 1993 Colangelo announced the formation of Arizona Baseball Inc., whose purpose was to bring a major-league baseball team to Phoenix. Call 1-800-GAMBLER. Contact SABR, Ibid. As a starting point, expect Kendrick to deny the complaints depiction of his ownership. 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/. Jensen is the co-founder of Information Technology, which develops software for the banking industry. MLB, for instance, approves the sale of any equity in a club. The three suing minority owners have countered that their stakes in the team have been valued at an "artificially low" rate that doesn't include projections for "potential future revenue streams related to legalized gambling," per Buchanan. This is a straightforward claim. Cohen speculates that Kendricks potential motive is to consolidate and increase the stakes of the remaining owners who werent bought out. The teams apparent goal is to streamline the ownership group and reduce the number of partners with very minimal equity stakes in ownership. See our ethics statement. 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. The Legislature also authorized the county Board of Supervisors to impose a 0.25 percent sales tax to help finance construction of a baseball stadium if one of the countys municipalities was awarded a franchise.6, Stone continued to pursue a major-league team for Phoenix into the early 1990s. Kendrick has been one of the part-owners of the Arizona Diamondbacks since the start of the franchise. Also in contention is whether Major League Baseball pushed the Diamondbacks to reduce the number of minority owners with less than a one percent stake in the team or whetherthe team took the idea to MLB. His opposite number was Jim Bruner, a member of the Maricopa County Board of Supervisors, who also constituted the Maricopa County Stadium Authority. The Arizona State University baseball program has been a national collegiate power since the mid-1960s. CLAYTON TRUTOR is a history instructor at Northeastern Universitys College of Professional Studies. Kendrick has been one of the part-owners of the Arizona Diamondbacks since the start of the franchise. 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. Then in 1991, he abandoned his Arizona plans to become a partner in what turned out to be an unsuccessful effort to purchase the Montreal Expos. 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. During the 1997-98 baseball offseason, the Diamondbacks acquired high-profile, high-priced free agent shortstop Jay Bell and traded for third baseman Matt Williams.22, The Diamondbacks doubled down on the win-now approach in their early years, signing pitching aces Randy Johnson in 1999 and Curt Schilling in 2000 to long-term deals that deferred the big payments until the latter years of their contracts. He is also a PhD candidate in US History at Boston College. Here are 10 things that you may or may not have known about Ken Kendrick: Ken isnt Kendricks personal name. Colangelos insider status made Arizonas bid an immediate frontrunner in the expansion chase. Later that year, Colangelo and Garagiola hired Buck Showalter as the clubs first manager. Montreal was less than a two-hour drive from his home in Lake Placid, New York.) 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. Giannis latest NBA superstar to buy a stake in MLS club Very few succeed. 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. They finished first in the NL West in 1999, their second season in the major leagues. The buyer can then call himself or herself an owner and gain certain privileges. In turn, this means that he has been involved with various banks in various other banks as well, with an excellent example being his investment in Woodforest National Bank. Three minority owners of the Arizona DiamondbacksAlfredo Molina, Jim Weber and limited liability company Carlise Investmentsare suingmanaging general partner Ken Kendrick, per Zach Buchanan of The Athletic. Moreover, the Arizona branding of the Diamondbacks was in keeping with the previous round of baseball expansion, which brought the Florida Marlins and Colorado Rockies into existence.20, As general manager the Diamondbacks in June 1995 hired Joe Garagiola Jr., one of the founding fathers of big-league baseball in Phoenix. potential future revenue streams related to legalized gambling," per Buchanan. Alfredo Molina, Jim Weber, and Carlise Investments are suing Kendrick over his buy up or be bought out ultimatum, which started in January. However he does like to take on other topics involving some of his personal interests like automobiles, future technologies, and anything else that could change the world. After the vote, Bruner, as he had planned, resigned from the board to run for an open congressional seat. * List of Arizona Diamondbacks owners and executives C Jerry Colangelo Billy Crystal K Ken Kendrick M Cindy McCain Jeff Moorad 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,. Im not sure what the ulterior motive is for such a decision, but it definitely comes off as nefarious. A slightly more achievable goal, at least among the very affluent, is to buy a minority stake in a team. MLB may want to offer policy statements that support the benefits of contracting the sizes of limited partners. As such, he is responsible for running the day-to-day operations of the team as a whole. Diamondbacks partners were called upon to make pro rata contributions towards legal, accounting and consulting fees. Very few succeed. A list of all owners in the history of the Arizona Diamondbacks. If Molina, Webster and Carlisle Investments prevail on a breach claim, they would be awarded monetary damages. Colangelos Suns had engendered unprecedented enthusiasm in the region for professional sports with an exciting run to the NBA playoff finals that year. We know they believe the appraisal process commissioned by Kendrick lowballed the value of their interests. 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 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. Diamondbacks owner threatened Arizona's former AG over Twitter However, according to the complaint, a club attorney later clarified that Kendrick had misspoken and that a second valuation would not be possible. Among the Diamondbacks limited partners are Alfredo Molina and Jim Weber. 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. Accessed June 10, 2016: http://articles.baltimoresun.com/1997-11-19/sports/1997323118_1_red-sox-pedro-martinez-rosters. The complaint contains several claims. People who pay close attention to the Arizona Diamondbacks should be familiar with Ken Kendrick. The complaint also asserts that Kendrick has manipulated the clubs equity structure to put the plaintiffs in a bind. Business-wise, Kendrick might be best-known for founding Datatel Inc. Many opponents decried what they perceived as collusion between the citys political and business elite. 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. Like other ball clubs, the Arizona Diamondbacks have a roster of owners. The Diamondbacks operate through a limited partnership. That is the same year Kendrick ousted Jerry Coangelo as the Managing General Partner. MLB will see a stake in the litigation. The. By the end of the 2004 season, the club owed more than a quarter of a billion dollars in deferred salaries.26. 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. Royer was an executive in the cable television industry.27, Colangelos tenure as managing general partner (1998-2004) coincided largely with Joe Garagiola Jr.s term as general manager (1997-2005).
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