Developing

That last story was intriguing. This story is...interesting.

Couple eyes more shares of L’Kings
Washington family may be seeking majority stake in club

The owners of a North American Hockey League team in Washington have sent letters to Clinton LumberKings shareholders seeking to buy up their shares of stock in a move that could signal an attempted takeover of the Single-A baseball team.

Carla and William Stewart, owners of the Wenatchee Wild and current LumberKings shareholders, sent letters to each shareholder saying they would pay $200 for shares that were originally sold for $10 per share.

However, the proposed deal has met resistance from LumberKings officials. In response to the measure, the Clinton Baseball Club sent its own letter to shareholders recommending they decline the offer.

The letter states that the proposed amount would be a significant increase from shareholder’s initial purchase but they could not assure the price was at fair market value because the overall value of the team has never been determined.

Ted Tornow, general manager of the LumberKings, said any attempt to purchase the team and move it out of Clinton would be challenged.

“Any efforts to snatch it, rip it, grab it or tear it away from Clinton, at least from my staff and I’s position, would be strongly resisted,” Tornow said. “We’re not saying shareholders can’t sell their shares or move them around. But it’s such a large amount and quite frankly it’s a community-owned franchise, and I would say the majority want to see the team stay in Clinton.”

Go read the whole thing for a little of that business of baseball.