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DENVER -- Colorado Rockies majority holder Charlie Monfort and his brother, Dick, have bought the remaining financial interest of team co-founder Jerry McMorris, the team announced Thursday. Terms were not disclosed.

"We are very pleased that we have reached an agreement with Jerry," Charlie Monfort said in a statement. "His leadership was instrumental during the formation of the franchise and much of the early success of the Rockies can be attributed to his vision and passion."

In a statement released by the team, McMorris said he wished the Monfort brothers the best of luck.

"I will always have memories of our fans and players helping this organization build momentum, set attendance records and secure the organization's first playoff appearance," McMorris said.

In a brief phone interview with The Associated Press, McMorris said he was happy with the deal and it was time for him to move on. He said he planned to spend more time on his businesses and charities, including The Roy Foundation, which he founded after the 1996 death of his 32-year-old son, Michael.

In November 2004, the Rockies dropped McMorris from the team's board of directors, ending a 12-year relationship. McMorris's stake in the team in July 2004 was about 12.4 percent, and he retained a 42.5 percent ownership of the general partnership.

Besides the Monforts, other general partners include Cary Teraji. Limited partners include Coors Brewing Co. and the Denver Newspaper Agency.

Baseball commissioner Allan "Bud" Selig praised McMorris for making Coors Field a reality and helping the team to its early success as the club reached the playoffs in their third year, the fastest of any expansion team at the time.

"I am grateful for all of his efforts on behalf of the team, the community and Major League Baseball," Selig said in a statement.

McMorris was chairman and chief executive of the Rockies in 1993, when Denver was awash in excitement over the arrival of its major league team. Keli McGregor took over as president in 2001 and Charlie Monfort assumed the managing general partner role in 2003.

McMorris also been through some financial difficulties. His trucking company, Denver-based NationsWay Transport Inc., filed for bankruptcy in 1999. The Colorado State Supreme Court ruled last year that he and seven other officers were not liable for $12 million in unpaid wages.

In a civil lawsuit last year, a jury said McMorris committed fraud in the liquidation of his bankrupt Westway Express trucking company and awarded trucking company Trans-West Inc. $181,373 in compensatory damages and the same amount in punitive damages.

Copyright 2005 by The Associated Press