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TIGHTEN 'EM SPURS: GEN. MCDERMOTT READY FOR BATTLE ON SALE?

     Spurs Chair Robert McDermott revealed details yesterday of a
deal to sell the team to the Maloof family of NM for $120M to be
paid over a period of years, according to today's San Antonio
EXPRESS-NEWS.  In a meeting with the EXPRESS-NEWS editorial
board, McDermott called the package "the largest cash offer in
the history of the NBA" and the "best way to make the Spurs
financially viable."  San Antonio Mayor Bill Thornton said
neither he nor his staff had been notified of the proposal and
"was angry to learn about details" from the media.  The deal
would have the Maloofs pay owners $53M in cash, pay off $7M of
the team's outstanding bills and assume $30M of the franchise's
debt.  After the $90M, the Maloofs would pay ownership another
$30M at a future date, either after the team has played a full
season in a new arena or if they decide to move the team.  The
deal hinges on the city "giving up or reducing" what it receives
from the Spurs at the Alamodome -- something officials have
resisted.  The Spurs gave the city $3.2M in concession money last
year.  It would also require the city or county granting free
land and infrastructure for a new arena (Anne-Lucas & Rogers, San
Antonio EXPRESS-NEWS, 7/10).  FOLLOW THE GENERAL?  Spurs partners
get details of the offer this morning "at what promises to be a
contentious meeting."  The owners are reportedly divided on how
to respond, with key sources saying McDermott expects some to try
to unseat him as Chair, while others say the bid is "gathering
steam, even from owners who have been exasperated with McDermott
in the past."  McDermott said yesterday he had the support of the
largest stakeholder, Gaylord Properties, which owns 18.4%.  The
second largest owner, Peter Holt, with 13.37% opposes the offer
and "wants to increase his stake" (San Antonio EXPRESS-NEWS,
7/10).  Columnist Kevin O'Keefe writes that few believe Spurs
owners "will consider [the offer] for very long," noting the
initial low sale price of $90M is just $15M more than what owners
paid in '93 (San Antonio EXPRESS-NEWS, 7/10).

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