kevin smith
08-06-2004, 05:24 PM
Check ths out:
Colangelo to retire as CEO of D-Backs
Tom Tingle/The Arizona Republic
Jerry Colangelo is being replaced by one of the most powerful sports agents in baseball.
Craig Harris
The Arizona Republic
Aug. 6, 2004 12:52 PM
Legendary sports executive Jerry Colangelo, who brought baseball to the desert and built the Arizona Diamondbacks into a World Series champion, will retire as the team's chief executive officer.
The organization's ownership group has hired sports agent Jeff Moorad to come on board Sept. 1 as managing partner for baseball, and he will assume full CEO duties on Jan. 1, 2005, when Colangelo retires. Moorad also is expected to become a financial investor in the team. Colangelo will remain as chairman of the board and be an advisor for at least three years.
Colangelo and Moorad could not be reached for comment. The team will announce the changes at a press conference at 4 p.m. at Bank One Ballpark.
"We have an opportunity to bring a super-talented, long-term baseball person on board," said Ken Kendrick, a Valley businessman and a major investor in the Diamondbacks. "He (Moorad) is one of the most respected player representatives in baseball, and he has a passion for getting into ownership."
In March, the four-member ownership group, which includes Kendrick, Valley multimillionaires Dale Jensen and Mike Chipman and Toronto businessman J.C. Royer, bought out Colangelo's general partnership for an undisclosed sum, which diminished his role in running the franchise.
However, the investors made Colangelo the CEO and allowed him to have one vote on the five-member ownership team. That effectively put all major decisions, including the recent one to keep star pitcher Randy Johnson, in the hands of the group instead of Colangelo, who previously had final say on all major deals.
The new investors have reigned in spending after Colangelo put the team deep into debt to build a star-laden World Series championship team in 2001.
The ownership group describes a rebuilding plan that is similar to that of the Oakland A's, who have been successful with a rich farm system and a few high-priced players.The owners plan to keep payroll in the $70 million range, down significantly from 2002, when payroll exceeded $100 million. However, the group still wants to sign slugger Richie Sexson, who was obtained in a blockbuster off-season deal but has not played since mid-May, when he suffered a severe left shoulder injury.
Colangelo's retirement announcement comes nearly four months after he sold the Phoenix Suns basketball team to real estate and banking executive Robert Sarver for $401 million. In that deal, which gave Colangelo roughly $36 million for his stake of the franchise that he founded, he stepped down as managing general partner but remained as chairman and chief executive officer.
The 64-year-old Colangelo, also a major civic leader, has said in the past that he was developing an exit strategy from professional sports after being the corporate face of two successful major franchises in Phoenix.
Moorad, a UCLA graduate, is one of the most successful sports agents in baseball, having negotiated deals for Boston's Manny Ramirez, Los Angeles' Shawn Green and Arizona's Luis Gozalez. The ownership group hopes his ties to prominent players will help it re-sign Sexson.
"One of the things he brings is he has an enormous positive relationship with many, many players," Kendrick said.
ESPN.com reported that Moorad has represented athletes since 1983, and he represented more than 40 players taken in the first round of Major League Baseball's draft.
In the early 1990s, Colangelo took the lead in the public arena in bringing big-league baseball to Arizona. He created a multifaceted investment team of individuals and Valley corporate giants, and the team played its first season in 1998.
As the team's managing general partner, Colangelo quickly built the upstart Diamondbacks into contenders with high-profile signings and trades for stars like Johnson, Matt Williams and Curt Schilling. Williams has retired, and Schilling is now playing for the Boston Red Sox.
The furious wheeling and dealing brought the Diamondbacks a World Series championship in 2001. But the victory came after Colangelo was forced to make two cash calls totaling $53 million from investors in 1998 and 1999 to deal with the debt.
To stabilize the franchise, Kendrick, Jensen, Chipman and Royer in 2002 agreed to invest $160 million over 10 years in exchange for additional ownership. In March, that group announced it would raise another $99 million in equity during the next decade to keep the team competitive. Kendrick has been the driving force behind raising that additional money.
Republic writer Mark Gonzales contributed to this story.
__________________________________________________ _______
So what do you think this means for the team? Maybe they'll get rid of Garigiola.
Colangelo to retire as CEO of D-Backs
Tom Tingle/The Arizona Republic
Jerry Colangelo is being replaced by one of the most powerful sports agents in baseball.
Craig Harris
The Arizona Republic
Aug. 6, 2004 12:52 PM
Legendary sports executive Jerry Colangelo, who brought baseball to the desert and built the Arizona Diamondbacks into a World Series champion, will retire as the team's chief executive officer.
The organization's ownership group has hired sports agent Jeff Moorad to come on board Sept. 1 as managing partner for baseball, and he will assume full CEO duties on Jan. 1, 2005, when Colangelo retires. Moorad also is expected to become a financial investor in the team. Colangelo will remain as chairman of the board and be an advisor for at least three years.
Colangelo and Moorad could not be reached for comment. The team will announce the changes at a press conference at 4 p.m. at Bank One Ballpark.
"We have an opportunity to bring a super-talented, long-term baseball person on board," said Ken Kendrick, a Valley businessman and a major investor in the Diamondbacks. "He (Moorad) is one of the most respected player representatives in baseball, and he has a passion for getting into ownership."
In March, the four-member ownership group, which includes Kendrick, Valley multimillionaires Dale Jensen and Mike Chipman and Toronto businessman J.C. Royer, bought out Colangelo's general partnership for an undisclosed sum, which diminished his role in running the franchise.
However, the investors made Colangelo the CEO and allowed him to have one vote on the five-member ownership team. That effectively put all major decisions, including the recent one to keep star pitcher Randy Johnson, in the hands of the group instead of Colangelo, who previously had final say on all major deals.
The new investors have reigned in spending after Colangelo put the team deep into debt to build a star-laden World Series championship team in 2001.
The ownership group describes a rebuilding plan that is similar to that of the Oakland A's, who have been successful with a rich farm system and a few high-priced players.The owners plan to keep payroll in the $70 million range, down significantly from 2002, when payroll exceeded $100 million. However, the group still wants to sign slugger Richie Sexson, who was obtained in a blockbuster off-season deal but has not played since mid-May, when he suffered a severe left shoulder injury.
Colangelo's retirement announcement comes nearly four months after he sold the Phoenix Suns basketball team to real estate and banking executive Robert Sarver for $401 million. In that deal, which gave Colangelo roughly $36 million for his stake of the franchise that he founded, he stepped down as managing general partner but remained as chairman and chief executive officer.
The 64-year-old Colangelo, also a major civic leader, has said in the past that he was developing an exit strategy from professional sports after being the corporate face of two successful major franchises in Phoenix.
Moorad, a UCLA graduate, is one of the most successful sports agents in baseball, having negotiated deals for Boston's Manny Ramirez, Los Angeles' Shawn Green and Arizona's Luis Gozalez. The ownership group hopes his ties to prominent players will help it re-sign Sexson.
"One of the things he brings is he has an enormous positive relationship with many, many players," Kendrick said.
ESPN.com reported that Moorad has represented athletes since 1983, and he represented more than 40 players taken in the first round of Major League Baseball's draft.
In the early 1990s, Colangelo took the lead in the public arena in bringing big-league baseball to Arizona. He created a multifaceted investment team of individuals and Valley corporate giants, and the team played its first season in 1998.
As the team's managing general partner, Colangelo quickly built the upstart Diamondbacks into contenders with high-profile signings and trades for stars like Johnson, Matt Williams and Curt Schilling. Williams has retired, and Schilling is now playing for the Boston Red Sox.
The furious wheeling and dealing brought the Diamondbacks a World Series championship in 2001. But the victory came after Colangelo was forced to make two cash calls totaling $53 million from investors in 1998 and 1999 to deal with the debt.
To stabilize the franchise, Kendrick, Jensen, Chipman and Royer in 2002 agreed to invest $160 million over 10 years in exchange for additional ownership. In March, that group announced it would raise another $99 million in equity during the next decade to keep the team competitive. Kendrick has been the driving force behind raising that additional money.
Republic writer Mark Gonzales contributed to this story.
__________________________________________________ _______
So what do you think this means for the team? Maybe they'll get rid of Garigiola.