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HAAS FAMILY CONCLUDES SALE OF A'S
Published July 24, 1995
The "final hurdle has been cleared" between the Haas family and Stephen Schott and Kenneth Hofmann as the sale of the A's was "concluded" Friday, according to Sandy Kleffman of the SAN JOSE MERCURY NEWS. The transaction was concluded after the sale price was "dropped by several million dollars," and after East Bay negotiators agreed to give the new owners a "year-to-year lease" if the Raiders remain in L.A. In exchange for an annual escape clause, Schott and Hofmann "would give up their right" to $10M worth of stadium improvements and "forgo" $2M in annual payments from the Coliseum. Team owners would also have to give East Bay officials "the chance to find a local buyer" before selling the team. If the Raiders do return, the A's would have a nine-year lease that includes the option to leave at the end of the '98 season "for any reason" (SAN JOSE MERCURY NEWS, 7/22). Schott and Hofmann also gained changes in their operating agreement with the Coliseum. The nine-year deal includes $11M in reimbursements for losses from football operations and construction, and up to $20M in baseball-related stadium improvements "over the life of the lease" (Rick DelVecchio, SAN FRANCISCO CHRONICLE, 7/22).