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CELTICS ISSUE RESPONSE TO FINANCIAL WORLD PIECE
Published May 3, 1995
In a letter to the editor released to THE SPORTS BUSINESS DAILY, Celtics CFO Joseph DiLorenzo accused FINANCIAL WORLD of including "numerous errors of fact" and drawing the "erroneous conclusion" that the Boston Celtics Master Limited Partnership has been a poor investment for its 93,000 public unitholders. In its May 9 issue, FINANCIAL WORLD examined the Celtics stock concluding, among other things, that the recent sale of Boston TV station WFXT to Fox was a good deal for the general partners, but a bad one for the numerous limited partners. DiLorenzo writes, "Nothing could be further from the truth. In fact, when the Celtics repurchased the TV station in 1993, the principal partners effectively reduced their own stake in the extremely profitable TV station from 83 percent to 60 percent, before Fox's option to purchase presented itself, which benefited all unitholders of the Boston Celtics Limited Partnership. The article also insinuated exclusive profits from an affiliated television sale that never took place and incorrectly stated both the price of the Initial Public Offering and per unit administrative costs associated with the master limited partnership." DiLorenzo concluded by stating that ownership, chaired by Paul Gaston since '92, "has raised the net asset value of the company and has increased cash flows dramatically. As an organization, the Celtics take as much pride in delivering for our investors as we do in delivering for our fans" (Celtics).