Tampa Bay Rays partners sue majority owner Stuart Sternberg –

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Tampa Bay Rays partners sue majority owner Stuart Sternberg – fr


Five minority owners of the Tampa Bay Rays are suing majority owner Stuart Sternberg, alleging he has engaged in “a relentless ploy” to “oust” them and take control of the franchise.
The 24-page lawsuit, which was filed in Florida state court on Saturday, alleges Sternberg “secretly negotiated to sell an interest” in the team to Canadian businessman Stephen Bronfman and his Montreal baseball group.

“Insultingly, on the basis of information and beliefs, these secret negotiations have been going on since spring 2014,” said the trial. That’s three years earlier than when Sternberg publicly said he had entered into negotiations with the Canadian group to play games there.

The lawsuit, which also alleges side deals, falsification of records and secret transactions, asks the court to strip Sternberg of his general partnership and appoint a receiver to examine the company’s finances.

“Sternberg, since he became the managing partner in 2005, had never held a meeting of partners and had never made distributions to the partners”, alleges the lawsuit. “In early 2020, the claimants requested a meeting with Sternberg to discuss taxes and distributions due to the fact that they had received over $ 150 million in taxable income in 2017-2019 and no distributions were made. had been performed.

The lawsuit was filed by Robert Kleinert, Gary Markel, Stephen M. Waters and a trust named after him, as well as the MacDougald Family Limited Partnership, LLLP. They collectively own 9.6% of the team. Sternberg owns 85%, according to the lawsuit.

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