Over the last week, ITT sold part of its financial services
group to facilitate a move into the entertainment and gaming
field.  First, ITT sold Commerical Finance -- a division of its
Financial Corp that makes business loans -- for a reported $2.3B
to Deutsch Bank's North American unit.  The next day, ITT made
its second billion dollar deal when it sold its Island Finance
consumer loan unit for $1.4B to Norwest Corp.  A third deal could
raise an additional $1.8B (Eric Randall, USA TODAY, 12/28).  News
of the moves by ITT raised stock shares by 4 3/8 to 88 1/8.  ITT
said it hopes to use the revenue from the sales to "help pay off
its $3.4B in debt" from their recent deals for Madison Square
Garden and Caesars World (N.Y. POST, 12/28).

     One day after saying the trust could wait a year before
selling the Bucs, the team received its first verbal offer.  A
group led by former University of Florida QB Tommy Shannon, which
includes Outback Steakhouse execs Bob Basham and Chris Sullivan,
made a "confidential" offer to keep the team in Tampa.  The group
will confirm its offer in writing and said the proposal will be
valid until January 9.  Bucs Trustee Steve Story called the offer
"worthy of careful consideration.  Clearly we are happy to see a
local group come forward with a meaningful offer" (Charean
Williams, ORLANDO SENTINEL, 12/28).  Story had reported that if
the trust did not receive the "right price" for the team, they
would "retain" the franchise for next year (Jon Morgan, Baltimore
SUN, 12/27).  Representatives for Orioles Owner Peter Angelos met
with the Bucs trust last week, and Story expects an offer from
Angelos at some point in the coming weeks (Jon Morgan, Baltimore
SUN, 12/28).  Angelos said he was "trying to turn a new page in
the strained relationship" between Baltimore and NFL Commissioner
Paul Tagliabue.  Among other bidders, Florida investor Malcom
Glazer said he may submit a bid next week (Jon Morgan, Baltimore
SUN, 12/29).  Morgan also reported on the "web of litigation"
that could hinder Angelos' effort.  It would be costly for
Angelos to test the league in a lawsuit, and "the process could
involve years of messy litigation during which the fitness of the
league, Angelos, Tampa, and Baltimore would be on trial"
(Baltimore SUN, 12/25).

     In the wake of Dom Capers' agreement to become the Panthers'
first head coach, team officials will meet today in New York with
NFL Commissioner Paul Tagliabue to address allegations that they
breached league anti-tampering policies in their "courtship" of
the Steelers Defensive Coordinator.  The team interviewed Capers
for the job last Tuesday, but the interview took place without
the permission or prior knowledge of Steelers President Dan
Rooney.  Panthers GM Bill Polian had gained permission from
Steelers coach Bill Cowher.  NFL Dir of Communications Greg
Aiello confirmed the Panthers could be fined a minimum of
$100,000 and/or forced to forfeit draft choices if Tagliabue
rules that the team violated league rules.  "Privately, Panthers
officials concede that they thumbed their noses at the rules
because they felt they could get away with the illegal contact"
(Len Pasquarelli, ATLANTA CONSTITUTION, 1/3).

     Rams President John Shaw said last week that negotiations
with the city of St. Louis have reached a point "where somebody
is going to have to give."  Shaw dismissed reports that a deal
with St. Louis was imminent, and said there was no guarantee a
deal would be reached.  He mentioned 16 major differences have
been narrowed down to three, but that the two parties are "still
negotiating."  Shaw:  "There are still three large issues
unresolved ... We are also talking to other people about minority
ownership."  The issues yet to be finalized include guarantees on
permanent-seat license sales, guarantees on club seats and
luxury-box sales, and the location of the proposed practice
facility.  Shaw mentioned that MO-based businessman Stan Kroenke
"remains the Rams' first preference for minority ownership," but
that there have been no recent discussions.  The permanent-seat
licensing program is "critical to the deal" because St. Louis
hopes to raise at least $60M through it to cover the cost of the
move.  Any team wishing to move for '95 must notify the league at
least 30 days before the owners' meetings in March (T.J. Simers,
L.A. TIMES, 12/30).
     RICH RAMS?  An analysis of the negotiations between St.
Louis and the Rams shows that a move to St. Louis would move the
Rams "from the NFL's poorhouse to its financial elite."
According to projections by the L.A. TIMES, the team would make
an estimated $20.7M in pretax profit during its first full season
in St. Louis -- highest in the NFL.  A combination of gate
receipts, stadium and TV revenue, and licensing/merchandise
revenue would add up to $82.7M, putting the Rams at 2nd in the
NFL in total revenue behind the Cowboys (Mike DiGiovanna, L.A.
TIMES, 12/24).