Posts Tagged ‘Team Sale’

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After it was reported Friday that the Miami Marlins were sold to the bidding group led by Derek Jeter and venture capitalist Bruce Sherman for $1.2 billion, team president David Samson confirmed the news Saturday at Marlins Park.

“Yesterday at about 11:30 p.m. we finalized an agreement with a group led by Bruce Sherman (and) Derek Jeter to purchase the Marlins from Jeffrey Loria. We submitted that agreement to Major League Baseball for its approval,” Samson told reporters, according to the Miami Herald’s Clark Spencer.

Samson said Loria was impressed by the group of investors, of which there are reportedly 16, including NBA legend Michael Jordan.

“It was very important from Jeffrey’s standpoint that there was an ownership group that had not just connections to Miami but an understanding of what it means to be in Miami and run a team like the Miami Marlins and all the possibility that comes from being in a great city like ours,” he said.

MLB’s owners will vote to approve the purchase in September, Samson said. He expects the deal to be closed in early October.

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Tennessee Titans controlling owner Amy Adams Strunk revealed Tuesday that one-third of the team is for sale.

Susie Adams Smith is beginning the process of selling her share of the team, and the Titans will not interfere with her decision, Strunk said.

Here is the statement:

Recently Susie (Smith) began the process of selling her portion of KSA Industries, which includes a fractional indirect interest in the Tennessee Titans. We respect her right to make this decision and will cooperate fully with the process, which will not impact team operations in any way.
Regardless of the outcome of this process, I will continue to serve as the controlling owner of the Titans. The remaining two-thirds of the team controlled by myself, Kenneth Adams IV, Barclay Adams and Susan Lewis is not and has never been for sale.
Both personally and as a group, we have invested time, effort, and capital to improve this franchise and we are excited to see the results on and off the field for years to come.

Strunk took over as controlling owner in 2015, also serving as the co-chairman of the team’s board of directors.

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Carolina Hurricanes owner Peter Karmanos Jr. is making headway in selling the franchise.

There are reportedly 11-12 groups of prospective owners interested in buying the team, according to Chip Alexander of the Raleigh News & Observer.

Among the groups is one led by former Texas Rangers CEO Chuck Greenberg. Karmanos “likes” Greenberg, Alexander notes, and is apparently giving him time to put together his group.

“Once (Greenberg) has done that, we’ll examine whether his offer cuts the mustard,” Karmanos said.

It was reported on July 13 that Greenberg was close to purchasing the Hurricanes for $500 million, but Karmanos noted if he has to wait, the price may rise to $550 million or $600 million if the Canes have a successful season.

Karmanos reportedly has a term sheet in place to sell the team, but there’s still no purchase agreement.

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Having received little interest in minority shares, Russian owner Mikhail Prokhorov is now considering upping the ante and selling a majority stake in the Brooklyn Nets, according to The New York Post’s Josh Kosman and Brian Lewis.

After seeing the level of intrigue surrounding the Houston Rocets ever since their owner, Leslie Alexander, put the franchise up for sale, Prokhorov is reportedly hopeful there will be some parties who also give his Nets a look.

“As word gets out about the new Nets process, some of the Rockets interest may spill over,” an unnamed source said.

A group of Chinese investors has reportedly caught the eye of both teams. Houston still has an enormous fan base in that part of the world because of eight-time All-Star Yao Ming, while Brooklyn’s support is on the rise due to Jeremy Lin being on its current roster.

“Our brand in China is growing, in merchandise sales and commercially,” Nets CEO Brett Yormark told The Post.

With the Rockets reportedly looking for $2 billion in a sale, Prokhorov is seeking a similar valuation.

He initially bought an 80 percent stake in the Nets while they were situated in New Jersey, while also obtaining 45 percent in the Barclays Center. The team moved to Brooklyn in 2012, with Prokhorov eventually taking full control in 2015.

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Is Beyonce getting into formation to buy a piece of the Houston Rockets?

The pop star is reportedly considering an investment in the team, sources told Bloomberg’s Scott Soshnick.

A native of Houston, Beyonce Knowles-Carter could offer community ties to whoever takes over as the Rockets’ controlling owner, now that longtime owner Leslie Alexander has decided to put the team up for sale.

Her husband, rapper Jay-Z, famously owned a small percentage of the Brooklyn Nets, playing a pivotal role in their relocation from New Jersey in 2012. He was forced to sell his stake in the team in 2013 in order for his upstart sports agency, Roc Nation Sports, to be allowed to represent NBA players, per league rules.

It’s unclear if his ownership of Roc Nation Sports could impact Beyonce’s ownership bid with the Rockets, but there’s a second ramification that stems from Jay-Z’s tenure as an owner: the colloquially named “Jay-Z rule.”

The league’s board of governors passed a rule several years ago mandating that each minority stakeholder in a team must own at least one percent, with no greater than 25 individuals in an ownership group altogether.

With team valuations skyrocketing since Steve Ballmer purchased the Los Angeles Clippers for $2 billion in 2014, that limits the potential for small-stake figurehead owners from owning a piece of a franchise.

Therefore, if Beyonce wants to be a minority owner of the Rockets, and Alexander angling for at least $2 billion for the team, the “Crazy in Love” singer would pony up at least $20 million for a one percent stake. Forbes valued Beyonce’s net worth at $350 million earlier this year, but even still, the economics of the league are very different from even four years ago.

There will be much to consider and red tape to navigate for Beyonce if she’s serious about joining the NBA family.

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Chuck Greenberg, who’s reportedly in the market to purchase the Carolina Hurricanes, spent some time Monday checking out the team’s practice facility as part of a fact-finding trip, according to Chip Alexander of the News & Observer.

On July 13, Bloomberg News reported Greenberg was close to purchasing the club for approximately $500 million in a deal that would keep the team in North Carolina. The Hurricanes later confirmed owner Peter Karmanos Jr. is indeed considering an offer to sell.

Alexander added Greenberg would not discuss the details of his visit, nor comment on the reported sale. The potential ownership group, however, is believed to include local investors.

Greenberg is the former CEO of the Texas Rangers and remains involved in the ownership of three minor-league baseball teams.

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Former Houston Rockets center Dikembe Mutombo is gathering the necessary resources and funding to make a bid at purchasing the franchise.

“I’m working on it,” Mutombo told FOX 26 Sports’ Mark Berman. “I’m talking to a lot of people already since (Monday). We’ll see.

“I’m just talking to the people who can cut the check and they can make me be part of it. I’m working on that.”

Rockets president Tad Brown announced Monday afternoon that owner Leslie Alexander intended to sell the team after 24 years, with Brown being placed in charge of coordinating the sales process with the NBA’s league office.

Two years ago, Mutombo attempted to buy another former team of his when a majority stake became available in the Atlanta Hawks. A purchase by an ownership group led by Tony Ressler was eventually approved by the NBA’s Board of Governors, though.

Now with another shot at becoming an owner, Mutombo doesn’t want this chance to slip away from him.

“A lot of people think it’s a great thing,” Mutombo said. “It’s a great opportunity.

“Now it’s just a question of the number. There’s going to be a lot of discussion and a lot of cash.”

Mutombo spent the last five years of his Hall of Fame career in a Rockets uniform. Seeing the team on the rise in the Western Conference, especially following the acquisition of All-Star Chris Paul, the former four-time Defensive Player of the Year wants to strike while the iron is hot.

“It’s like someone who’s already sitting on the runway trying to take off,” Mutombo added. “That’s what kind of team the Rockets are right now. The Rockets are a great franchise. They have a great team. They’ve got great coaches, great basketball players, great staff. Whoever is coming in, it’s not like they’re going to have to rebuild it.

“I’m trying to convince some people about trying to buy this team. It’s one of the best franchises right now. It’s really the right time.”