Phoenix Newspapers Sells Minority Stake In D'Backs To Team
Phoenix Newspapers Inc. (PNI), one of the original investors to bring MLB to Arizona in '98, has "sold its minority stake" in the D'Backs to the team, according to Craig Harris of the ARIZONA REPUBLIC. PNI was part of an ownership group of businesses and individuals that former D'Backs Owner Jerry Colangelo "formed in the mid-1990s to start the franchise." Arizona Republic President & Publisher John Zidich, whose company is owned by PNI, said, "It's not part of what we do as a business, and it made sense to sell it back to the Diamondbacks." D’Backs Managing General Partner Ken Kendrick said that the new ownership group since '04 has been "looking to acquire smaller stakes in the team to increase its position." The group now owns about 66% of the team. Kendrick: "We have bought several units and this happened to be the last one." The Arizona Republic "initially made a $5[M] investment and two subsequent $1[M] cash calls early on to help with the team's financial shortcomings." Kendrick indicated that the $7M stake was worth "just more than 1[%] of the team." Both PNI and the D'Backs indicated that the deal "closed within the past two weeks." Financial terms were not disclosed (ARIZONA REPUBLIC, 11/18).
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