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CELTICS PARTNERSHIP REPORTEDLY INTERESTED IN RED SOX
Published December 19, 1994
The Boston Celtics Limited Partnership is interested in buying the Red Sox, according to an report in Saturday's NEW YORK TIMES. The Red Sox have not been put on the market, but team CEO John Harrington has said that the JRY Trust eventually plans to sell the team. Harrington has established no timetable. Paul Gaston, Chair of the Celtics Partnership, would not comment on a possible Red Sox deal, but did acknowledge the Celtics are looking for ways to invest into new businesses. The partnership, which trades on the NYSE, has "been building assets, taking $85 million in loans from Shawmut Bank against the impending sale of its television station, and putting those funds into short-term investments to keep them liquid." The partnership finished the quarter ending September 30 with assets of $206M, and "is flush with cash." A source within the Celtics front office said the "discussions about approaching the Red Sox are serious, including finding a prominent role for Harrington. To make a deal happen, the person said, Harrington would have to be involved." Some in the Celtics' front office "acknowledged" that a Sox-Celtics partnership makes sense. Stuart Layne, VP/Marketing for the Celtics: "There would be great synergy in marketing the Celtics and Red Sox jointly. ... These are two teams with tremendously loyal audiences" (Glenn Rifkin, N.Y. TIMES, 12/17).