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  • KINGS SALES COMPLETE AFTER TEAM FILES FOR CHAPTER 11

         The "long-awaited" sale of the L.A. Kings was completed last
    night, after the team declared Chapter 11 to allow the deal to be
    finished.  The team was sold by LAK Acquisition Corp. -- headed
    by Jeffrey Sudikoff and Joseph Cohen -- to Majectic Anshutz
    Venture, a partnership of Denver-based Philip Anshutz and L.A.
    developer Edward Roski, Jr.  The bankruptcy move "helped the
    parties reach a definitive sale agreement for $114 million,
    including a binding agreement with Laker and Forum owner Jerry
    Buss that could move the team into a new arena yet to be built."
    There is an "approval hearing" scheduled for October 5 in U.S.
    Bankruptcy Court in L.A., and the sale also needs approval from
    the NHL Board of Governors.  Anschutz and Roski also "have the
    option to purchase a minority interest in the Lakers."  NHL
    officials had viewed bankruptcy as a final option, but "almost
    everyone involved recognized the neccessity of running the Kings
    through a cleansing process of bankruptcy, protecting the
    potential purchasers from unseen potential future liabilities."
    NHL General Counsel Jeffrey Pash said "the bankruptcy filing will
    have no effect on the club's operations" (L.A. TIMES, 9/21).
    

    Print | Tags: Franchises, Los Angeles Lakers, NHL
  • MN GOVERNOR STILL WANTS HOCKEY IN THE TWIN CITIES

         MN Gov. Arne Carlson said yesterday that he still supports a
    plan to help the prospective owners of the Jets hockey team if
    they move them to Minnesota, according to Jay Weiner of the
    Minneapolis STAR-TRIBUNE.  Carlson said he didn't want any
    assistance "sold as a subsidy," reportedly referring of "a tax-
    rebate concept that received limited support in the Legislature
    in May."  Under that plan, prospective owners Richard Burke and
    Steve Gluckstern "would have been given the income taxes Jets'
    players would have paid to the state" (Minneapolis STAR TRIBUNE,
    9/21).
    

    Print | Tags: Franchises, New York Jets
  • SPURS PROJECT LOSSES OF OVER $3M FOR UPCOMING YEAR

         In a presentation yesterday, the Spurs projected a $3.26M
    loss of '95-96 while reporting earnings of $4.51M for the '94-95
    season (which includes more than $4M from the playoff alone),
    according to this morning's SAN ANTONIO EXPRESS-NEWS.  The
    projected loss is based on the team not making the playoffs.
    Spurs President & CEO Jack Diller:  "Somehow, we've got to work
    with the city to obtain a revenue stream to make this viable."
    Diller was referring to contracts with the city involving
    concessions, parking, luxury boxes, rent, and other costs at the
    Alamodome.  San Antonio Mayor Bill Thornton opposes any changes
    in the Spurs' lease, but is open to adding new seating and
    portable luxury suites.  EXPRESS-NEWS business columnist David
    Hendricks writes, "City Hall would be smart to start
    renegotiating its Alamodome contract."  He points out the Spurs
    are limited in areas of broadcast revenues and the lack of a
    corporate presence in San Antonio.  The city is the NBA's
    smallest TV market, but the fact the Spurs get only 24% in
    revenue from corporate accounts "remains the most threatening."
    NBA teams average 76% of revenue from corporations.   The team is
    now targeting "corporate-rich" and "high-tech" Austin (SAN
    ANTONIO EXPRESS-NEWS, 9/21).
    

    Print | Tags: Franchises, NBA, San Antonio Spurs
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