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ART MODELL'S WIFE GAINS TEAM OWNERSHIP BUT HE KEEPS CONTROL
Published September 17, 1997
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).