Three weeks after the formation of the new circuit was announced, on August 18, 1959, Rickey sold his stake in the Pirates, resigned as board chairman, and signed a 16-month contract to become the first president of the new league at a reported $50,000 annual salary. He immediately led a delegation of Continental League owners to a summit meeting in a Manhattan hotel with Commissioner of Baseball Ford Frick, the presidents of the National and American leagues, and a delegation of MLB club owners. The established leagues were wary of a new challenge to baseball's antitrust law exemption, when the chairman of the House Judiciary Committee, Emanuel Celler, a Brooklyn Democrat enraged by his borough's loss of the Dodgers, introduced legislation that would place baseball under antitrust law. This concern led Frick and his entourage to publicly treat the Continental League with respect; at the meeting, Frick asked Rickey and the other league presidents (Warren Giles and Joe Cronin) to form a committee that would set up ground rules to govern the admission of the Continental to eventual equal status with the two major leagues.