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  #1  
Old 05-21-2013, 10:56 PM
Lip Man 1 Lip Man 1 is offline
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Default JR: No Immediate Plans To Sell The Sox...

Recommended to board that they sell after he passes:

http://www.chicagotribune.com/sports...,1286404.story

Lip
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  #2  
Old 05-21-2013, 11:04 PM
Noneck Noneck is offline
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After I'm gone, no one can fill my shoes. Sounds about right.
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  #3  
Old 05-21-2013, 11:06 PM
The Immigrant The Immigrant is offline
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Good thinking, make it someone else's tax problem.
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Old 05-21-2013, 11:42 PM
shingo10 shingo10 is offline
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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.
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  #5  
Old 05-22-2013, 12:13 AM
Milw Milw is offline
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Quote:
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.
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  #6  
Old 05-22-2013, 06:45 AM
LITTLE NELL LITTLE NELL is offline
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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.
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Last edited by LITTLE NELL; 05-22-2013 at 06:59 AM.
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  #7  
Old 05-22-2013, 08:33 AM
slavko slavko is offline
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Quote:
Originally Posted by LITTLE NELL View Post
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.
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Old 05-22-2013, 09:03 AM
LITTLE NELL LITTLE NELL is offline
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Originally Posted by slavko View Post
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.
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  #9  
Old 05-22-2013, 09:24 AM
Irishsox1 Irishsox1 is offline
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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.
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  #10  
Old 05-22-2013, 11:21 AM
Lip Man 1 Lip Man 1 is offline
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Quote:
Originally Posted by slavko View Post
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
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Old 05-22-2013, 12:02 PM
#1swisher #1swisher is offline
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Quote:
Originally Posted by shingo10 View Post
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?...s_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.
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  #12  
Old 05-22-2013, 12:52 PM
shingo10 shingo10 is offline
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Originally Posted by #1swisher View Post
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?...s_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.
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  #13  
Old 05-22-2013, 12:56 PM
slavko slavko is offline
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Quote:
Originally Posted by Lip Man 1 View Post
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?
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  #14  
Old 05-22-2013, 01:28 PM
Moses_Scurry Moses_Scurry is online now
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Quote:
Originally Posted by slavko View Post
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.
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  #15  
Old 05-22-2013, 01:58 PM
Lip Man 1 Lip Man 1 is offline
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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
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