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HEAT SALE COOLING OFF?
Published October 19, 1994
Whit Hudson, who is attempting to purchase 40% of the Heat from managing partners Billy Cunningham and Lewis Schaffel, confirmed that an "internal conflict" has slowed the transaction. Numerous sources close to the team said that Schaffel "told employees the sale was close to collapsing," but Schaffel said only that he was announcing that he and Cunningham are returning to the front office on a daily basis. Hudson "said he has signed contracts" with Cunningham, Schaffel and majority owner Ted Arison to purchase that team, but that he needs approval from four limited partners before he can submit his ownership application to the NBA. The limited partners own 5% of the team which Hudson said he isn't trying to purchase. Hudson: "There's no problem with my financial package, I can assure you. There just seems to be problems from the partners in there" (Alex Marvez, MIAMI HERALD, 10/19). PARTNER RESPONSE: Limited partner Raanan Katz said he wants "only what's fair to me and what's best for the Heat in the long run" and hopes "the problems will work out." Schaffel denied awareness of any problems with the sale: "I've been in neutral, and it's time to get back to work. ... This is our duty. Maybe if we would have closed two weeks ago, someone else would be running the team." Schaffel said he will talk to Hudson before making personnel any changes (Alex Marvez, MIAMI HERALD, 10/19).