Weather | Sports | Forums | Comics | Classifieds | Calendar | Movies
JP Morgan investment bankers will seek buyers for all or part of team.
By MARC TOPKIN
© St. Petersburg Times, published August 14, 2001
ST. PETERSBURG -- Completing one of the slowest acquisitions in franchise history, the Rays on Monday night announced the hiring of the JP Morgan investment banking firm.
The Rays in April said they planned to hire an investment banker to advise the ownership group "regarding strategic alternatives including the possible sale of the team."
Monday, managing general partner Vince Naimoli said: "JP Morgan will assist us in establishing a direction that will be optimal for the Tampa Bay Devil Rays. We do not anticipate reaching any conclusions regarding this process until well after the end of the regular season."
What this means is that JP Morgan, which has conducted the sales of several teams and has provided financing and advice to others, will attempt to find buyers for part or all of the team. "Potentially interested parties" are asked to contact JP Morgan managing director William R. de Jonge at (212) 622-2230.
JP Morgan also could be asked to establish a price for the team, which could be an issue if some current partners want to buy out others. It does not necessarily mean the team is any closer to being sold or subject to a potential move than before the announcement.
The team news release goes on to say that the Rays "remain committed to the development of baseball in the Tampa Bay/St. Petersburg metropolitan area, which continues to exhibit strong population and economic growth trends."
Naimoli also is quoted: "The Tampa Bay/St. Petersburg community has been a great supporter of Major League Baseball in this area and the team is focused on continuing our excellent relationship with the community. The Devil Rays are looking forward to the continued strong support from the local fan base in this critical time for our franchise."