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Naimoli, Rays pull up 'For Sale' signs

Analysis shows club shouldn't be sold, principal owner says on day John McHale departs.

By MARC TOPKIN, Times Staff Writer

© St. Petersburg Times
published March 8, 2002

ST. PETERSBURG -- The Rays may be looking for a chief operating officer, but they no longer are seeking a buyer.

As John McHale Jr. said goodbye Thursday on his way to a post in the commissioner's office, managing general partner Vince Naimoli revealed that the team is not for sale.

That's news because in April, the Rays appeared to be put on the market with the announcement they would hire an investment banker to explore sale options. But after a seven-month evaluation, Naimoli said the JP Morgan firm recommended in December that he and his partners hang on to the team.

"The franchise itself is not for sale," Naimoli said Thursday. "We had JP Morgan in to evaluate that as one of the alternatives, and the conclusion they came to is that it's not the time to do that. Ten years from now it could be, sure. But we're a fifth-year franchise and our future is ahead of us."

Naimoli said that one or two of the team's six general partners may want to sell their shares "at some point," but that he had no plans to sell his, which is believed to be the largest individual stake, or to give up his controlling interest. Furthermore, he said Major League Baseball officials told him they "did not want me to sell my controlling interest under any circumstances."

With McHale leaving, the Rays are entering what at the least will be a period of transition, if not transformation. Naimoli said he had no plans to reassume control of day-to-day operations and would definitely hire an executive to replace McHale, though the exact title and job description would depend on who is hired.

"I'd like to get John McHale's clone, but I'm afraid that's impossible because he's so unique," Naimoli said. "We have to have a multifaceted, multitalented individual."

The search will start immediately, but with opening day less than a month away and budgets in place, it is possible a replacement won't be hired until near the end of the season.

Naimoli said he had some names in mind and may solicit suggestions from the commissioner's office and McHale. An executive search firm could be used. The executive "most probably" will come from outside the organization, though Naimoli said internal candidates would be considered. If so, senior vice president/general counsel John Higgins would be an obvious possibility.

McHale had been on the job for only 10 months, and he and Naimoli said they were surprised when commissioner Bud Selig called three weeks ago to inquire of his interest in joining the central office.

Selig, in essence, said he was summoning McHale to a higher calling and felt the Rays were in good enough shape to go on without him.

"I am very pleased at the direction set and progress made by the Tampa Bay club in recent months," Selig said. "I would not, of course, have asked (Naimoli) to consider this inconvenience and disruption had I not been fully satisfied with the Devil Rays' progress in its business affairs, its conformity with Major League Baseball requirements, its current financial health and its strategic direction."

McHale said he took the job as MLB executive vice president of administration, filling an opening resulting from Paul Beeston's departure and related restructuring, because he feels it is a critical time for the game, he believes in Selig and what he is trying to do and his family has a long association with Selig. "It was not within me to say no to him," McHale said.

He made it clear he was not leaving the Rays because of any current or future problems. He said he had no "dissatisfaction or disruption" in his relationship with Naimoli, no concern over the franchise's financial stability, no fear of contraction.

"(The Rays) just have not been subject to contraction, and should things continue the way I expect they will I just don't think those two words need ever be mentioned in the same sentence," McHale said.

McHale said the franchise is as financially stable as it ever was, and team officials need to stick to the path of building with young players and growing the sales and marketing side of the business.

Naimoli said that they "absolutely" will do so and that the overall financial picture was good.

He said sponsorship and suite renewals were going well and the percentage of season-ticket renewals was on par with other teams, and sales should end up close to 10,000. He said the JP Morgan evaluation showed the "equity value" of the team had appreciated from the original $130-million franchise fee. He said reports of turmoil in the ownership group were untrue, though he acknowledged there could be "one partner who may not be happy with the direction of the franchise." He said they would be open to adding new investors but didn't need to.

Overall, Naimoli sounded as if he and at least most of his group will be around for a while.

"I don't know what the circumstances are for everyone," he said. "If someone came out of the blue and offered X dollars I'd have the responsibility to submit it to the partners to see if anyone wants to sell. In the past, no one has wanted to sell."

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