SBD/26/Franchises

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  • GETTING THE STORY ON THE BUCS SALE

         Bucs trust spokesperson Steve Story, the man who negotiated
    the sale of the team, said new team Owner Malcolm Glazer can
    expect losses of up to $10-15M per year on his new investment.
    In comments in this morning's ST. PETERSBURG TIMES, Story says
    Glazer's agreement to assume the team's long-term liabilities
    prevented the team from being sold to out-of-town interests.  The
    liabilities included deferred player contracts, signing bonuses,
    pension, and other business expenses.  Story: "We were facing a
    real problem in that groups we felt were going to relocate the
    team were offering in the neighborhood of $200-million and
    agreeing to assume all liabilities.  All of a sudden we were
    looking at a deal of $175-million plus the assumption of
    liabilities."  Story maintains the $25M was a big difference "to
    try to justify off-setting the risk of litigation from the NFL
    for relocating the team."  Story confirmed the possibility of
    "substantial losses," adding that "something has to be done with
    respect to building a new stadium" (Rick Stroud, ST. PETERSBURG
    TIMES, 1/26).
    

    Print | Tags: Franchises, NFL, Tampa Bay Buccaneers
  • MEET THE NEW WARRIORS BOSS; COHAN SPEAKS ON TEAM'S FUTURE

         New Warriors Owner Christopher Cohan spoke to the SAN
    FRANCISCO EXAMINER, and his first interview since taking over the
    team appears in this morning's editions.  Cohan said the official
    transaction to become owner was "a difficult road," adding that
    his ex-partners' "failure to deliver" slowed down the process.
    He reiterated his No. 1 priority was getting a new 20,000-seat
    arena for the team, mentioning both the San Francisco and Oakland
    as possible sites.  On San Francisco: "An arena makes all the
    sense in the world, as far as the infrastructure and as far as
    the hotels, and restaurants, and the city that people love to
    visit.  It could increase their convention business by twofold
    and bring untold millions to the community."  On Oakland: "You
    have a very proven site and a very willing, very anxious city ...
    It is an antiquated arena (but) it's a proven site, locale-wise,
    and they just don't want to lose the Warriors.  The dynamics are
    different."  Cohan said he will not get involved in the day-to-
    day operations of the club.  Cohan: "There will be two chiefs, on
    the basketball side (Don Nelson) and the business side (President
    Andy Dolich), and those two have to work together ... they answer
    to me" (SAN FRANCISCO EXAMINER, 1/26).
    

    Print | Tags: Franchises, Golden State Warriors
  • PSL'S SELLING STRONG IN ST. LOUIS

         FANS, Inc., the civic group in charge of selling Personal
    Seat Licenses (PSL's) for the Rams, announced yesterday they have
    received between 13,500 and 15,000 applications.  With officials
    stating that each application yields an average of three sales,
    FANS "could be closing in on its eventual goal of 46,000 PSL's
    after just two weeks on the market.  The team wants to sell at
    least 40,000 PSL's by March 10, with the revenue paying for the
    team's move and other expenses.  St. Louis County Exec George
    "Buzz" Westfall:  "So far, we have had an overwhelming response"
    (Lorriane Kee, ST. LOUIS POST-DISPATCH, 1/26).
         FIGHT THE RAMS: Paul Wollam, a Newport Beach lawyer, filed a
    class-action lawsuit in Orange County against the Rams, according
    to this morning's ORANGE COUNTY REGISTER.  Wollam alleges the
    team broke an implied contract by not telling season ticket
    holders they were leaving and by "playing at a very poor level."
    Wollam filed the suit on behalf of a new group called "Fight the
    Rams" (Barbara Kingsley, ORANGE COUNTY REGISTER, 1/26).
         MR. HUNT VOTES YES:  Chiefs Owner Lamar Hunt said he will
    vote to approve the Rams move to St. Louis, even if it means
    losing a portion of the Chiefs fan base.  Hunt: "On having a team
    in St. Louis, I would be very much for that. ... The gain from
    having more people talking about professional football and
    thinking about professional football throughout the state far
    outweigh any loss of ticket sales we might have from the St.
    Louis area" (Doug Tucker, AP/ARIZONA REPUBLIC, 1/26).
    

    Print | Tags: Franchises, Kansas City Chiefs, St. Louis Rams
  • SCHOTT & HOFMANN EARN A'S OLD FASHIONED WAY; THEY BUY THEM

         "For a bargain basement price of $85 million," the Haas
    family sold the A's to Bay Area developers Stephen Schott and
    Kenneth Hofmann -- who, in turn, pledged to keep the team in
    Oakland for at least 10 years.  Schott: "On behalf of Ken Hofmann
    and myself, we look forward to a long stay in the Bay Area."  The
    Haas family had put the team on the market for $85M, with the
    provision that the low price apply only if the new owners kept
    the team in Oakland.  The family claims to have lost close to
    $33M from '91-93 on the team.  As part of the deal, the city of
    Oakland and Alameda County, which owns Oakland Coliseum, have
    agreed to issue $20M bonds to remodel skyboxes, build new club
    seats and create a club lounge within the next six years.  Schott
    and Hofmann will also receive 100% of parking, concession, and
    advertising revenues.  To help pay off the bonds, the A's "will
    levy a 25-cent surcharge on all tickets," pay about $3.5M from a
    new concession contract, and "earmark 90% of the proceeds" from
    selling the naming rights to the Oakland Coliseum to a corporate
    sponsor.  When asked about the deal, County Supervisor Mary King
    said it "was better than an empty stadium. ... The economy is
    hurt when we lose a team."  Schott, 56, who will be the managing
    partner, said he was "reluctant" to buy the team, but said the
    Oakland Bay Area "deserves a baseball team.  It didn't deserve to
    lose another franchise" (Frances Dinkelspiel, SAN JOSE MERCURY
    NEWS, 1/26).  Schott:  "Baseball is at an all time low.  I'm
    looking forward to it getting better. I'm optimistic the strike
    won't last forever."  Hofmann, 71 and part owner of the Seahawks,
    was not available for comment (Witt, Slonaker & Akizuki, SAN JOSE
    MERCURY NEWS, 1/26).
    

    Print | Tags: Franchises, Oakland Athletics, Seattle Seahawks, Vulcan Ventures
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