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STOCK OPTIONS: GASTON TO INCREASE STAKE IN CELTICS OWNERSHIP

          Celtics Chair Paul Gaston "offered to increase his
     stake in the team's ownership yesterday," causing shares in
     the Boston Celtics LP to reach a 52-week high of 17 1/2
     before closing at 16 1/2, up 2 1/2, according to Gregg Krupa
     of the BOSTON GLOBE.  Gaston's Castle Creek Partners "is
     offering to buy" up to 430,000 shares of the publicly held
     team at $17 per unit in a cash tender offer set to expire on
     March 1.  The offer for the units, about 16% of those
     outstanding, "spurred heavier trading" in the team's shares,
     with 60,400 units traded compared to a three-month daily
     average of 16,400.  Castle Creek presently owns 120,000
     shares of the publicly traded portion of the Celtics
     ownership and would have a 24% stake in the stock "if the
     tender offer is realized in full."  Gaston's latest move
     "signals his expectations that the stock will increase in
     value" despite the NBA's recent lockout and Michael Jordan's
     retirement.  Celtics COO & CFO Richard Pond said the team
     would also like to reduce the high cost of serving some
     80,000 unit holders who have "bought shares as souvenirs
     more than investments."  Pond: "The assumption is that by
     consolidating about 20 percent of the stock, we'll reduce
     the number of shareholders" (BOSTON GLOBE, 1/14).
          ON THE STREET: In Providence, Neil Downing reports that
     Gaston's move has "raised the possibility that the franchise
     may one day be sold" (Providence JOURNAL, 1/14).
          WNBA IN HARTFORD: The Celtics "are interested" in
     sponsoring a WNBA team and "would consider" having it play
     games in Hartford.  Team VP/Media Relations Jeff Twiss said
     that talks were still "preliminary" (BOSTON HERALD, 1/14).  

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