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AMERICA WEST GETS STAKE IN DIAMONDBACKS; INKS MARKETING DEAL
Published June 29, 1995
America West Airlines has paid $5M for "approximately" a 5% stake in the MLB expansion Diamondbacks, and also signed an "exclusive 10-year marketing venture" with the team, according to the ARIZONA REPUBLIC. At a press conference Tuesday, Diamondbacks CEO Jerry Colangelo also announced that he has raised $107M in equity. The cost to purchase the franchise was $130M and Colangelo said he would borrow the remaining $23M, "if necessary." Under the marketing agreement with America West, the airline will become the team's official airline, with one of their planes painted especially for the team. America West will also provide charter aircraft for the team, for which the team will have to pay. In turn, the team will only accept airline advertising and promotions from America West. The airline will have retail space in the stadium where it will sell tickets and conduct promotions. The 'Backs and American West said the pact is worth about $20M to each side (Ed Foster, ARIZONA REPUBLIC, 6/28). America West is title sponsor of the home to Colangelo's other team, the Suns.