MLB

Tampa Bay Rays break silence on lawsuit filed by limited partners

Tampa Bay Rays break silence on lawsuit filed by limited partners
Advertisements

ST. PETERSBURG, Fla. — The Tampa Bay Rays say the latest lawsuit filed by a group of limited partners who accuse Stuart Sternberg of wrongfully taking control of the team is a continuation of a « meritless and relentless campaign » against the club and its principal owner.

« They have deployed multiple baseless lawsuits premised on allegations they know are untrue in order to pressure the team and Stuart Sternberg to purchase their interests – which is a right they do not have, » the team said Friday in a statement.

The lawsuit filed in Pinellas-Pasco Circuit Court on June 27 alleges Sternberg transferred legal ownership to a company he owns without the consent of five limited partners, who together own less than 10% of the team.

Advertisements

Similar suits were filed by the limited partners in May 2021 and February 2022.

« Ultimately, what compels us to respond is the fact that the latest complaint contains numerous allegations that the plaintiffs know are false. These intentionally false claims are designed to harm the Rays organization at a time when we are actively engaged in efforts to build a new ballpark in Tampa Bay, » the statement said.

« The allegation that a simple and commonplace corporate reorganization stripped the limited partners of the value of their investments and their rights and protections is patently false, and the limited partners know that, » the Rays added. « The reorganization was approved by Major League Baseball and the team’s lenders, among others. It had no impact on any aspect of the limited partners’ ownership interests or partnership rights.

Advertisements

More Similar Posts

Most Viewed Posts
Menu