SBD/17/Franchises

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).
     
Return to top
Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug