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Group Of Rays Minority Owners Files Lawsuit Against Majority Owner Stuart Sternberg


rmc523
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https://www.mlbtraderumors.com/2021/05/rays-minority-owners-lawsuit-stuart-sternberg.html

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Five minority owners of the Rays filed a lawsuit against majority owner Stuart Sternberg in the Pinellas County Circuit Court over the weekend (full complaint available here). The action alleges that Sternberg has worked to “squeeze out” minority owners and increase his personal ownership stake in the franchise.

Sternberg, as managing partner of the organization, has a fiduciary duty to prioritize the interests of the partnership over his own. The minority shareholders allege he’s instead used his authority to decline to acquire potentially advantageous interests for the partnership as a whole, only to then personally acquire those interests and increase his own stake in the partnership. The suit alleges Sternberg has increased his personal share in the franchise from 49% in 2004 to 85% by 2020. The complainants additionally claim that Sternberg has placed himself and others on partnership payroll without explanation, among other allegations.

Of most interest to Rays fans is likely their assertion that Sternberg “has been secretly negotiating to sell an interest in the Franchise and Club to a Canadian businessman named Stephen Bronfman and his Montreal Baseball Group.” The complaint alleges that Sternberg has been in clandestine discussions with Bronfman since the “Spring of 2014.”

 

 

Don't know if anything will come of this, but it's interesting.  Also seemingly basically puts a pause to any current stadium negotiations.

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