The Raptors ownership group, led by Allan Slaight and the
Bitove family, is discussing a plan to offer more than C$50 a
share for controlling interest in Maple Leaf Gardens Ltd. and the
Maple Leafs if the shares become available, according to the
Toronto GLOBE & MAIL. MLG Chair Steve Stavro paid C$34 a share
for controlling interest in April '94, but his purchase has been
held up by Ontario's Public Trustee and a class-action suit by
minority shareholders. While a bid between C$50-60 would make
financial sense for the Raptors, there is speculation they could
go for more than C$60 if Stavro loses the court battle and the
shares go on the open market. Others parties, including
Labatt's, are interested in that scenario. By controlling MLG
and the Raptors, Raptors ownership would be in a position to work
out better financing for their planned new arena by doubling
revenue. The Raptors could also move out of their temporary
SkyDome home and into the Gardens where they would control all
revenue (David Shoalts, Toronto GLOBE & MAIL, 11/14).
