Stuart Sternberg - Biography
Stuart L. Sternberg (born 1959 in Brooklyn, New York) is a Wall Street investor. He is the principal shareholder of the ownership group that owns the Tampa Bay Rays, and has acted as the team's Managing General Partner since November 2005.
Sternberg was also the original owner of the now-defunct Florida Tuskers of the United Football League. He sold the team back to the league after one season.
The youngest of three children, Sternberg was born and raised in the Canarsie neighborhood of New York's Brooklyn borough to Jewish parents. Sternberg's passion for baseball developed as a child while playing the game in the streets and playgrounds of his neighborhood. One of Sternberg's most cherished memories is of watching Sandy Koufax pitch while attending his first Major League game, with his father, at Shea Stadium in 1965. Sternberg has played in various organized baseball leagues over his lifetime and has coached his two sons' Little League teams for five years.
Career in the financial services industry
Sternberg made a fortune in the financial services industry. In 1978, Sternberg began his professional career trading equity options part-time at the American Stock Exchange while attending St. John's University, where he earned a degree in finance. After college, Sternberg was hired by investment group Spear, Leeds & Kellogg, eventually becoming a partner in the firm before moving to Goldman Sachs, retiring from that company as a partner in 2002. He has served on various committees and advisory boards in the financial securities industry.
Major League Baseball
Purchasing the Tampa Bay Devil Rays
Sternberg purchased a 48% plurality-share in the previously named Devil Rays (now known as the Tampa Bay Rays) in May 2004 from Vince Naimoli, and took over as Managing General Partner in October 2005. He arranged his bid for controlling interest in the team with fellow Goldman Sachs partner Matthew Silverman, whom he hired as the team's President. He has remained a low key owner, who currently sees his primary goal with the team as getting their finances in order. He resides in Rye, New York with his wife and four children.
Interest in buying the New York Mets
In February 2011, an article in Business Insider speculated that Sternberg may be a potential owner of the New York Mets. Two major factors that support theory is that Sternberg is a Mets season ticket holder and that Sternberg has expressed negative feelings about the Rays due to low fan attendance.
Frustrated with the Rays in St. Petersburg
In a June 2011, Tampa Tribune interview he said “I know we can’t sustain ourselves like this. It hasn’t gotten better. If anything, it’s worse. To run a payroll like we do now, basically the second-lowest in baseball, and barely keep our nose above water, we can’t sustain that. Baseball is just not going to stand for it anymore. And they’ll find a place for me. They won’t find a place here though.” He further reiterated his stance and raised the specter of relocation after the Rays were eliminated from the playoffs that season.
- FRONT OFFICE DIRECTORY
- Team's new boss: 'Baseball junkie' with business savvy
- An Open Letter to Stuart Sternberg from BaseLine Report: Why There is Hope for the Rays