St. Petersburg Times Online: Business

Weather | Sports | Forums | Comics | Classifieds | Calendar | Movies

Sternberg's purchase should be done today

MARC TOPKIN
Published May 13, 2004

ST. PETERSBURG - New York investor Stuart Sternberg will be introduced today as the new owner of 48 percent of the Devil Rays.

Sternberg's deal to buy out five of the six general partners was completed Wednesday and will be announced today.

Sternberg, 44, will be the largest single shareholder of the team and one of two members of the general partnership, but control will remain with Vince Naimoli, the managing general partner. Naimoli owns about 15 percent of the team, and limited partners, who have no share in how the team is run, own the other 37 percent.

Sternberg, a former executive of the New York options-trading firm of Spear, Leeds and Kellogg, made millions when his firm was sold in September 2000 and has concentrated on investments. He will be at Tropicana Field for today's game.

The partners he bought out are Outback founders Chris Sullivan and Bob Basham, central Florida businessmen Mark Bostick and Dan Doyle, and the Griffin Family Trust.

The purchase price has not been disclosed. Forbes magazine recently pegged the franchise value at $152-million, a figure the Rays have disputed.

© Copyright, St. Petersburg Times. All rights reserved.