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)
“Sweet smiling village, loveliest of the lawn,
Thy sports are fled and all thy charms withdrawn;
Amidst thy bowers the tyrant’s hand is seen,
And desolation saddens all thy green;
One only master grasps the whole domain,
And half a tillage stints thy smiling plain;”
—Oliver Goldsmith (1730?–1774)