Expertise
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A recent lawsuit filed by several of the Tampa Bay Rays minority owners against owner Stu Sternberg claims that there has been a lack of transparency regarding the operations of the franchise and that earned distributions have been withheld from the minority owners. As partial owners, the plaintiffs allege the only way to realize a return on their investment is through financial distributions or the sale of their shares.
Although the lawsuit is focused on partnership issues, many fans expected that it would result in a change of ownership of the franchise. Even St. Petersburg Mayor Rick Kriseman joined in, suggesting that Sternberg consider relinquishing control of the Tampa Bay Rays. However, “It doesn’t seem like that is what’s even being requested,” said Michael Singer, an attorney at Lieser Skaff in Tampa. Instead, the claims presented in the suit are focused on financial and tax issues among the owners.
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