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GETTING THE STORY ON THE BUCS SALE
Published January 26, 1995
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).