The Celtics Limited Partnership reported earnings that have
"more than doubled" to $54.2M, or $8.89 per partnership unit, on
revenues that rose 24% to $64.8M for the fiscal year ended in
June, according to David Halbfinger of the BOSTON GLOBE. Last
year, the Celtics reported earnings of $16.2M, or $2.43 per unit,
on $52.3M in revenues. The $105M sale of WFXT-Channel 25 to
Rupert Murdoch's Fox TV Stations Inc., as well as $13.2M more in
gate receipts from higher ticket prices and the addition of 4,400
at the FleetCenter, has made it the Celtics' "best financial year
ever." Celtics Chair Paul Gaston and team President Stephen
Schram, both received "heftier-than-ever" bonuses. Schram took
$3.66M in cash, while Gaston took his bonus in restricted shares
which "he cannot sell for 10 years unless the team changes
hands." That "gives Gaston's bonus a paper value today" at
$5.2M. Gaston: "I felt I'd feel better if I didn't take the
cash. It sends a better message to our basketball fans" (BOSTON
GLOBE, 9/28).
CELTS FRIENDS AND FAMILY PLAN? ESPN's David Aldridge,
discussing the Celtics' lagging season ticket sales, reports
"more than one person in the organization isn't thrilled with a
plan ... where employees have been asked to provide a list of
friends and family members to be recruited to buy season tickets"
("SportsCenter," ESPN, 9/27).
