Diamondbacks minority owners sue over alleged forced buyouts
There are some significant issues in the Arizona Diamondbacks’ ownership group right now.
As reported by Zach Buchanan of The Athletic, three Diamondbacks minority owners are suing general partner Ken Kendrick. They claim that the Kendrick-led ownership group unlawfully told them to either increase their investment in the team or sell their units for $60 per unit, a price they feel is unfairly discounted.
The three minority partners have had a share of the team for over 15 years.
In a statement, the team said that it was making an effort to “streamline” the ownership group with the backing of Major League Baseball. In a letter to minority partners, Kendrick said that MLB had urged the team to take the step to minimize the amount of owners with very small stakes in the team.
Kendrick has been involved in minor controversy before, but this seems like something that could break out into a significant legal battle. For now, it seems unlikely to have any major impact on the team, but it’s worth watching.
