Cubs Sign Theo Epstein To Five-Year Extension Cherington, Epstein Get Credit For Red Sox Bucks President Apologizes To Milwaukee For Comments Trail Blazers' Allen Discusses Team Spending, CBA Indians Seeing Uptick In '17 Ticket Sales Brewers Look To Invest Back In Team Franchise Notes Marlins Mourn Fernandez In Return To Diamond 76ers, StubHub Debut New Ticketing Platform Yormark Won't Discuss Possible Isles Move
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).