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SCHOTT AND HOFFMAN CLOSE TO FINALIZING SALE FOR A'S
Published January 23, 1995
The Haas family is close to selling the A's for an estimated $85M to a pair of Bay Area developers, according to a weekend report in the SAN FRANCISCO CHRONICLE. Stephen Schott, President of the Citation Homes of Santa Clara, and Kenneth Hoffman, a part owner of the Seahawks, could complete a deal as soon as Wednesday, but details still need to be worked out with the Oakland City Council and the Alameda County Board of Supervisors. A's President Walter Haas: "Yes, we are getting close." One "stumbling block" is Schott and Hoffman's reported request that the city and county pay up to $25M in improvements to the Oakland Coliseum and give them more control over revenue from other events. They are also asking for a larger percentage of the profits from parking, concessions, etc. (Matier & Ross, SAN FRANCISCO CHRONICLE, 1/21). A source close to negotiations said city and county officials are "not averse to financing Coliseum upgrades," but will insist improvements would also accommodate football -- in hopes of luring the Raiders back to Coliseum. The Haas family is also reportedly concerned about who would pay for expenses due to the baseball work stoppage. The team has been on the market since May and set an asking price of $85M -- which some analysts say is as "much as $30M below the team's worth -- to keep the team in Oakland" (Dennis Akizuki, SAN JOSE MERCURY NEWS, 1/22).