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RAIDERS FACE NEW PROBLEM -- U.S. TAX COURT
Published June 30, 1995
Raiders Owner Al Davis is scheduled to appear at a U.S. Tax Court hearing on July 10 to appeal a deficiency notice claiming that the Raiders failed to pay federal income taxes "at the proper time" on $10M the team received in '87 from Irwindale, CA -- a deposit on promises to build a stadium. Team attorney Barrie Engal said the government is contending that what was characterized by Irwindale and the Raiders as a "loan" to the team should have been reported as taxable income on the next corporate return, but that the team "was two years late in reporting it as income and paying taxes on it." Xavier Hermosillo, a negotiator of the '87 agreement between Irwindale and the Raiders: "The issue is very clear. It was either a payment, a gift or a loan. Davis reported it as a loan. Was it ever paid back? The answer is no. It is income" (Kenneth Reich, L.A. TIMES, 6/30). NINERS PROTEST: In San Jose, Nancy Gay reports that the 49ers will protest the Raiders move to Oakland "every way they can" during an NFL special meeting on July 14. 49ers President Carmen Policy said that he is going to "play devil's advocate" as the league's owners consider the details of the lease agreement that Davis has signed. Policy: "I'm not sure it will (easily) go through -- unless the membership can be convinced that Davis is committed to Oakland for the duration of the 16-year lease agreement with the Oakland Coliseum" (SAN JOSE MERCURY NEWS, 6/30). DONE DEAL: Malcolm Glazer's purchase of the Bucs for $192M is "expected to be closed" today at NationsBank's HQ in Charlotte. It is the largest franchise sale in the history of sports (Pat Yasinskas, TAMPA TRIBUNE, 6/30).