Islanders Introduce New Owners Progress Slow On Hawks Sale Kidd Featured In Bucks' New TV Campaign Clippers' Ballmer Discusses Debut Season Royals Irked By Marlins Fan At World Series Kings Support NHL's Suspension Of Voynov Rice Files Formal Grievance Against Ravens T.I. Agrees To Help Hawks Move On Franchise Notes Warriors Embrace Heritage, Former Players
Upcoming Conferences and Events
SPIRIT OF MANITOBA AGREES TO BUY JETS
Published June 14, 1995
The Spirit of Manitoba agreed yesterday to purchase the majority shares of the Jets for $32M, according to today's WINNIPEG FREE PRESS. The agreement is not final, however, until Spirit puts down a $10M deposit -- for which it has until Friday. The FREE PRESS' John Douglas notes that, "while the sale is a major step towards keeping the Jets in Winnipeg long-term, it is not over." Spirit must now complete an agreement with the three levels of government to build a new 16,000-seat arena and raise another $20M to cover future losses. Closure is "contingent on three issues being settled": 1) Private sector investment of $80M -- $60M of which has already been pledged; 2) Favorable rulings on re-capitalization and the charitable status of a fund to cover losses; and 3) Approval by the NHL. In addition to buying shares for $32M, the new owners would pick up $8M in debts and be prepared to cover about $15M in expected losses next year (WINNIPEG FREE PRESS, 6/14).