SBD/19/Franchises

ROCKETS' ALEXANDER COLLECTS C$4M IN OILERS "BREAK-UP" FEE

          Alberta Treasury Branches paid a C$4M "break-up" fee to
     Rockets Owner Les Alexander "after he lost out on his bid"
     to buy the NHL Oilers in May, according to Jac McDonald of
     the EDMONTON JOURNAL.  Alexander "is entitled to" another
     C$4M if the agreement keeping the Oilers in Edmonton until
     2004 is "relaxed in any manner," making it easier for the
     club to be relocated.  The fee agreement, obtained by the
     JOURNAL, says that the additional money is due "whether or
     not the club is then relocated."  The fees "were part of
     Alexander's second offer to purchase the Oilers."  Treasury
     Branches spokesperson Darlene Dickinson "confirmed" that
     Alexander received the C$4M, out of the C$100M proceeds of
     the sale.  Dickinson: "It was his requirement that if the
     local buyers succeeded in purchasing the team, he would
     require a break-up fee.  This is quite normal under
     transactions of this type" (EDMONTON JOURNAL, 8/19).

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