SBD/18/Franchises

BUSHELS OF DOUGH: TEXAS GOV. GETS $15M FROM RANGERS SALE

          MLB Rangers President Tom Schieffer said yesterday that
     TX Gov. George W. Bush turned his $600,000 investment in the
     team into at least $15M, according to Slater & Oppel of the
     DALLAS MORNING NEWS.  Bush was among a group of investors
     who bought the Rangers for $86M nine years ago.  For Bush,
     "whose name has been floated as a potential GOP presidential
     candidate in 2000," the Rangers deal "is by far the most
     lucrative investment" in his business career.  Bush paid
     $606,000 for about 1.8% of the team, but because he served
     as Managing General Partner, his stake rose to 12%. 
     Schieffer said that Bush received $14.9M from the sale and
     he could collect another $1-2M in final accounting.  Bush's
     profits are two-fold: he received $2.7M strictly for his
     partnership interest, and the agreement also called for
     Bush, as Managing General Partner, "to receive added
     compensation if the team were sold for anything above a
     modest profit" (DALLAS MORNING NEWS, 6/18).  

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