Team Player

How he ran the Texas Rangers and became, finally, a successful businessman.

HE MAY BE IN THE MIDDLE OF A LEGISLATIVE session and at the start of a run for president, but priorities being what they are, George W. Bush spent the first Monday in April at the Ballpark in Arlington, where his career as an organization man took shape. It was a glorious spring afternoon, with clear blue skies providing a brilliant contrast to the emerald green of the outfield grass. Over the course of nine innings at the Texas Rangers’ home opener against the Detroit Tigers, Bush sat in a box seat behind the first-base dugout next to his wife, Laura, team owner Tom Hicks, and then team president Tom Schieffer; signed autographs in the stands; strolled into the clubhouse to chat up players and personnel; and fielded questions in the press box. He even popped into the booth where Rangers games are broadcast in Spanish and called the play when Juan Gonzalez broke up a no-hitter: “ Un hit de Juan! El primer hit de Texas del juego!

The Ballpark is the legacy of Bush’s five-year stint as managing general partner of the Rangers, a time in which he built up both the franchise’s bottom line and his own, along the way honing many of the skills he draws upon in politics. Fundraiser Bush shook out $46 million from various investors during the depths of Texas’ last economic bust in the run-up to buying the team. Consensus-builder Bush got the Ballpark referendum passed in Arlington when similar measures were being nixed by voters elsewhere. Manager Bush ran a business efficiently in the glare of the public eye. People-person Bush nourished the egos of the famous and the anonymous, from Juan Gonzalez to the groundskeepers, always addressing them by name.

After all that, running the free world might seem like T-ball.

PRIVILEGE, PEDIGREE, AND PERSONAL RELATIONSHIPS were the reasons Bush hooked up with the Rangers in the first place. His name surfaced as a possible major league owner in the weeks after his father was elected president. “George had spent most of 1988 campaigning and then on the transition team, but he decided he didn’t want to be in Washington—he wanted to go back to Texas,” says one of his fraternity brothers, Roland W. Betts, a movie financier who’d been looking for a pro sports team to buy. “In December he called me and said the Rangers were in play. The Macks [a venerable baseball family] wanted to buy the team from Eddie Chiles, but there was growing concern that they wanted to move the team to Florida.”

Chiles, the Fort Worth oilman who achieved notoriety with his “I’m Mad” radio spots, had known George W. as a kid. A friend of the Bush family, he flew George’s sister Robin to hospitals in his private plane when she was diagnosed with leukemia. He’d bought the Rangers in 1980, but at age 78 he was ready to call it quits—a fact Bush was made aware of by William DeWitt, Jr., his oil-business partner in Midland in the eighties. DeWitt, whose father had owned the St. Louis Browns and the Cincinnati Reds, wanted a piece of a team himself.

Bush got cash commitments from several sources. Betts signed on, but only after receiving assurances that his friend wasn’t going to run for office anytime soon. Also ponying up were Connecticut real estate whiz Craig Stapleton, Bush’s cousin through marriage; former Marriott Corporation executive Fred Malek, who had been a member of Richard Nixon’s inner circle; and three Cincinnati investors: produce wholesaler Bob Castellini, oilman Mercer Reynolds, and broadcasting executive Dudley Taft. Chiles was so impressed that he signed a letter of agreement with the Bush group.

But baseball commissioner Peter Ueberroth wasn’t satisfied. Although he wanted Chiles to find a buyer who would keep the Rangers in Texas, a top ten media market, he thought Bush’s investors didn’t have enough local ties. At Ueberroth’s urging, Bush went to see Fort Worth financier Richard Rainwater, the money man behind the Bass family. Subsequently, Rainwater met with Bush, Betts, and Stapleton at the Highland Park home of Edward “Rusty” Rose, a financier known as the Mortician for his ability to squeeze profits from failing companies acquired through leveraged buyouts. “We talked about the possibility of owning the team together,” Betts recalls. “At the end of the day Rainwater said if he was going to do it, he wanted Rose as general partner because he liked and trusted him. I said the same thing about George. Rose and George met, and after a few lunches they agreed to run the team together.” The publicity-shy Rose made one stipulation: Bush would be the managing general partner, meaning he’d deal with the media and the public, while Rose would serve as chairman of the board.

Rose threw in $3.2 million and raised another $9 million from other investors, including Rainwater and cable television mogul Jeff Marcus. Bush rounded up $14 million, contributing $606,000 of his own—the smallest amount of any major investor. All told, seventy investors representing 39 limited partnerships bought a piece of the team. Betts and fellow film financier Tom Bernstein paid the most money ($7 million) and received the largest share (18 percent).

Once those initial arrangements were hammered out, Bush approached several other investors. Among them were Schieffer, a former state representative from Fort Worth, and Comer Cottrell, the CEO of a Dallas hair products firm. Edward Gaylord, the Oklahoma City media magnate, reduced the one-third piece of the team he’d bought from Chiles in 1986 to 10 percent. Other small shareholders from the Chiles era, including Arlington realtor Mike Reilly, held on to a total of 4 percent.

The Bush-Rose group was formally incorporated as BR Rangers. No decision would be made without the approval of the two general partners. “Neither of us has the responsibility to make any decision without consulting with the other,” Bush would later explain. “On a certain task, he may lead on it or I may take the lead. The buck stops

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