Fenway Park
The Ruth sale cemented the Red Sox-Yankees alliance, which was ironic given their historically bitter rivalry. A few months later, the two teams drew even closer together in a dispute over Fenway Park.
When Frazee bought the Red Sox, Fenway Park was not part of the deal. Instead, he rented it for $30,000 per year from the Fenway Realty Trust. A majority of the trust's stock was controlled by the Taylor family, publishers of the Boston Globe. The Taylor family had owned the Red Sox from 1904 to 1911 and actually built Fenway in the first place. They still held a small ownership interest. This put Frazee in a very difficult spot. If Johnson ever revoked the franchise, it would be relatively easy for a new owner to get a lease for the park. In August 1919, Frazee began negotiations to buy out the shares in the trust held by Lannin and the Taylors. In this way, if Johnson ever yanked the franchise out from under Frazee, any prospective owner of a Boston American League team risked being left without a place to play.
However, Frazee had stopped paying installments because of a dispute over who owed Boston's share of MLB's settlement with the Federal League. In the spring of 1920, Lannin finally made good on a threat to slap a lien on the Red Sox. Since the lien barred Frazee from trading players or buying Fenway without Lannin's permission, Lannin effectively controlled the team. Lannin also threatened to sell his interest in the Fenway Realty Trust, which would have opened the door for a new owner to buy into the park if Frazee lost the franchise. Eventually, Lannin and Frazee reached a settlement. Lannin agreed to pay the Federal League bill and would not oppose Frazee's purchase of Fenway. In return, Frazee resumed payments. On May 3, Frazee and Taylor signed a deal to pay off the existing mortgage and make Frazee sole owner of Fenway Park.
As an additional security measure, Frazee secured a $300,000 loan from the Yankees and used a second mortgage on Fenway as collateral.
Read more about this topic: Harry Frazee
Famous quotes containing the word park:
“and the words never said,
And the ominous, ominous dancing ahead.
We sat in the car park till twenty to one
And now I’m engaged to Miss Joan Hunter Dunn.”
—Sir John Betjeman (1906–1984)