HedgeFundLIVE — In what can only be described as a devastating and shocking blow to the New York Yankees on the eve of opening day in New York, Robinson Cano has quit the team. At 28, and seemingly at the peak of his career, the heir apparent to the Yankee throne of superstardom is calling it a day. In his letter of resignation to owner Hank Steinbrenner, Mr. Cano said “I love baseball, but it is time for me to invest my family’s resources in such a way as to create enduring equity value”.
Asked to elaborate, Mr. Cano said that he wanted to establish “an enterprise which will provide opportunity for my descendents and funding for my philanthropic interests”. Yankee captain Derek Jeter and Manager Joe Girardi both showed support for the young second baseman, calling it “a personal decision” which they “support 100%”. Mr. Jeter added, “sometimes family interests must come before baseball”.
The timing of Mr. Cano’s announcement was curious, as he was coming off a phenomenal 2010 season in which he enjoyed career highs in home runs (29) , runs (103), and slugging percentage (.534). Indeed, no other second baseman in baseball is expected to finish in the top 3 in homers, runs, RBI’s and AVG in 2011 except Cano. Reached for comment, Mr. Cano used the opportunity to clear up some misperceptions swirling in the media. “I would like to make it clear that my decision to retire has nothing at all to do with the timing of my recent purchases of Lubrizol stock, or my longstanding friendship with Mr. Raj Rajaratnam.”
Mr. Cano noted that he has always been an avid stock market investor, and admitted that he while he was somewhat shocked that his mentor, Mr. David Sokol, had stepped down from his post at Berkshire Hathaway, the timing of the two announcements was purely coincidental. “Being the heir apparent to Warren Buffet or Derek Jeter is not easy. These guys are legends, and following in their footsteps is hard. David has chosen to pursue a similar philanthropic path, and I support his decision with all of my heart”.
Click Here for full article.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.