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CELTICS CHAIR GASTON LOOKS AHEAD TO A CASH-FILLED FUTURE
Published May 8, 1995
With the FCC's decision not to force Rupert Murdoch and News Corp. to restructure their U.S. TV station holdings to comply with foreign ownership rules, the way is cleared for the sale of Boston's WFXT-TV back to Murdoch from the Boston Celtics Limited Partnership. In a Q & A with the BOSTON GLOBE, Celtics Chair Paul Gaston addressed the possible uses of the estimated $60M or more in cash the team is expected to reap from the sale. Gaston: "It's fair to say we're actively looking for scenarios that would fit with the core business of the Celtics and would also fit with our painfully developed acumen in the communications industry." Gaston was posed with several options, including a purchase of the Red Sox and the Boston Herald. On the Red Sox, Gaston said, "Fits with other sports teams are a natural, certainly from the media point of view. ... We're not saying no to anything. I think it's fair to say that as all the teams have come on the market in New England in the last few years we've looked at them all, and should the Red Sox be in that position, we'd look at them too." Gaston noted the emergence of new media technologies (e.g. telephone systems carrying video) and said that owning sports teams are "a way to capitalize on that." Asked about rumors that Gaston is intersted in the Herald, he admitted to an interest in the publishing business but expressed the belief that the paper was not for sale (Steve Bailey, BOSTON GLOBE, 5/7).