Arizona Republic sells its stake in Diamondbacks

Arizona Republic, downtown Phoenix (Matt York, AP)

[Source: Craig Harris, Arizona Republic] — Phoenix Newspapers Inc., one of the original investors to bring major-league baseball to the Valley in 1998, has sold its minority stake in the Arizona Diamondbacks to the team.  The deal closed within the past two weeks, according to both sides.  Financial terms were not disclosed.  Phoenix Newspapers, parent company of The Arizona Republic, was part of an ownership group of businesses and individuals that sports executive Jerry Colangelo formed in the mid-1990s to start the franchise.

“The times are much different,” said John Zidich, president and publisher of The Arizona Republic.  “It’s not part of what we do as a business, and it made sense to sell it back to the Diamondbacks.”  [Note: To read the full article, click here.]

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