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View Full Version : JR: No Immediate Plans To Sell The Sox...


Lip Man 1
05-21-2013, 10:56 PM
Recommended to board that they sell after he passes:

http://www.chicagotribune.com/sports/baseball/whitesox/chi-chicago-white-sox-jerry-reinsdorf-selling-franchise-20130521,0,1286404.story

Lip

Noneck
05-21-2013, 11:04 PM
After I'm gone, no one can fill my shoes. Sounds about right.

The Immigrant
05-21-2013, 11:06 PM
Good thinking, make it someone else's tax problem.

shingo10
05-21-2013, 11:42 PM
Is there a reason all of this stuff about JR's future involvement in the Sox is being put out in the press recently?

I don't remember it ever being that big of a deal in the past and it was pretty much assumed that he would keep the team until he passed right?

Guess I just find it strange.

Milw
05-22-2013, 12:13 AM
The statement added that Reinsdorf, 77, "is happy to be going strong, and he plans to be around for a quite longer,'' reiterating that he planned to be at the 2033 Major League All-Star game.

Oh Mark Gonzalez... Can't even copy and paste from a statement without butchering it. :rolleyes:

LITTLE NELL
05-22-2013, 06:45 AM
JR owns only a part of the Sox (what percentage I don't know) so when he passes on the other owners would probably buy his shares. The other option is for the whole group to sell.

slavko
05-22-2013, 08:33 AM
JR owns only a part of the Sox (what percentage I don't know) so when he passes on the other owners would probably buy his shares. The other option is for the whole group to sell.

For no good reason, I think it's less than 20%. So the passing along to his sons thing would require consent of the other partners. He's a minority owner, not a king.

LITTLE NELL
05-22-2013, 09:03 AM
For no good reason, I think it's less than 20%. So the passing along to his sons thing would require consent of the other partners. He's a minority owner, not a king.

Exactly.

Irishsox1
05-22-2013, 09:24 AM
JR saying that he wants his family to sell the Sox instead of the Bulls must mean something financially. JR is a smart guy that knows what he's doing when it comes to avoiding taxes and maximizing profits. There must be a reason to dump one and hold another.

Lip Man 1
05-22-2013, 11:21 AM
For no good reason, I think it's less than 20%. So the passing along to his sons thing would require consent of the other partners. He's a minority owner, not a king.

Slavko:

I heard that his share is between 5% and around 22% but because the Sox have so many 'owners' his share is actually the majority share of the club.

He's also been given some additional percentage of the franchise because he's run the team for all these years.

On the surface his percentage of ownership is small on a scale of 1-100, but it's enought to be in charge of the team.

Lip

#1swisher
05-22-2013, 12:02 PM
Is there a reason all of this stuff about JR's future involvement in the Sox is being put out in the press recently?

I don't remember it ever being that big of a deal in the past and it was pretty much assumed that he would keep the team until he passed right?

Guess I just find it strange.



White Sox chairman Jerry Reinsdorf, who has run the club since 1981 and the NBA's Chicago Bulls since 1985, will be honored with the 2013 SBJ/SBD Lifetime Achievement Award during a ceremony at the Sports Business Awards in New York on Wednesday night.

http://mlb.mlb.com/news/article.jsp?ymd=20130521&content_id=48246096&vkey=news_cws&c_id=cws

White Sox clairfy Reindorfs' plans for future
On Tuesday, the White Sox made clear that the issue is yet not settled and is far, far from needing to be.

shingo10
05-22-2013, 12:52 PM
White Sox chairman Jerry Reinsdorf, who has run the club since 1981 and the NBA's Chicago Bulls since 1985, will be honored with the 2013 SBJ/SBD Lifetime Achievement Award during a ceremony at the Sports Business Awards in New York on Wednesday night.

http://mlb.mlb.com/news/article.jsp?ymd=20130521&content_id=48246096&vkey=news_cws&c_id=cws

White Sox clairfy Reindorfs' plans for future
On Tuesday, the White Sox made clear that the issue is yet not settled and is far, far from needing to be.

Makes sense. Thanks.

slavko
05-22-2013, 12:56 PM
Slavko:

I heard that his share is between 5% and around 22% but because the Sox have so many 'owners' his share is actually the majority share of the club.

He's also been given some additional percentage of the franchise because he's run the team for all these years.

On the surface his percentage of ownership is small on a scale of 1-100, but it's enought to be in charge of the team.

Lip

Legally, the way partnerships work, he needs 50% plus of the shares supporting him to maintain control. If he owned 49% and all the other partners voted to oust him, he'd be gone.

Right, attorneys?

Moses_Scurry
05-22-2013, 01:28 PM
Legally, the way partnerships work, he needs 50% plus of the shares supporting him to maintain control. If he owned 49% and all the other partners voted to oust him, he'd be gone.

Right, attorneys?

Maybe he can be ousted, but nobody wants to oust him.

Lip Man 1
05-22-2013, 01:58 PM
Slavko:

Again I've been told by sources that it's in his deal as the day to day person who runs the team, he can not be removed unless it is for doing things like illegal activities, demonstrating that he is no longer mentally sound, standard things like that.

Basically he can not be ousted unless he demonstrates that he is doing something specifically outlined in his deal.

Take it for whatever that's worth.

I can't speak from a legal standpoint but to me, if you own say 22% out of 100 and the next highest person only owns say 15% that by definition makes you 'majority owner' based on the fact that you own the most of the club.

I agree that may not mean he can do anything he wants however it has been shown and again it's in his deal, that he runs the day to day operations and he does not have to consult with the other owners or the board when doing so. (That doesn't mean that he doesn't at least allow them the courtesy of making his intentions known to them ahead of time and I suspect he probably does do this...)

Lip

LITTLE NELL
05-22-2013, 02:07 PM
Slavko:

Again I've been told by sources that it's in his deal as the day to day person who runs the team, he can not be removed unless it is for doing things like illegal activities, demonstrating that he is no longer mentally sound, standard things like that.

Basically he can not be ousted unless he demonstrates that he is doing something specifically outlined in his deal.

Take it for whatever that's worth.

I can't speak from a legal standpoint but to me, if you own say 22% out of 100 and the next highest person only owns say 15% that by definition makes you 'majority owner' based on the fact that you own the most of the club.

I agree that may not mean he can do anything he wants however it has been shown and again it's in his deal, that he runs the day to day operations and he does not have to consult with the other owners or the board when doing so. (That doesn't mean that he doesn't at least allow them the courtesy of making his intentions known to them ahead of time and I suspect he probably does do this...)

Lip

Lip, a majority is 50% plus one. When you have more votes than someone else but not 50%, that is a plurality.
That being said I have no idea how the Sox do things as far as ownership is concerned, for instance when JR wants a big time free agent and it's over budget does he need the other owners approval?

A thought just came to mind, when Veeck bought the Sox the first time in 1959, he bought it from Dorothy Rigney who had 51% of the stock and Chuck Comiskey with his 49 percent was just an onlooker.

Lip Man 1
05-22-2013, 04:14 PM
Nell:

It is my understanding in the example you provide that he does not need to consult with the other owners/board members. He's been given the power to run things on a day to day basis...that would fall into that category.

Lip

#1swisher
05-22-2013, 05:16 PM
SBJ/SBD
PIC: #WhiteSox (https://twitter.com/search?q=%23WhiteSox&src=hash) #Bulls (https://twitter.com/search?q=%23Bulls&src=hash) chairman Jerry Reinsdorf & family arrive at @sbjsbd (https://twitter.com/SBJSBD) Sports Business Awards in NYC https://twitter.com/SBJSBD/status/337326882674597888/photo/1

#1swisher
05-22-2013, 05:27 PM
A must read!

http://www.sportsbusinessdaily.com/Journal/Issues/2013/05/20/Events-and-Attractions/Reinsdorf.aspx

slavko
05-22-2013, 06:08 PM
A must read!

http://www.sportsbusinessdaily.com/Journal/Issues/2013/05/20/Events-and-Attractions/Reinsdorf.aspx

It's worth the time it took to read it. So read it. But how someone can write a comprehensive article about the subject of Reinsdorf and the White Sox and completely leave out the elephant in the broom closet (St. Pete) is mystifying.

It presents him in a positive way. If you hate the guy for whatever reason or no reason at all, it won't change your mind. But read it anyway.

shingo10
05-22-2013, 06:21 PM
It's worth the time it took to read it. So read it. But how someone can write a comprehensive article about the subject of Reinsdorf and the White Sox and completely leave out the elephant in the broom closet (St. Pete) is mystifying.

It presents him in a positive way. If you hate the guy for whatever reason or no reason at all, it won't change your mind. But read it anyway.


I agree. It gives some insight into someone who doesn't pull back the curtain too much. Really fascinating.

Noneck
05-22-2013, 06:42 PM
Ponied up once, right after they bought the Sox. DeBartolo was done before he started. No mention of the threatened move. Plans on living a long time and keep doing whats hes doing.

SI1020
05-22-2013, 06:42 PM
A must read!

http://www.sportsbusinessdaily.com/Journal/Issues/2013/05/20/Events-and-Attractions/Reinsdorf.aspx You're right. Very interesting to say the least and thanks for the link.