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INVESTMENT OPPORTUNITY? ABE POLLIN CONSIDERS PARTNERS
Published November 21, 1994
Abe Pollin, owner of the Capitals, Bullets and the USAir Arena, has told associates he will consider offers for new partners to join him in the ownership of the teams. Wes Unseld, Exec VP of Pollin's Centre Group Management, confirmed last night Pollin's intent to attract new partners: "Mr. Pollin let it be known a year ago [to his bankers] that this was possible in the future. That if he was to entertain future partners, they would have to demonstrate a commitment to the community and to minority affairs. But to say that this is anything more than conceptual at this point is premature." Last night, WUSA-TV (DC) reported that Pollin was attempting to sell "part of his sports empire" in anticipation of a downtown arena. BET President Robert Johnson has offered to guarantee repayment of any city bonds necessary to build an arena, if Pollin would agree to sell him a share of the Bullets. Last year, Pollin rejected an offer to sell his sports empire to a NY-based group led by former football star Calvin Hill. Pollin has told friends that when he steps down, he would like Bullets President Susan O'Malley and Unseld to run his operation (George Solomon, WASHINGTON POST, 11/21). Sources close to the Bullets told WUSA that Pollin has informed DC city officials that he may roll the Bullets, Caps and other businesses into one company. Pollin would keep 60% ownership in the company while making the remainder available to the public (WASHINGTON TIMES, 11/21).