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  • ART MODELL'S WIFE GAINS TEAM OWNERSHIP BUT HE KEEPS CONTROL

              The Ravens are scheduled tomorrow to finalize a
         "complex financial restructuring" in which the team will
         take on $185M in debt and shift majority ownership -- "but
         not control" -- from Art Modell to his wife, Pat, according
         to Jon Morgan of the Baltimore SUN.  Modell, "working to pay
         off debts" from Cleveland, buy out two OH-based minority
         partners and pay the "considerable bills" from his
         relocation to Baltimore last year, transferred ownership of
         70% of the team to his wife of 28 years.  He will retain 30%
         of the team's stock, "the minimum that the league requires
         for a general partner."  As General Partner, he will "retain
         the ability to make all decisions affecting the franchise
         and vote on its behalf at league meetings."  Boston-based
         Fleet Financial Group will raise $90M in capital through
         partner banks and will arrange for the sale of $95M in notes
         similar to corporate bonds (Baltimore SUN, 9/17).
         
    

    Print | Tags: Baltimore Ravens, Fleet Financial, Franchises
  • BACK TO SCHOOL: MOLLOY TAKES SABBATICAL FROM YANKS TO TEACH

              Yankees Owner George Steinbrenner has confirmed that
         Joe Molloy, his son-in-law and the team's General Partner,
         "has given up his day-to-day responsibilities -- a move
         several Yankees insiders anticipate will become a permanent
         withdrawal," according to Dan Wasserman of the Newark STAR-
         LEDGER.  After nine years with the Yankees, Molloy has taken
         a "sabbatical" to return to teaching at a Tampa high school. 
         Wasserman wrote that observers "agree that Molloy's days
         [as] a full-time force in the front office are history,
         especially as long as Steinbrenner is around."  On Monday,
         Steinbrenner "admitted that the latest defection makes his
         youngest son, Hal, a clear-cut heir apparent" as Managing
         General Partner when he retires (Newark STAR-LEDGER, 9/16).
    
    

    Print | Tags: Franchises, New York Yankees, YankeeNets
  • FRANCHISE NOTES

              In Memphis, just over 13,000 tickets have been sold as
         of Tuesday for Sunday's Oilers game (Memphis COMMERCIAL
         APPEAL, 9/17)....At the MLB owners meeting in Atlanta, the
         Executive Council, of which Twins Owner Carl Pohlad is a
         member, "is expected to further discuss" the possibility of
         allowing individual team owners to sell stock in their teams
         -- a policy Pohlad has endorsed (STAR TRIBUNE, 9/16)....In
         Chicago, Sam Smith writes about Dennis Rodman and the Bulls
         under the header, "Memo To Bulls: Whatever You Do Don't Sign
         Rodman."  Smith: "It's time to dump Rodman's behind, not
         risk seeing it. ... Just say no" (CHICAGO TRIBUNE, 9/17).
              ECHL NEWS: The ECHL approved the expansion application
         KTB Sports for the territory of Southwest FL.  The
         principles in the expansion franchise are Hurricanes/
         Compuware Chair Peter Karmanos, Compuware Vice Chair Thomas
         Thewes, and Craig Brush, president of KTB Sports (ECHL).
         ...Minority partners Matt Strelo and Shawn Hegan have
         assumed management control of the ECHL's Jacksonville Lizard
         Kings, owned by Horn Chen.  Strelo is now the team's new
         president and Hegan is the Exec VP & GM (Lizard Kings)
    
    

    Print | Tags: Carolina Hurricanes, Chicago Bulls, ECHL, Edmonton Oilers, Franchises, Gale Force Holdings, Minnesota Twins, MLB
  • NHL NEWS & NOTES: EDMONTON GROUP SHOULD ANNOUNCE BID TODAY

              An Edmonton group "is expected" to announce sometime
         today its intentions to buy the NHL Oilers, according to Ric
         Dolphin of the EDMONTON JOURNAL.  The group is led by Cathy
         Allard Roozen, who is part owner of Vancouver-based WIC TV;
         and Bruce Saville, a computer entrepreneur.  The JOURNAL's
         Dolphin reports that the two are worth "in excess" of C$300M
         between them (EDMONTON JOURNAL, 9/17).
              SALES UPDATE: Senators President & CEO Roy Mlakar said
         that the team is "approaching" the 9,400 mark for season-
         ticket sales, 1,300 more than the team sold last year.  He
         said the goal is to have 10,000 season-ticket holders by the
         start of the season and 12,000 by the start of the '98-99
         season (OTTAWA SUN, 9/17)....Canadiens GM Rejean Houle:
         "We've sold about 15,000 season tickets, which is where we
         were last season.  We're working on our group sales and
         various packages now" (Montreal GAZETTE, 9/17).
    
    

    Print | Tags: Edmonton Oilers, Franchises, Montreal Canadiens, NHL, Ottawa Senators
  • TAVARES DEFENDS EDISON DEAL AS NECESSARY IN LIGHT OF LOSSES

              Anaheim Sports President Tony Tavares said that the
         Walt Disney Co. "expects to lose at least" $25M in its first
         two seasons operating the Angels and "could spend" another
         $90M to renovate Anaheim Stadium, according to Shaikin &
         Weyler of the L.A. TIMES.  Tavares said the Angels lost $12M
         in '96, and he "anticipates a larger loss this season,
         primarily because of lower attendance."  The Angels are on
         pace to draw 1.8 million, their "lowest figure for a
         nonstrike season" since '78.  Tavares added that the $100M
         stadium renovation project is also over budget by about 10%.
         Disney is responsible for cost overruns on the renovation. 
         Noting the team's financial situation, Tavares said that he
         was "disappointed to receive letters from fans critical of
         Disney" for selling naming rights to Edison Int'l.  Tavares:
         "How does it harm you as a fan?  It doesn't.  We've got to
         try to tap every source of revenue we can to keep these
         seats affordable" (L.A. TIMES, 9/16).
    
    

    Print | Tags: LA Angels, Anaheim Sports, Franchises, Walt Disney
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