Investors in publicly traded units of the Boston Celtics
Limited Partnerships have experienced "disappointed in some
quarters over the dividend ... and the financial uncertainty of
an industry" with escalating salaries, according to Bailey &
Syre of the BOSTON GLOBE. On August 9, units fell 17%, to their
lowest prices in a year, although they have since recovered "a
bit of the lost ground." Some investors were "unhappy" because
the team failed to "pass the money on to unit holders" from the
sale of its WFXT-TV in '94. But Celtics President Stephen Schram
notes, "Even though the unit price may not reflect the value, ...
we've added a lot of value to the company over the last few
years." Schram "insists the team has been clear all along in its
desire to find a new entertainment or leisure-oriented venture to
buy, to the point of prompting on-and-off rumors about acquiring"
the Red Sox. Schram: "We have to be a little patient. We don't
feel we're under pressure to spend the money unless we find
something that is really going to work" (BOSTON GLOBE, 8/20).
Celtics shares closed at 21 7/8 yesterday, up 1/4 (THE DAILY).