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TWO LAWSUITS COULD DELAY NBA'S APPROVAL OF RAPTORS SALES
Published March 9, 1998
Maple Leaf Gardens [MLG] might find that the NBA's approval of the Raptors sale "is not a slam dunk," according to David Shoalts of the Toronto GLOBE & MAIL. Shoalts: "That's because the NBA governors have some questions, a number of which have been raised by one lawsuit in the wake of the sale and by another that is expected to be filed this week." The first lawsuit was filed by former Raptors Owner John Bitove and "concerns the concession rights at the Air Canada Centre." The second lawsuit, "expected to be filed this week in Toronto by former Gardens shareholder Harry Ornest," will raise "a number of issues," including plans to make a public offering of shares in MLG. MLG Minority shareholder Larry Tannenbaum said that MLG doesn't expect the sale to be rejected by the NBA, nor has the company considered going public at this point (GLOBE & MAIL, 3/9).