Originally Posted by Lip Man 1
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, 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.