The nasty legal battle between Tampa Bay Rays pricnipal owner Stuart Sternberg and a group of the baseball team’s limited partners has become public in recent days.
on the lawsuits that in part says “The allegation that a simple and commonplace corporate reorganization stripped the limited partners of the value of their investments and their rights and protections is patently false, and the limited partners know that. The reorganization was approved by Major League Baseball and the team’s lenders, among others. It had no impact on any aspect of the limited partners’ ownership interests or partnership rights.
Does Sternberg’s comment that MLB and bankers gave the Rays reorganization stamp of approval mean much? “I'm not sure that getting MLB and the bankers' seal of approval means much from the point of view of the minority partners,” says Willens. “MLB, you would think, is solely concerned with the question of whether the reorganization affects the team's ability to operate and the banks are concerned with insuring that the reorganization does not impair the collateral for the loans.
Even if the LPs were to prevail with its lawsuits, sports bankers say it is unlikely Sternberg would lose control of the Rays given the LPs involved only own 9.6% of the team combined. But it certainly dosn’t help the team’s image.
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