New Bucks Owners Open To Local Investors Sources: Islanders Draw New Suitors Colts To Remain With Irsays Long Term Herb Kohl Sells Bucks For $550M Kohl Praised For Dedication To Milwaukee Arthur Blank, Atlanta Officially Awarded MLS Team Raptors Unveil New "We The North" Campaign NBA Kings Reaping Benefits Of New Owners Franchise Notes Bruins, Celtics Headed In Opposite Directions
Upcoming Conferences and Events
SALE OF KINGS THREATENED -- BANKRUPTCY STUMBLING BLOCK
Published May 15, 1995
An undisclosed offer to buy a majority interest in the Kings was made last week by CO billionaire Philip Anschutz and Southern CA developer Edward Roski, "but it is far from a done deal," according to Dillman & Reich of the L.A. TIMES. The "major stumbling block" remaining is the 28% controlled by Bruce McNall's bankruptcy trustee, R. Todd Neilson. According to Neilson, the 28% is "critical and essential because it includes an option to repurchase up to 80% of the team." If the sale goes through, Anschutz reportedly "has no plan" to move the Kings. Sources say he wants to build a new arena for hockey and basketball in downtown L.A. near Dodger Stadium, on land near Chinatown owned by his company, Southern Pacific Railroad Corp. (L.A. TIMES, 5/13). Sources close to the negotiations say that the deal is worth $75M (PHILADELPHIA INQUIRER, 5/14). In Boston, Kevin Paul Dupont notes Anschutz is the developer of Denver's new Pepsi Center, and writes, "It's unclear right now whether Anschutz wants to be a team owner or a key player in the building of a new arena to replace the Great Western Forum in Inglewood" (BOSTON GLOBE, 5/14).