Whit Hudson may have only six weeks to complete his purchase
of 40% of the Heat. The MIAMI HERALD reports that today that
Hudson's "agreement to acquire managing control of the team from
Lewis Schaffel and Billy Cunningham expires in mid-January if the
sale isn't completed." With the deal currently held up by
internal conflicts in the Heat organization and "a dispute
between Hudson and majority owner Ted Arison -- the deadline
could pass without the NBA approving the purchase." Stephen
Roddenberry, Hudson's attorney, called the January deadline "an
open question," adding "the words are susceptible to more than
one interpretation." The HERALD also reports that the Heat's
limited partners -- Raanan Katz (5%), Julio Iglesias (1%),
Amancio Suarez (5%) and Robert Sturges (1%) -- had been offered a
chance to sell their shares to Blockbuster Entertainment Inc.
before Hudson "entered the picture." Blockbuster reportedly
offered $10M to purchase the 12% held by these partners. Hudson
is brother-in-law to Blockbuster Chair Wayne Huizenga (Alex
Marvez, MIAMI HERALD, 11/29).
