House Research Bill Summary
File Number: H.F. 1582
January 9, 2004
Version: As Introduced
Status: Governmental Operations and Veterans Affairs Committee
Authors: Kahn and Others
Subject: Community Ownership of Minnesota Twins
Mark Shepard, 651-296-5051
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Proposes a process for establishing community ownership of the Minnesota Twins.
legislative findings and purpose for community ownership of a professional
Subd. 1. Authority.
Provides that the governor and the
metropolitan sports facilities commission must attempt to provide for
community ownership of the Minnesota Twins.
Requires the governor and commission to attempt to work with the Twins
and a community foundation or nonprofit corporation to transfer ownership of
the Twins to the foundation or corporation by gift or sale. Requires development of a plan to offer
shares of the franchise to the general public.
Subd. 2. Conditions.
the commission to attempt to conform with the following principles:
Within one year of transfer to the foundation or
nonprofit corporation the foundation or corporation should offer the team for
sale, as provided.
There should be two classes of shares. Class A shares will give owners full
voting rights; Class B shares will
give owners the right to vote only on relocation of the franchise.
A private managing partner must be selected to
operate the franchise, and should own less than half the class A stock.
At least 50 percent of the class A stock should be
dispersed in a manner such that no person or entity owns more than one
The governing documents should provide that the
franchise may not move outside of the state without approval of 80 percent of
the shares of class A stock, and 80 percent of the shares of class B stock.
Within one year of transfer of ownership to the
foundation or nonprofit corporation, the commission should determine if
subscriptions for purchase of class A stock are sufficient to purchase 75
percent of the class A shares not owned by the managing partner. The community foundation or nonprofit
corporation should have the right to sell its interest in the franchise if
less than 75 percent of the class A stock not held by the managing partner is
not sold within a year.
Subd. 3. Prohibition.
outlined by this section, prohibits a state agency from spending money from a
state fund to generate revenue under this section or to provide operating
support for a professional baseball franchise.
the day following final enactment.