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SCHOTT & HOFMANN EARN A'S OLD FASHIONED WAY; THEY BUY THEM
Published January 26, 1995
"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).