Indians Owner Richard Jacobs said today that he is
considering selling the franchise and that the team's Board
of Directors has retained Goldman Sachs and McDonald
Investments to identify potential buyers. Jacobs: "Sports
franchises are attracting premium prices, and we are under
no pressure to sell." Jacobs has owned the Indians since
'86 (THE DAILY). Jacobs held a press conference this
morning where he told the media, "I want to assure everyone
that our intention is to find a buyer who is committed to
Cleveland." Asked why he decided to sell the team: "I think
this is an opportune time, if you take a look at it from a
business point of view. If the Redskins can command 800
thousand -- Thousand. Shows the era of my upbringing --
800 million, I think the Indians should bask in that also.
... I just thought it's appropriate to move on." Asked if
an out-of-town buyer could relocate the franchise, Jacobs
said, "The team is not going anywhere. We have 15 years,
including a half or more of this year, under contract with
Gateway and who would want to move a team like this." On
the sale process: "We look forward to closing this in a
timely manner. If, for some reason, we are not satisfied,
we will not sell the property." Jacobs added that he is
selling his "entire stake" in the team. On possible
corporate ownership interest in the Indians: "Major
companies and organizations are using sports facilities for
product for their medium. There will always be some
individual owners, there's no question" (THE DAILY).