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Tuesday, May 11, 2004

Colangelo No Longer Only One Calling Financial Shots

Paola Boivin of the Arizona Republic writes that Arizona Diamondbacks owner Jerry Colangelo now shares decisionmaking authority with the four new investors who invested $99 million in the club this spring.

The four, Canadian cable TV moneyman J.C. Royer and software magnates Ken Kendrick, Dale Jensen and Mike Chipman, have joined Colangelo on a five-man ownership group. Colangelo remains CEO and chairman, but the other four have the right to buy him out. Jensen insists they're all on the same page:

"Honestly, really not much has changed or will change. We're all great baseball fans, but we'll rely on our experts. I see our payroll staying about where it is now.

"But we also know we can't deficit-finance this thing."
Complicating that effort, the Diamondbacks owe $170 million in deferred salaries.


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