Exit From Sports
In April 2004, Colangelo sold the Suns, Mercury and Rattlers to an investment group headed by San Diego, California businessman, Tucson, Arizona native Robert Sarver for $401 million. The sale allegedly came in part to keep his family from having to pay high estate taxes upon Colangelo's death.
Late in the 2004 baseball season, Colangelo sold his controlling interest in the Arizona Diamondbacks to a group of investors led by Jeff Moorad. The estate tax issue played a role, though another factor was that Colangelo's partners were upset at the team's large debt. The D-Backs were almost $150 million in the red at the time, largely because of Colangelo's "win now" strategy.
Read more about this topic: Jerry Colangelo
Famous quotes containing the words exit from, exit and/or sports:
“There is no exit from the circle of one’s beliefs.”
—Keith Lehrer (b. 1936)
“There is no exit from the circle of one’s beliefs.”
—Keith Lehrer (b. 1936)
“...I didn’t come to this with any particular cachet. I was just a person who grew up in the United States. And when I looked around at the people who were sportscasters, I thought they were just people who grew up in the United States, too. So I thought, Why can’t a woman do it? I just assumed everyone else would think it was a swell idea.”
—Gayle Gardner, U.S. sports reporter. As quoted in Sports Illustrated, p. 85 (June 17, 1991)