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CFL UPDATE: JACKSON GROUP BIDS FOR POSSE, CHEN WANTS RIDERS
Published March 7, 1995
A Jackson, MS, group attempting to buy the CFL Las Vegas Posse says it has satisfied a Friday deadline and deposited $3M in an escrow account toward purchasing the team. The bid may be approved later this week at CFL Board of Governor meetings in Saskatoon, Sask. The group, which is said to have the "blessing of Posse ownership," includes MS state Rep. Jim Evans, Cleveland investor Dane Mathews, AL-based investment broker Billy Lyons and "an unidentified majority partner." A source close to the talks said the deal "is pretty much a go" (CP/Toronto GLOBE & MAIL, 3/7). In Ottawa, representatives of Chicago restauranteur Horn Chen filed a letter of intent yesterday to buy the Rough Riders. Chen's representatives met with CFL Commissioner Larry Smith for "last-ditch" negotiations. A deal for the team is necessary before the CFL meetings. If no agreement is reached, the CFL will likely suspend the team, at least for the '95 season (Don Campbell, OTTAWA CITIZEN, 3/7).