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Three minority owners sue Ken Kendrick over buy up/buy out ultimatum 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. 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. Stones decision to withdraw his Arizona bid brought a de-facto end to Phoenixs chances to get a team during that expansion cycle, when franchises were awarded to Denver and Miami.7. 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. The owners Jim Weber, Alfred Molina and. Report: Arizona Diamondbacks' Ken Kendrick among owners who voted 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. In 1989 the eight-team Cactus League was in danger of losing one of its founding members. However, they might begin to feel less fondly about the club as they battle Kendrick in court. Colangelo also negotiated a financing deal for a new arena to be built primarily with private money raised through JDMs limited partners and corporate sponsorship deals. They've been told to increase their investment or be bought out, which they say is an unlawful ultimatum. Prospective partners must prove their mettle with different constituencies. 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. In the 1960s, Kendrick founded Datatel, Inc., a computer software developer. The buyer can then call himself or herself an owner and gain certain privileges. It was no secret that Bill Bidwill, owner of the NFLs St. Louis Cardinals, intended to move to Phoenix. But the Maricopa County Board of Supervisors made it evident that they had no interest in supporting any such municipal investments, particularly when Major League Baseball deemed Chase Field acceptable to host its All-Star Game as recently as 2011. Showalter preferred a steady player-development program through a farm system while Garagiola adopted the win-now (meaning sign free agents) approach favored by Colangelo. Three Diamondbacks Minority Owners Sue Managing General Partner Since 2005 the Diamondbacks have gone through five general managers: Bob Gebhard (2005), Josh Byrnes, (2005-2010), Jerry Dipoto (2010), Kevin Towers (2010-2014), and Dave Stewart (2014-). 2023 ABG-SI LLC. Kendrick is the managing general. Attorneys for Kendrick and the club will answer the complaint. 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. Three Arizona Diamondbacks' minority owners are suing the team's managing partner in what they say is an attempt to get them to sell their stakes. They practice in Phoenix at the law firm Jaburg Wilk. Finally, the plaintiffs are suing to force Kendrick and the Diamondbacks to provide the documentation they have requested, and they are suing for a Preliminary and Permanent Injunction to prevent the team from forcing them to relinquish their ownership stakes, although none of the three have received payment yet and, with the shutdown of sports from the coronavirus, its not clear that anything has transpired that has yet deprived them of any rights or privileges as team owners. During the 1960s suburban shopping centers replaced downtown Phoenix as the regions retail center. 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. In contrast, the Diamondbacks on-the-field performance has been consistently inconsistent ever since those heady early years. To that end, the plaintiffs insist on all relevant emails, correspondences, work papers and empirical analyses with MLB and Bases Loaded. In the summer of 2016 the Diamondbacks asked Maricopa County for help in subsidizing $65 million worth of renovations to Chase Field, which county officials have also rejected.30. Initially, the BOB proved to be its own draw with an unprecedented array of amenities that appealed to spectators who were not especially interested in baseball: several playgrounds, a picnic pavilion, a day spa, and a swimming-pool party area (which could be rented for a group of up to 30 for $4,000 per game) were among the most popular attractions. He lost in the Republican primary to attorney John Shadegg, who transformed the campaign into a virtual referendum on Bruners support for the stadium tax. He was also playing a central role in negotiating the deal that led to the relocation of the National Hockey Leagues Winnipeg Jets to Phoenixs America West Arena, where they were rechristened the Phoenix Coyotes in 1996.8. 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. Colangelo cleaned house quickly and soon restored the Suns to on-court success; they put together a franchise-record streak of seven consecutive 50-win seasons between 1988-1989 and 1994-1995. They were to begin playing in the 1998 season. Suffice to say that Princeton is not an uncommon name, seeing as how it is not uncommon for towns to be named for one prince or another. However, according to the complaint, a club attorney later clarified that Kendrick had misspoken and that a second valuation would not be possible. Spent Some Time as a Banking Executive, 8. 25 Arizona Diamondbacks Letter to Maricopa County Board of Supervisors, January 12, 2016, BallparkDigest.com, March 30, 2016. Cronkite School at ASU Per Buchanan, the team released the following statement: "The Managing General Partner of the D-backs, with the support of Major League Baseball and on advice of independent legal counsel, has chosen to streamline the ownership group and reduce the number of partners with very minimal equity stakes in the partnership. Process almost always matters in contractual disputes. 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. Additionally, the BOB offered some of the most affordable prices in baseball. Like Kendrick, Jensen and Chipman earned their fortunes in the software industry. 23 Floating on Air, Colangelo Readies Big Party Today; Pedro Gomez, Tickled to Be in Arizona, The Sporting News, December 14, 1998, 80; All Arizona Has to Do Now, Right Now, Is Win., 24 Mike McCloy, Ballpark Looks Like a Million, Arizona Republic, October 13, 1996, B1; Don Ketchum, In the Ballpark, Arizona Republic, November 16, 1995, D4; Come Along on a BOB Tour, Arizona Republic, March 22, 1998, A1; Martin Van Der Wert, 1st Year Is a Tryout for Cooling System, Arizona Republic, March 22, 1998, BP6; Family-Style Attractions Cover All the Bases, Arizona Republic, March 22, 1998, BP10; Bill Muller, Mark Shaffer, and Richard Ruelas, BOB Takes a Bow, Arizona Republic, March 30, 1998, A1; Linda Helser, Diamondbacks May Be Best Pro Sports Bargain in Valley, Arizona Republic, March 29, 1998, C37; Pedro Gomez and Mark Topkin, Scouting the Expansion Cities, The Sporting News, March 30, 1998, 26; Fans Guide: Ticket Prices, March 30, 1998, Arizona Republic, C41. 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. ", 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. Accessed June 3, 2016: http://azcentral.com/story/sports/mlb/diamondbacks/2014/09/27/jerry-colangelos-shadow-remains-prominent-diamondbacks/16344607/. The first is Declaratory Judgment, or a request for the court to state their rights under the Partnership Agreement now and in the future. Here are 10 things that you may or may not have known about Ken Kendrick: Ken isnt Kendricks personal name. It is interesting to note that Kendrick was born in a place called Princeton, which can be found in West Virginia. As a result, Kendrick is a figure of some note in both the MLB and beyond. Arizona Diamondbacks Minority Owner. The complaint contains several claims. Over the past two decades, hes founded numerous startups, most of which have been subsequently acquired by the likes of Facebook, Google,, Read More 10 Things You Didnt Know about Yuri GurskiContinue, John Foley, the founder, and CEO of Peloton, a fitness company, worked so hard to get his company off the ground that at one time, his son asked him if he loved the business more, Read More The History of and Story Behind the Peloton LogoContinue, As stated by its name, 3D printing is a process that creates a three-dimensional object using the information stored in a digital file. Datatel no longer exists in the present, seeing as how it combined with a competitor to form Elucian in 2012. Register now to join us on March 10-12, 2023, in Phoenix, AZ. Examples range from the Barrow Neurological Institute to the Cleveland Clinic Foundation. Kendrick, the . 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. Phone: 602.496.1460 More than two dozen limited partners bought into Arizona Baseball Inc., including executives at Bank of America, Circle K, and Phoenix radio station KTAR, trucking magnate and future Phoenix Coyotes owner Jerry Moyes, comedian Billy Crystal, and Phoenix Suns All-Star Danny Manning.11, Colangelo set to work negotiating a financing deal for a downtown ballpark. Diamondbacks Considering Selling Minority Share Of Franchise New Phoenix Suns talent Kevin Durant owns 5%. As an NBA executive, he ran in similar circles with MLB executives. Accessed August 3, 2016: http://maricopa.gov/StadiumDistrict/pdf/MCStadiumDistFY12AFR.pdf; David Fritze, Boom! 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. Molina, Weber and Carlisle Investments have something else in common: they are plaintiffs in a new lawsuit brought against the Diamondbacks partnership and its general partner, Ken Kendrick. 9. In 1947, the Cleveland Indians began taking up preseason residence 120 miles southeast of Phoenix in Tucson, the winter home of the clubs new owner, Bill Veeck. 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. 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. Accessed June 10, 2016: http://articles.baltimoresun.com/1997-11-19/sports/1997323118_1_red-sox-pedro-martinez-rosters. A slightly more achievable goal, at least among the very affluent, is to buy a minority stake in a team. Never before had an expansion team reached the playoffs so quickly. The Diamondbacks operate through a limited partnership. Besides his role as the founder of Datatel, Kendrick has spent some time as a banking executive as well. Like Scottsdale itself, Talking Stick evokes the Old Southwest with its homages to mission revival architecture, sagebrush surroundings, and views of Camelback Mountain. After the draft they traded several of the prospects they had selected for veterans like Detroit Tigers third baseman Travis Fryman and Florida Marlins center fielder Devon White. Garagiola followed Colangelo out the door in 2005. Gambling problem? Naimoli.) Alfredo Molina, Jim Weber, and Carlise Investments are suing Kendrick over his buy up or be bought out ultimatum, which started in January. While the limited partners might not have a vote per se on club affairs, their investment can provide important capital to the club. Among the Diamondbacks limited partners are Alfredo Molina and Jim Weber. Became Managing General Partner in 2004, 10. Fans and media tend to think of this person as the owner.. To that end, limited partners with less than 1% have been warned that the Diamondbacks could terminate their partnership interests. That brought Stones plans for a domed stadium to an end. Downtown May Fully Awaken, Arizona Republic, March 12, 1995, BB7. Colangelos Suns had engendered unprecedented enthusiasm in the region for professional sports with an exciting run to the NBA playoff finals that year. In October 1989, nearly 60 percent of Phoenix voters rejected a ballot initiative that would have allowed the issuance of $100 million of the previously authorized bonds for a domed ballpark. By the time the Diamondbacks played their first game at Bank One Ballpark, metropolitan Phoenix was home to teams in all four major professional leagues. He served as the Coyotes' Majority Owner, Chairman and . This article was written byClayton Trutor, This article was published in the Team Ownership History Project. 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. Terms at draftkings.com/sportsbook. The league doesnt want the litigation to progress to pretrial discovery, where attorneys for the plaintiffs could demand that commissioners office staffwho appear to be key witnesses given their interactions with Kendrickturn over sensitive emails, other correspondences and financial records. Several years earlier, the Suns owner had experienced this process while seeking public funds in support of a new venue for the Suns. Between 1998 and 2000, the Diamondbacks more than doubled their payroll from $32 million to $80 million. Watch on MLB.TV or listen on At Bat Saturday as Brandon Pfaadt faces S.D., or listen to the game vs. S.F. 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.. 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 . 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. Snapshift is a Parisian startup that has recently made the news in business circles with its $45 million round of investor backing. Veeck persuaded New York Giants owner Horace Stoneham to join the Indians in Arizona. All Rights Reserved. Accessed June 10, 2016: http://bizjournals.com/phoenix/stories/2008/03/31/story7.html. MLB may want to offer policy statements that support the benefits of contracting the sizes of limited partners. 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. The measure authorized the county to collect a $2.50 car-rental tax. 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. He is a staff writer for Down the Drive, SB Nations University of Cincinnati athletics website. 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. Displeasure with the direction of the franchise led to Colangelos ouster as managing general partner by the other four general partners in Arizona Baseball Inc. in August 2004. Given MLBs interest in seeing this litigation resolve without being implicated, the league might urge Kendrick to find a solution. ", "Why they would want to do that, why they would treat our clients that way, to be honest, I can't imagine," he added. Arizona Diamondbacks team ownership history - Society for American But the status of being an owner still attracts. ", 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.". The team was a near-immediate contender for a world championship. 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. Weber is a retired minor league pitcher who is now president and CEO of ProCuro LLC/BCRx Inc. 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. As of 2016 Jeffrey Royer, Michael Chipman, and Dale Jensen remained the other general partners. D-Backs Minority Owners Suing Managing Partner Ken Kendrick over For more details on the lawsuit, including reading the actual document, I recommend reading the linked article from The Athletic. Diamondbacks 5, Dodgers 5: The Ties of March, Diamondbacks Spring Gameday Thread, #7: @ Dodgers. 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. The. Thompson, A History of the Cactus League.. A general partner, sometimes referred to as the clubs principal owner, runs day-to-day operations, sets policies and oversees the hiring and firing of baseball operations and business services. He is also a PhD candidate in US History at Boston College. Metropolitan Phoenixs Path to the Major Leagues. 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. But instead of becoming a tenant of Stone and the city in the planned domed stadium, Bidwill signed a long-term lease with Arizona State University to play the Cardinals games at the football-only Sun Devil Stadium in Tempe, just east of Phoenix. 18 Mike McCloy, Supervisor Is Shot, Arizona Republic, August 14, 1997, A1, A12; William Hermann, Susie Steckner, and Mike McCloy, Suspect: Tax Spurred Shooting, Arizona Republic, August 14, 1997, A1, A12; Mike McCloy, Wilcox Snags 50 Tickets for Opening, Arizona Republic, March 31, 1998, A1; Mike McCloy, Guy has a Gun: Guard Acted Fast, Arizona Republic, August 15, 1997, A1; Frank Fitzpatrick, Stadium Issues Can Explode: Take Phoenix, Philadelphia Inquirer, January 13, 1999, E1. * List of Arizona Diamondbacks owners and executives C Jerry Colangelo Billy Crystal K Ken Kendrick M Cindy McCain Jeff Moorad To illustrate, five years ago the Diamondbacks entered into a contract with Fox Sports Net Arizona for the sale of broadcasting rights. Cohen rejects any notion that the 1% floor constitutes MLB edict. A trio of Diamondbacks minority owners have filed a lawsuit against the franchise's managing general partner Ken Kendrick, according to a report from Zach Buchanan of The Athletic. 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. 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. For instance, profits and losses are allocated among all the partners. His presence would likely have galvanized the already stinging criticism that he and pro-stadium legislators had already faced as a result of the deal. Since 1992, metropolitan Phoenix has hosted the six-team Arizona Fall League, which provides outstanding minor-league prospects with the opportunity to play in a highly competitive atmosphere once their Double-A and Triple-A seasons have concluded. Kendricks role as general partner is central to the case. Colangelos rags-to-riches story was well known to Arizonans with even a passing knowledge of professional sports. Kendrick is interesting in that it has two potential meanings in two languages. managing general partner Ken Kendrick, per, According to that report, they are claiming Kendrick and the Diamondbacks ownership group ", 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. Chipman was the creator and original owner of TurboTax. 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. Under Colangelo and Garagiola, the Diamondbacks won division titles in 1999 and 2001 as well as the pennant and World Series in 2001. By the time he left the Bulls six years later, Colangelo was the franchises director of marketing and its chief scout. The colors were marketed as evocative of the regions cultural heritage. He emphasized the booming population of metropolitan Phoenix, the regions history of enthusiastic support for collegiate, spring-training, and Fall League baseball, and his history of managerial success with the Suns.19 A few days later the owners awarded Arizona Baseball Inc. an expansion franchise. In the expansion draft, the Diamondbacks scooped up veteran starting pitchers Brian Anderson and Jeff Suppan with their first two picks. Beginning in the mid-1980s, he sought either an expansion team or a relocated franchise. Heres the rundown of the suit in question: The plaintiffs are suing on six counts. In-depth coverage of the Valleys real estate market and whats being built and redeveloped in your city. 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.