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SPIRIT OF MANITOBA GOES PUBLIC TOMORROW
Published July 24, 1995
The Spirit of Manitoba is "expected to go public" tomorrow with a C$50M limited partnership offering for the group's purchase of the Jets, according to the WINNIPEG FREE PRESS. Spirit's plans for the Jets are laid out in a 25-page prospectus that "promotes the limited partnership as an ideal tax shelter and points out that investors should not expect a financial return for more than five years." Meanwhile, Spirit will send letters to thousands of Manitobans who participated in the "Save the Jets" campaign to see if they want their money to go toward owning the team or a charitable endowment fund used to cover future losses (Samyn & Douglas, WINNIPEG FREE PRES, 7/22). Highlights of the prospectus: 1) $50M issue in 50,000 units worth $1,000 each. Minimum purchase five units. 2) Partnership will assume ownership of 100% of franchise. 3) Investments over a certain limit licensed to use slogan "Proud to be an Owner of the Jets" (John Douglas, WINNIPEG FREE PRESS, 7/22).