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HEAT PURCHASE FACES JANUARY DEADLINE
Published November 29, 1994
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).