The battle to buy the Blue Jays is "heating up," according
to Marina Strauss of the Toronto GLOBE & MAIL. A group led by
team President Paul Beeston is preparing one bid while majority
owner Interbrew SA is believed to be considering a separate
offer. Beeston could not be reached for comment, but Hugh
Rorison, President of the Toronto-based Penfund Management, Ltd.,
is involved with the management-led bid and believes "his
consortium has lined up financing for the deal." Rorison said
other shareholders of the SkyDome are part of the group eyeing
the team. The group's offer would include a bid for Interbrew's
42% stake in the SkyDome and its 100% interest in the Argonauts.
Penfund has a 10% stake in the SkyDome, and other SkyDome
shareholders include the Toronto Sun Publishing Co., Controlled
Media Communications, and Canadian Imperial Bank of Commerce.
The "flurry of activity" comes as a group of private investors,
led by Toronto-based developer Murray Frum, is believed to have
"submitted a letter of intent to Interbrew to buy the team." A
third group, led by a "wealthy Canadian businessman," is
reportedly also "in and out of discussions." A source close to
the talks said Interbrew has not decided whether to hold onto a
minority interest in the Jays, "perhaps" 10-15%, or sell its
entire stake. Interbrew may want to "maintain an interest to help
Labatt pitch its beer" (Toronto GLOBE & MAIL, 8/16).
NOT HOT: The Blue Jays were hoping a "good team" might
average close to 35,000 a game, but "it hasn't happened," as the
team is averaging 31,819, and on pace to draw 2.6 million fans
for the season. Beeston on attendance: "I'm not disappointed.
I'm not happy either." The team needs to draw 2.6 million to
break even. With Jays ratings down "significantly" and their TV
package up for renewal next year, the TORONTO STAR's Jim Byers
notes, "it's no wonder Beeston isn't happy" (TORONTO STAR, 8/16).
Following up on yesterday's examination of Jays TV ratings,
William Houston notes sources say some CFL teams are drawing
bigger audiences than the Jays (Toronto GLOBE & MAIL, 8/16).
