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Phoenix Newspapers sells stake in D-Backs

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Phoenix Newspapers, parent company of The Arizona Republic, has sold its minority stake in the Arizona Diamondbacks to the team... Ken Kendrick said ownership has been looking to acquire smaller stakes in the team, and now owns about 66 percent of the team. The Republic initially made a $5 million investment and two subsequent $1 million cash calls early on to help with the team's financial shortcomings. The $7 million stake was worth just more than 1 percent of the team, according to Kendrick. In 2002, before Kendrick's group began pumping more money in the team, the paper owned roughly 3.5 percent of the franchise.