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BUSHELS OF DOUGH: TEXAS GOV. GETS $15M FROM RANGERS SALE
Published June 18, 1998
MLB Rangers President Tom Schieffer said yesterday that TX Gov. George W. Bush turned his $600,000 investment in the team into at least $15M, according to Slater & Oppel of the DALLAS MORNING NEWS. Bush was among a group of investors who bought the Rangers for $86M nine years ago. For Bush, "whose name has been floated as a potential GOP presidential candidate in 2000," the Rangers deal "is by far the most lucrative investment" in his business career. Bush paid $606,000 for about 1.8% of the team, but because he served as Managing General Partner, his stake rose to 12%. Schieffer said that Bush received $14.9M from the sale and he could collect another $1-2M in final accounting. Bush's profits are two-fold: he received $2.7M strictly for his partnership interest, and the agreement also called for Bush, as Managing General Partner, "to receive added compensation if the team were sold for anything above a modest profit" (DALLAS MORNING NEWS, 6/18).