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  • ITT PROFITS UP 13% FOR FIRST QUARTER; MSG DEAL NOT INCLUDED

         ITT Corp., owner of Madison Square Garden, the Knicks and
    the Rangers, posted a first quarter profits increase of 13%.
    Although the company's $1.09B acquisition of MSG was not
    completed in time to be included in first quarter results, the
    company's profit gains were led by "double-digit percentage gains
    from it's manufacturing, hotel and entertainment operations"
    (Paul Tharp, N.Y. POST, 4/20).  According to this morning's WALL
    STREET JOURNAL, the company is "in the midst of an ambitious
    restructuring that analysts say will lead to the company being
    split into three separate companies," based on divisions of
    insurance, manufacturing and entertainment.  Sources say that ITT
    is "likely to take such a step by midyear" (WALL STREET JOURNAL,
    4/20).
    

    Print | Tags: Cablevision, Franchises, Madison Square Garden, New York Knicks
  • NORDS OFFICIAL DENIES MOVE TO DENVER IF DEAL FALLS THROUGH

         Nordiques Media Relations Dir Jean Martineau denied
    yesterday that the team has "already been sold to Denver
    interests."  Martineau: "There is a lot of interest in the
    Nordiques by business groups in several American cities, but, as
    of this day, there is nothing signed."  Martineau was responding
    to a story in Tuesday's ROCKY MOUNTAIN NEWS that Comsat Video
    Enterprises, owner of the NBA Nuggets, has negotiated a deal to
    buy the Nordiques if the team decides to leave Quebec (CP/OTTAWA
    CITIZEN, 4/20).
    

    Print | Tags: Denver Nuggets, Franchises, NBA
  • RIGAS-MORTIS SETTING IN ON PIRATES DEAL? HERRICK MOVES IN

         Adelphia Communication Chair John Rigas "threw the Pirates a
    curveball" yesterday, according to this morning's PITTSBURGH
    POST-GAZETTE.  Rigas informed the team's investment bank that he
    would leave his "old offer" of $85M on the table after saying two
    weeks ago that he was going to "adjust his bid for the team."
    His move "perplexed" team owners who began to discuss taking the
    team off the market or selling it to someone else.  That "someone
    else" may be FL-based developer Norton Herrick, who led an effort
    for the city of Orlando to land an expansion team.  Herrick "is
    hot" after the Pirates with Orlando "threatening to withdraw"
    financing for a new baseball stadium unless a team is found.
    Herrick said he would pay up to $125M and would be willing to
    keep the team in Pittsburgh if the city promises to build a new
    stadium immediately.  Herrick: "If we can't make it work in
    Pittsburgh, I'll bring it to Orlando. ... I don't care if I make
    a lot of money.  But losing $40 million takes all the fun out of
    ownership."  With Rigas refusing to adjust his bid, Pirate
    ownership "may take Herrick more seriously if for no other reason
    than to force" Rigas or the city to give them the deal they want.
    Ownership wants Rigas to cover this year's losses, but Rigas is
    only willing to "pick up" the first $13.8M with the team to
    sharing losses above that (Steve Halvonik, PITTSBURGH POST-
    GAZETTE, 4/20).
    

    Print | Tags: Franchises, Pittsburgh Pirates
  • TWO BASEBALL TEAMS DEAL WITH FALLOUT FROM WORK STOPPAGE

         The Rangers are granting a "reprieve" to "bonded" ticket
    holders who missed the deadline to renew.  Fans who failed to
    renew their season-tickets by February 1 face paying a "seat
    option" of between $500 to $2,500 to regain purchasing rights.
    But Rangers President Tom Schieffer said they have decided to
    extend the renewal deadline to May 12, and although ticket
    holders are not guaranteed to get the same seats, the team will
    "allow them to purchase similar seats until May 12 without having
    to pay seat-option charges" (Christopher Ave, FORT WORTH STAR-
    TELEGRAM, 4/20).
    In Montreal, the Expos have sold only 18,000 of the 46,000
    available tickets for opening day.  Expos VP Marketing/
    Communications Richard Morency also said that group ticket sales
    are down.  Morency: "Usually we sell about 300,000 tickets a year
    through group sales.  We are at about 110,000 to 115,000 right
    now, but it is still early."  The good news is that Pharmaprix,
    the Quebec chain of Shoppers Drug Mart, Ltd., has agreed to
    purchase 2,000 season tickets for 1995 (Robert MacLeod, Toronto
    GLOBE & MAIL, 4/20).
    

    Print | Tags: Franchises
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