Arte Moreno’s D-back History

Found this over at Diamondbacksbullpen.org and figured most fans don’t know that Arte Moreno was once part owner of the D-backs and tried to take the team over.

Moreno was also one of the founding partners of the Arizona Diamondbacks. He tried — and failed — to buy out the other investors in 2001, and then found himself opposing dilution when the team proposed adding new investors in 2002. Jose Canchola, one of the original owners of the Trappers and a subsequent Diamondbacks investor, said “I understand that when Jerry said he was looking for additional money for the team, (Moreno) pulled out a sizable check and said, you don’t need those investors. Here’s my money.” But Moreno lost that battle, too, and was bought out for an unspecified sum; for a time, it was reported that group head Jerry Colangelo and Moreno were no longer getting along amicably, but have subsequently patched up their relations. Moreno, who is also a part owner of the Phoenix Suns, still has season tickets for the Diamondbacks.

link

If he had his way, he would have bought the Diamondbacks instead of the Angels. He tried and failed, losing out in a bitter and personal showdown with former owner Jerry Colangelo.

Moreno owned 5.3 percent at the time but wanted to buy a majority stake and ultimately run the club. Colangelo thought Moreno’s offer was too low and fought off the possible hostile takeover by rounding up $160 million in new capital from other investors.

Fellow shareholders who were at the meeting said when Colanagelo announced he was looking for more money, Moreno pulled out his checkbook and said: “You don’t need those investors. Here’s my money.”

Colangelo shot him down in what several witnesses described as an angry and embarrassing confrontation.

Moreno and Colangelo have refused to talk publicly about the showdown for years. And Moreno again declined last week when he sat down with The Republic for a rare interview that began over lunch at the Capital Grille and lasted four hours.

Link

Just some info we thought you might like to know. I wonder how things would be different if Arte Moreno owned the ball club right now?

This post was submitted by Fairweather Johnson.

Subscribe to your favorite Phoenix team or sport or Follow us on Twitter.