I'm a reporter covering the intersection of sports, business and technology. My byline has appeared at CNBC.com, The Hockey News and Narratively. I started this journey covering a handful of New Jersey Devils stranded in Albany during the 2012 NHL Lockout, with stops on the beats of the Chicago Blackhawks, New Jersey Devils and New York Rangers.
ILLUSTRATION BY CECILIA ZHANG FOR FORBES; Photos byCarmen Mandato/Getty ; Norm Hall/Getty; Kevork Djansezian/Getty; Megan Briggs/Getty; Rob Tringali/MLB Photos/Getty; Alex Bierens de Haan/MLB Photos/Getty; Brace Hemmelgarn/Minnesota Twins/Getty; Ron Vesely/MLB Photos/Getty; Michael Reaves/Getty; Cooper Neill/Stringer/Getty; Christian Petersen/GettyHow Ray Davis of the Texas Rangers and Ken Kendrick of the Arizona Diamondbacks built their fortunes—and their championship baseball teams.
The key to his eventually buying the franchise, however, came from elsewhere. Davis was investing in natural gas and, in 1993, partnered with Kelcy Warren and Ben H. Cook toin bankrupt oil company Endevco . They spent $3 million for 37% of the common shares and flipped it three years later to El Paso for $115 million. Each partner made $13 million on the deal.
With Hall of Fame pitcher Nolan Ryan and businessman Chuck Greenberg as the faces of the new ownership group and fellow oil magnate Bob Simpson chipping in as co-lead investor, Davis successfully fended off a bid from future Houston Astros owner Jim Crane and Mark Cuban and purchased the franchise in 2010 at a valuation of $593 million. The Rangers had immediate success, winning two American League pennants in a span of 14 months.
Davis has also opened his checkbook, shelling out long-term contracts worth a total of $500 million between Corey Seager and Marcus Semien in the lead-up to the 2022 season. Arguably his crowning achievement as owner, short of a World Series title this November, was moving the Rangers into the $1.
Postseason success had eluded Kendrick until this season. Since their 2001 championship, the Diamondbacks have made the playoffs only four times, and in each instance, they never advanced past the division series. Over the years, the club has traded away several of its top stars—including Randy Johnson and Paul Goldschmidt—balancing its competitiveness with a stringent budget.
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