Raptors VP/GM Isiah Thomas "won a dramatic ownership
showdown that allows him to buy the controlling interest" in
the Raptors, according to Mary Ormsby of the TORONTO STAR.
Thomas signed a letter of intent for his group of U.S. and
Canadian investors to purchase the team from Allan Slaight,
head of Slaight Broadcasting. The deal, reached over 12
hours of conference calls, "may clear the way" for the
Raptors and Leafs to operate in a joint arena. Leaf Chair
Steve Stavro and Thomas "have made initial contact regarding
the two-sport facility," and insiders say they have "made
substantial progress in hammering out plans to make it work"
(TORONTO SUN, 4/22). The GLOBE & MAIL's Christie & Millson
write the ownership deal is "expected to be closed" this
summer (Toronto GLOBE & MAIL, 4/22). The SUN's Craig
Daniels reports the deal includes "guarantees" from the Bank
of Nova Scotia, which owns ten percent of the team, and
Slaight, that Thomas "will end up with no less than 51%, or
controlling interest in the team." Daniels writes on the
Bank of Nova Scotia's role in negotiations, noting that it
"had enormous financial interest in keeping things exactly
as they were. It stood to make its money from Slaight and
his arena deal. That's why the bank was prepared to
exercise the right of first refusal on the sale to Thomas.
It didn't own Isiah Thomas, and that was a problem" (TORONTO
SUN, 4/22). The GLOBE's Christie & Millson note that MLG
officials "have been reluctant" to deal with Slaight or with
current Raptor President Richard Peddie, "but they have
indicated a willingness to deal with Thomas. It was a
member of Thomas' potential ownership group who had
approached Leaf owner Steve Stavro and convinced him to join
the Raptors in an arena venture." Thomas: "I'd like to see
the Raptors and Leafs in the same building, but there are
major issues we will encounter" (GLOBE & MAIL, 4/22).
ISIAH'S IMPACT: The GLOBE & MAIL's James Christie
writes on Thomas becoming the first African-American
majority owner in pro sports history: "No black person has
ever been in the position of majority owner of a major-
league professional sports franchise. With Thomas heading a
group of investors, that last, heavy door is open" (Toronto
GLOBE & MAIL, 4/22). Chris Young of the STAR: "Down in New
York, you know [NBA Commissioner] David Stern is whooping
with delight. The NBA Commissioner has always pushed for
minority owners, without much success" (TORONTO STAR, 4/22).
