If you are a hardcore baseball fan, then you might know the intersection of the Texas Rangers and George W. Bush. While he is remembered by many for his best role in the White House, sports fans know him for his franchise ownership.
Now, you may wonder when did it happen? Or Did George W. Bush Own the Texas Rangers? Let’s set back the time when the 43rd president of America was appointed as the Managing General Partner of the Texas Rangers.
Yes, from 1989 to 1998, he owned a total of 2% of the team and invested almost $606,302. In April 1989, Eddie Chiles sold the team to an investment group owned by George W. Bush for $89 million. Bush was appointed as the Managing General Partner of the ownership group. However, in 1994, he left his position after being elected as the governor. In 1998, he sold his share to run for the presidency.
Did George W. Bush Own the Texas Rangers? The Managing Tenure of the 43rd U.S. President in the Baseball Team
Very few people know that the 43rd president of America, George Bush, has a connection with the Texas Rangers. It’s a story that highlights the intriguing interplay between the worlds of sports and politics.
George Bush at Texas Rangers match, published on Sep 27, 2010 It was the year 1988 when George W. Bush came across the news of the Texas Ranger’s sale while working with his father’s presidential campaign. The team’s owner, oil magnate Eddie Chiles, was looking to sell the franchise.
Finally, in the year 1989, Eddie Chiles sold the team to an investment group operated by George W. Bush. With the help of a syndicate, he acquired a controlling interest in the team for $89 million. Additionally, he invested $500,000 to buy a small stake in the franchise. Later on, he somehow managed to be appointed as the “Managing General Partner” by convincing the investors.
Now, George Bush is known as the face of the team, the Texas Rangers. Under his leadership, the Rangers began to transform. During his tenure, the Arlington Stadium was replaced with a new stadium funded by the Arlington Sports Facilities Development Authority. By the year 1990, he increased the investment in the team up to $600,000.
The stadium, Globe Life Park, was built in 1994, but something came to an end, Bush’s tenure of managing. Bush left the position when he was elected as the Governor of Texas in 1994. Meanwhile, in 1993, Kevin Kennedy took over the managing duties of the team. Up until now, Bush owned 2 percent of the Texas Rangers, while the group owned 86%.
Moreover, by the year 1998, he sold his stake in the team. By that time, Bush had managed to expand his ownership to $606,302. In 1998, Tom Hicks purchased the Rangers for $250 million. It was known as the second-most expensive Major League Baseball team sale at the time.
How did it affect the president? Well, his 10 percent escalator bonus led to a payout of $14.9 million for his initial investment. After serving two consecutive tenures as the Governor, he was elected as the President of the United States in 2001.
The president was not the sole owner. However, his role did uplift the team’s status. He is still known as one of the biggest fans of the Texas Rangers. Thanks to him, the sport got a stadium like Globe Life Park. Fans went crazy when they saw the former president pitching the first ball in yesterday’s game.
Did you know about this side of George W. Bush? Feel free to share your opinion in the comment section.
