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Franchises

JACOBS ANNOUNCES THIS MORNING THAT INDIANS ARE IN PLAY

          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).

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