Kings Cite Culture Change For Trading Cousins Dynamo Sign Roc Nation In Three-Tiered Deal Braves Launch Marketing Effort For New Venue D-Backs' Brass Hopeful For Franchise Turnaround Pirates Owner Says Club Underperformed In '16 Franchise Notes Marlins' Talks With Kushners Over For Now Yankees' Arbitration Hearing Gets Heated Tom Ricketts Addresses Cubs' Offseason Werner, Henry Have No Plans To Sell Red Sox
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).