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  • CELTICS FINALIZE SALE OF TV STATION TO FOX

         The Celtics announced the completion of the sale of Boston's
    WFXT to Fox Television Stations for $95M.  The transaction
    includes a $95M cash payment and $10M in debt forgiveness.  A
    Celtics spokesperson said the team has yet to determine "the
    amount of the gain it will realize from the transaction" (WALL
    STREET JOURNAL, 7/11).  Celtics stock gained 1/8 on Monday to
    close at 20 7/8.
    

    Print | Tags: Boston Celtics, Franchises, News Corp./Fox
  • GET 'EM WHILE YOU CAN; PANTHERS OFFERING NEW TICKET PACKAGES

         On Wednesday, the NFL Panthers will begin offering two-and
    three-game "Panther Pack" ticket packages for the team's first
    season at Clemson's Death Valley, according to the CHARLOTTE
    OBSERVER.  The team will also offer single-game tickets starting
    August 1.  "Panther Pack" packages offer another way to sell
    tickets for less desirable games by packaging them with the
    popular games.  These seats will not be subject to the PSLs which
    go in effect when the team moves to Charlotte in '96 (CHARLOTTE
    OBSERVER, 7/11).
    

    Print | Tags: Carolina Panthers, Franchises
  • LOCAL LAWMAKERS CLEAR THE WAY FOR RAIDERS $85M MOVE

         City and county lawmakers are poised today to approve an
    $85M deal that will return the Raiders to Oakland, according to
    the OAKLAND TRIBUNE.  Stacey Wells and David Li report questions
    about the deal emerged over the weekend, when city councilmembers
    and Alameda County supervisors began to "puzzle" over an "inch-
    thick" stack of lease documents released by city officials late
    Friday.  But City Councilmember Ignacia De La Fuente predicted
    Monday the deal will be passed unanimously.  De La Fuente:  "In
    the best of all possible worlds, we would have got the
    information earlier" (OAKLAND TRIBUNE, 7/11).  The two groups are
    expected to formally authorize the issuance of bonds to pay for
    renovations and a relocation loan today, according to the S.F.
    CHRONICLE.  Items in question include 100 tickets controlled by
    Coliseum officials who would not have to pay the up-front PSL fee
    (Peter Fimrite, S.F. CHRONICLE, 7/11).       THE TAXMAN CALLETH:
    Attorneys for the IRS told a U.S. Tax Court that the Raiders have
    failed to pay income taxes on at least $17.9M in payments and had
    wrongfully taken a $400,000 deduction for a "bad debt" in the
    '80's, according to the L.A. TIMES.  The attorneys noted the
    Raiders said most of this money was taken as a loan and not
    acknowledged as income.  With interest, the Raiders could be
    liable for as much as $20M.  Kenneth Reich notes a decision not
    expected "for months" (L.A. TIMES, 7/11).  Raiders Owner Al Davis
    defended himself against the allegations.  The IRS claims that
    the $6.7M Davis reecived from the L.A. Memorial Coliseum from
    '82-86, $10M from Irwindale in '87, and $1.2M in damages from
    Oakland in '88-89 should "have been treated as income."  Davis'
    attorneys argued that the money could be treated as loans
    "because the team had every intention of paying the money back
    once" it built skyboxes in L.A. or a new stadium (Barry Witt, SAN
    JOSE MERCURY NEWS, 7/11).
         A'S GET AN OUT:  The Coliseum Board reached a decision which
    would allow the new A's owners, Stephen Schott and Kenneth
    Hoffman, to end their lease at the end of the '98 season.  The
    lease originally runs through 2004.  The proposal needs approval
    from county and city officials (Sandy Kleffman, SAN JOSE MERCURY
    NEWS, 7/11).
    

    Print | Tags: Franchises, Oakland Athletics, Oakland Raiders
  • MCMULLEN MOVED BY FANS' EMOTION, BUT NOT MOVED FAR ENOUGH

         Devils Owner John McMullen said yesterday, "I was very
    affected by the rally.  The rally definitely had an effect."
    McMullen also said the state and the Devils are unlikely to reach
    an agreement before a scheduled court hearing today, "But we're
    holding out hope," according to the Bergen RECORD.  The RECORD's
    Pennington & Fitzgerald note McMullen indicated he is still
    "disappointed" that the state refuses to let the Devils take over
    management of Byrne Arena (Bergen RECORD, 7/11).  Richard
    Sandomir writes that Nashville "is fading fast as the potential
    future home" of the Devils.  Sandomir, on those who are
    speculating that a deal is done, "They're way ahead of themselves
    if they're saying that" (N.Y. TIMES, 7/11).  Larry Brooks writes,
    "Again, until it is done, it is not done, until the Devils or NHL
    announce a home schedule for the Meadowlands, there is no way to
    know for sure" (N.Y. POST, 7/11).
         TOO BUSY FOR BILL?  Only nine members of the Devils made the
    trip for a reception at the White House with President Clinton,
    according to the RECORD.  Lenn Robbins notes the players who did
    not attend cited a combination of "short notice and prior
    commitments" (Bergen RECORD, 7/11).
    

    Print | Tags: Franchises, New Jersey Devils, NHL, YankeeNets
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