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PENCIL KING PALA NEEDS TIME TO SHARPEN OFFER FOR BUCS
Published January 4, 1995
Orlando pencil manufacturer Gino Pala will not be able to submit a bid for the Buccaneers until after January 9, the "day team trustees are to accept or reject a reported $150-million bid from Tampa developer Tom Shannon and two Outback Steakhouse executives." Bucs officials had hoped Pala would make an offer sometime this week, but Pala said he needed more time to "consult" members of his limited partnership. Pala: "We can't get it done by Monday. We still plan to make an offer, but it will be the later part of next week" (Rick Stroud, ST. PETERSBURG TIMES, 1/4). OTHER BUYERS, PLEASE STEP UP: Two other bidders willing to keep the team in Tampa may be ready to make a formal bid for the team this week. Palm Beach financier Malcolm Glazer's son, Bryan, said his father's group hopes to have a bid in by Monday, but that "the existing situation with the stadium does not make it an easy deal" (Rick Stroud, ST. PETERSBURG TIMES, 1/4). MA- based businessman Socrates Babacas arrived in Tampa on Monday, and "does not plan on leaving until he owns the team." He said he is prepared to make an offer in the $175M range to buy the team and is planning on building a $250M stadium with help of local government. There are questions concerning Babacas' "credibility," as he had previously expressed an interest in buying the Cowboys and the Patriots, but "never came close to a deal" (Pugliese & Henderson, TAMPA TRIBUNE, 1/4).