RealGM

Yes, I understand that Reinsdork is the owner, head honcho, big boss, et al. But I seem to remember that while he's officially the *managing partner*, his ownership stake in the Bulls, a private company, is actually pretty small. Who owns what % of the team? And why do the other Shareholders let a guy who owns a small portion run the team?

IIRC, he's just the guy in the spotlight who everyone rips on but there's a board who actually makes all the decisions or has to sign off.

He doesn't own a majority of the team, percentage-wise, but it's not "small," either. If the search function worked, I could point you to a post where I've listed the actual number, but I want to say it's something like 30-35%.

The important part is this -- the other owners, as a stipulation of their being allowed to own a part of the team, have given Jerry complete say-so over the operation. He doesn't have to get anyone to sign off on anything.

There are a whole host of S-T and Trib articles available on "Find Articles.com" or somesuch from the period where Reinsdorf purchased the team and arranged for the outster of an uncooperative minority partner that outline the arrangement, which to my knowledge hasn't changed other than that a few of the original partners have died.

^^Kind of OT, but ScottMay, I just noticed your avatar has been updated. makes me sad.

ScottMay wrote:He doesn't own a majority of the team, percentage-wise, but it's not "small," either. If the search function worked, I could point you to a post where I've listed the actual number, but I want to say it's something like 30-35%.

The important part is this -- the other owners, as a stipulation of their being allowed to own a part of the team, have given Jerry complete say-so over the operation. He doesn't have to get anyone to sign off on anything.

There are a whole host of S-T and Trib articles available on "Find Articles.com" or somesuch from the period where Reinsdorf purchased the team and arranged for the outster of an uncooperative minority partner that outline the arrangement, which to my knowledge hasn't changed other than that a few of the original partners have died.

Moderators have better access to search functions. I THINK this is the post you are referencing.


viewtopic.php?f=10&t=868316&p=18189963&#p18189963

Thanks, TB. Man, I can write a hell of a post when I'm in the mood.

Board(JR is the guy they picked as spotlight figure)
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Pax
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Gar

I've read that Reinsdorf personally owns about 15-17% of the Bulls. The largest individual owner was Hunt, but he died recently so his widow is probably the largest owner at around 19%. To my knowledge, none of the owners are basketball people. They are just investors.

In 1984, Reinsdorf led a group of investors who bought control of the team from a group then led by George Steinbrenner - the Yankees owner. This "group" together owns a controlling share in the Bulls & lets Reinsdorf run the show & make all major decisions. There has never been a revolt against his leadership because the team is obscenely profitable.

He gained control right after Jordan was drafted. That was 1984, I believe. I remember because one of his first acts was firing GM Rod Thorn & replacing him with his baseball scout, Jerry Krause.

If you have a yearbook, I believe all the major owners are pictured & named at the beginning.

NSJ wrote:Yes, I understand that Reinsdork is the owner, head honcho, big boss, et al. But I seem to remember that while he's officially the *managing partner*, his ownership stake in the Bulls, a private company, is actually pretty small. Who owns what % of the team? And why do the other Shareholders let a guy who owns a small portion run the team?

As Scott May stated, he owns a minority, though not small, part of the team. The other owners let him make the decisions because he's really good at it...much better than any of them could do and they're smart enough to understand this...this kind of keen judgment is why they're all very rich people. Reinsdorf also runs the business well, in fact brilliantly.

I suppose this is as good a place as any for me to re-state my opinion that Reinsdorf is the best sports franchise owner in the history of Chicago.

From some partial searches of archived newspaper articles, it looks like Reinsdorf's ownership group purchased 56% of the Bulls for $9.2 million, with 26% of that apparently coming from the estate of Arthur Wirtz. I think it was also the case that once the 56% was purchased and the new managing partner named, existing owners sold fractional shares as well at the same rate. (Does about $16.5 million valued for the whole franchise ring a bell to the other old-timers?)

Next time I'm at the library I'll take another look at this, because even at the time it happened there were conflicting reports about which fractional owners were selling, and what percent (of the 56%) would be owned by Reinsdorf. The number I have in my head for Reinsdorf is <20% of the total, but there are probably a lot of numbers that got quoted. The sale was some time in the first quarter of 1985 (might have become official March 1?)

According to the most recent Bulls media guide, there are 28 owners, with 5 of these listed as "the Estate of", another owner listed as a corporation and another as a family Limited Partnership. 5 years ago there were 30 owners, with 4 "Estates of", so a little consolidation has occurred. No idea who has picked up extra shares, but it would be very interesting to know what they sold for.

transplant wrote:

NSJ wrote:Yes, I understand that Reinsdork is the owner, head honcho, big boss, et al. But I seem to remember that while he's officially the *managing partner*, his ownership stake in the Bulls, a private company, is actually pretty small. Who owns what % of the team? And why do the other Shareholders let a guy who owns a small portion run the team?

As Scott May stated, he owns a minority, though not small, part of the team. The other owners let him make the decisions because he's really good at it...much better than any of them could do and they're smart enough to understand this...this kind of keen judgment is why they're all very rich people. Reinsdorf also runs the business well, in fact brilliantly.

I suppose this is as good a place as any for me to re-state my opinion that Reinsdorf is the best sports franchise owner in the history of Chicago.

Brilliant post. Again.

transplant wrote:

NSJ wrote:Yes, I understand that Reinsdork is the owner, head honcho, big boss, et al. But I seem to remember that while he's officially the *managing partner*, his ownership stake in the Bulls, a private company, is actually pretty small. Who owns what % of the team? And why do the other Shareholders let a guy who owns a small portion run the team?

As Scott May stated, he owns a minority, though not small, part of the team. The other owners let him make the decisions because he's really good at it...much better than any of them could do and they're smart enough to understand this...this kind of keen judgment is why they're all very rich people. Reinsdorf also runs the business well, in fact brilliantly.

I suppose this is as good a place as any for me to re-state my opinion that Reinsdorf is the best sports franchise owner in the history of Chicago.

Oh noes you dint girlfriend.


Tommy - I recall in the mid teens as well. Someone said thirty, that would be much more than I recalled, but still a minority owner of course.

Something like this I imagine.

JR ---- Give me more money so I can buy another Hockey team

Pax ---- Yessir.. Yessir.. Yessir

Gar --- Yessir.. Yessir.. Yessir

topper09 wrote:JR ---- Give me more money so I can buy another Hockey team

Pax ---- Yessir.. Yessir.. Yessir

Gar --- Yessir.. Yessir.. Yessir

I wouldn't expect you to know that one has nothing to do with the other.

It's a secret!