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Colangelo Throws Out First Pitch For Possible $160M Infusion
Published December 3, 2001
D'Backs Managing General Partner Jerry Colangelo "made his first pitch" last Friday to his partners "during a closed-door meeting" at Bank One Ballpark to "secure a needed" $160M infusion into the D'Backs, according to Harris & Gilbertson of the ARIZONA REPUBLIC, who wrote, "Now comes the hard part: convincing the other owners that, although the new money will dilute their initial investments, the ballclub will be competitive and valuable." Colangelo said that the owners "could take a month to weigh the decision." Colangelo: "I made a presentation to my partners. This enhances the value of the franchise and allows the franchise to go forward." Colangelo added that one proposal "would require unanimous approval, while another would require a simple majority." Harris & Gilbertson noted that the team's 23 investor groups have put $198M into the team (ARIZONA REPUBLIC, 12/1). In a separate piece, Gilbertson & Harris wrote that D'Backs partners Dale Jensen and Mel Shultz were "identified [last] week as key investors and organizers" of a $160M infusion. Jensen has a "high profile, especially in Nebraska, where he made his fortune. ... Ask people what they know about Shultz, and most will say he's Colangelo's longtime business partner or veteran utility lobbyist Marty Shultz's brother." Gilbertson & Harris also wrote that Shultz is "being thrust into the limelight as the lead money-raiser" for the D'Backs (ARIZONA REPUBLIC, 12/1).