Angels Bad PR Continues With Dipoto Exit NHL Rangers' Sather Passes GM Torch To Gorton Franchise Notes Sources: Angels' Dipoto Out As GM Bettman, Coyotes Deny N.Y. Post Report Kings, Ranadive Coming Under Fire From Critics Lions Set To Host LGBT Pride Night Orlando City To Own USL Club Phillies' MacPhail To Observe For First Few Months NYC FC's Geography Paying Dividends
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).