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KingPriest2
06-19-2006, 02:09 PM
Jerry Green bids for Royals
Kansas City Business Journal - September 19, 1997by Brian KaberlineStaff Writer
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An investment group led by area banker Jerry Green says it wants to purchase the Kansas City Royals. Thus far, team officials have refused to deal with Green's group. Green, chairman of Union Bank, said this week he represents a group that has the financial ability to buy the team and a firm desire that it remain in Kansas City. Green declined to identify members of the investor group, but said the principal investor already has been deemed qualified to purchase a team by Major League Baseball owners and the money to pull off the deal.

"It's for real. I know from the bank he has the funds. In fact, my major principal investor could pay for it without asking anybody for money."

But while Green's group is interested in the Royals, he said the team has shown little interest in talking. He said the Royals board of directors has refused to either meet with him or allow his group access to the team's books as part of due diligence. Green said he went public with the investor group's intentions in an attempt to force the team to respond.

Royals General Mananger Herk Robinson said he was unaware of Green's group. He said the team has a "process" for handling the sale of the Royals, but the board of directors has made no decision on when that process will begin.
Robinson referred specific questions on the board's process for selling the team to Royals President Mike Herman, who could not be reached for comment. Likewise, the team's general counsel, Jay Newcom of Shook Hardy & Bacon, could not be reached for comment.

Lawyers for the team worked many months to win Internal Revenue Service approval of a play by former Royals owner Ewing Kauffman to keep the team in Kansas City after his death. Upon his death in 1993, Kauffman left the team to charity in the form of the Greater Kansas City Community Foundation and Affiliated Trusts.

The plan calls for the team to be sold, with purchase proceeds to be distributed to charitable organizations. Bidders promising to keep the club in Kansas City would have an advantage through the first six years of the plan -- now in its third year. If no such bidder buys the team, it would be thrown open to those who would move the team to another market.

IRS lawyers haven't been the only ones with questions about how the sale is to be handled. Former Royals All-Star George Brett, now a vice president with the team, expressed interest in putting together a bid for the team in 1995. Brett's interest was rebuffed by the five-member board overseeing the Royals. No firm reason was given for the move other than comments that the team's value might later increase due to a lower team payroll and hoped-for increases in attendance.

David Glass, Royals CEO and CEO of Wal-Mart Stores Inc., has been seen as a likely bidder for the team once its financial condition improved. In the past, Glass has said he will step down from his post with the Royals once bidding for the team begins.

Green, a longtime Royals season ticketholder, said he began to fear the prospect that no suitable bidder could be found that would promise to keep the team in Kansas City. So about three months ago, he said he began to explore the idea of putting together his own investor group.

He said he contacted a "major money center bank," which identified his group's main investor. After talking with the investor, Green said he approached Newcom about setting up a meeting with the Royals board of directors.

KingPriest2
06-19-2006, 02:10 PM
This was from the Kansas City Biz Journal


I posted this to show how much we were played like fools.

StcChief
06-19-2006, 02:12 PM
Whatever works to dump Glass as CEO.

KingPriest2
06-19-2006, 02:19 PM
Editorial
Royals directors boggle bidders, stall sale process
Kansas City Business Journal - September 26, 1997
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Is this any way to sell a ball team?

Directors of the Kansas City Royals again tried their best to run off people wanting to buy the team last week. They did it with a smile and a technical explanation, but the basic message was the same.



Union Bank Chairman Jerry Green went public last week with news that his investment group hopes to purchase the Royals and keep the team in Kansas City.

Green held a press conference, not to appear as a team savior, but in an attempt to force team officials to rethink an earlier refusal to even talk with him.

After Green spoke up, another local group -- headed by local businessman Frank Oddo -- let it be known it might want to make a bid as well. These two groups follow an earlier attempt by yet another group that includes former Royals great George Brett to step to the plate (he struck out as well).

Granted, selling the Royals is no run-of-the-mill business deal. Area charities, under a plan devised for the late Ewing Kauffman, technically own the team. The IRS has approved a plan giving the directors six years to operate as a tax-exempt organization until auctioning off the team. Bidders pledging to keep the team in Kansas City will have an edge under the plan, but only during that six-year period.

Team officials, including chairman and likely bidder David Glass, have explained their unwillingness to set out a firm process or timetable for this auction as being in the best interest of the team, the community and the memory of Mr. K.

First, they wanted to wait to unload big-money players from the payroll. Then they wanted to wait out bad feelings from the 1994 players' strike. Now they are waiting for a winning record to draw larger crowds.

This sounds plausible -- to a point.

The clock is ticking for people who would bid for the team and keep it in Kansas City. And each year directors delay a sale, millions of dollars that were destined to charitable causes goes to cover team losses.

Finally, as Green said this week, the directors' arguments assume bidders want the Royals solely for business reasons.

"You can call it ego; you can call it prestige; you can call it trying to do something for the community," he said, explaining bidders' interest in the team.

Royals directors meet Sept. 29. That is the time for them to realize the danger of trying to outsmart themselves.

For the sake of the fans, local charities and the memory of Mr. K, they should set forth an auction process and it begin soon.

beavis
06-19-2006, 02:41 PM
This was from the Kansas City Biz Journal


I posted this to show how much we were played like fools.
Rightfully so in your case.

KingPriest2
06-19-2006, 02:52 PM
Rightfully so in your case.


What does that mean?

You were played like one as well.

Cochise
06-19-2006, 02:57 PM
This needed a new thread... :spock:

Ari Chi3fs
06-19-2006, 03:13 PM
Nuthooks.

VonneMarie
06-19-2006, 05:32 PM
DOUCHEBAG. :rolleyes:

Calcountry
06-19-2006, 05:34 PM
Jerry Green bids for Royals
Kansas City Business Journal - September 19, 1997by Brian KaberlineStaff Writer
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An investment group led by area banker Jerry Green says it wants to purchase the Kansas City Royals. Thus far, team officials have refused to deal with Green's group. Green, chairman of Union Bank, said this week he represents a group that has the financial ability to buy the team and a firm desire that it remain in Kansas City. Green declined to identify members of the investor group, but said the principal investor already has been deemed qualified to purchase a team by Major League Baseball owners and the money to pull off the deal.

"It's for real. I know from the bank he has the funds. In fact, my major principal investor could pay for it without asking anybody for money."

But while Green's group is interested in the Royals, he said the team has shown little interest in talking. He said the Royals board of directors has refused to either meet with him or allow his group access to the team's books as part of due diligence. Green said he went public with the investor group's intentions in an attempt to force the team to respond.

Royals General Mananger Herk Robinson said he was unaware of Green's group. He said the team has a "process" for handling the sale of the Royals, but the board of directors has made no decision on when that process will begin.
Robinson referred specific questions on the board's process for selling the team to Royals President Mike Herman, who could not be reached for comment. Likewise, the team's general counsel, Jay Newcom of Shook Hardy & Bacon, could not be reached for comment.

Lawyers for the team worked many months to win Internal Revenue Service approval of a play by former Royals owner Ewing Kauffman to keep the team in Kansas City after his death. Upon his death in 1993, Kauffman left the team to charity in the form of the Greater Kansas City Community Foundation and Affiliated Trusts.

The plan calls for the team to be sold, with purchase proceeds to be distributed to charitable organizations. Bidders promising to keep the club in Kansas City would have an advantage through the first six years of the plan -- now in its third year. If no such bidder buys the team, it would be thrown open to those who would move the team to another market.

IRS lawyers haven't been the only ones with questions about how the sale is to be handled. Former Royals All-Star George Brett, now a vice president with the team, expressed interest in putting together a bid for the team in 1995. Brett's interest was rebuffed by the five-member board overseeing the Royals. No firm reason was given for the move other than comments that the team's value might later increase due to a lower team payroll and hoped-for increases in attendance.

David Glass, Royals CEO and CEO of Wal-Mart Stores Inc., has been seen as a likely bidder for the team once its financial condition improved. In the past, Glass has said he will step down from his post with the Royals once bidding for the team begins.

Green, a longtime Royals season ticketholder, said he began to fear the prospect that no suitable bidder could be found that would promise to keep the team in Kansas City. So about three months ago, he said he began to explore the idea of putting together his own investor group.

He said he contacted a "major money center bank," which identified his group's main investor. After talking with the investor, Green said he approached Newcom about setting up a meeting with the Royals board of directors.I'll trade you Jay Witasik for them.

greg63
06-19-2006, 07:01 PM
Uuuuuum; ok?

ChiefsCountry
06-19-2006, 07:57 PM
Wow just think Jerry Green owns WHB. Imagine the Royals like WHB.

Logical
06-19-2006, 08:02 PM
I am kind of wondering what the point of this thread was?

beavis
06-19-2006, 08:19 PM
I am kind of wondering what the point of this thread was?
You and everyone else.

KingPriest2
06-19-2006, 10:40 PM
I am kind of wondering what the point of this thread was?



Just to point out that the Royals are messed up. They know all along that Glass would be owner.