Ravens Owner Art Modell "plans to sell" a share of the
team to a new investor to reduce the debt and put the team
in a "more solid position" financially, according to Jon
Morgan of the Baltimore SUN. Modell will hire an investment
banker within the next month to advise him on the sale, but
the new partner will not acquire a controlling interest in
the Ravens, as that will continue to be held by Modell's
wife, Patricia. However, Modell said the investor "might
receive the right of first refusal in the event the team is
sold." Modell eventually wants his son, Ravens President
David Modell, to inherit the team: "I'd like somebody who's
a younger age than me, who can grow with the business, grow
with my son, David." Money from the sale "could be used to
help pay down the extraordinary debt that the team acquired"
as the Browns and during its move to Baltimore in '96. The
team reportedly "took on" $185M in loans and other forms of
credit during its transition from Cleveland to Baltimore and
"may apply" for a loan from the NFL to pay off some of its
lenders. But Modell denied reports of cash flow problems
for the team: "It's [the financial situation] far better
than it was three years ago. We have never missed a
payment." Modell added that he has been contacted by
several potential investors. The team has also "decided to
dispute" the $29M relocation fee the league assessed the
team in '96, claiming that the Oilers, who moved from
Houston, didn't pay a fee (Baltimore SUN, 6/17).
ALL IS NOT COPE-SETIC: In DC, Thomas Heath writs that
Modell has filed a grievance with the league "to protest"
Redskins Owner Daniel Snyder's hiring of former Ravens
VP/Sales & Marketing David Cope as the Redskins new Exec VP.
Modell said he believes that Snyder "secretly negotiated
with Cope for a month and then sprang the deal on the
Ravens" at the last minute, leaving the team "vulnerable at
a critical time." Modell: "They stole him. ... I don't want
to do business with that ilk." Modell added that he "fired"
Cope over the weekend after he learned of his intentions to
join the Redskins. The league's Constitution and Bylaws
prohibit teams from tampering with players, coaches and
employees of other teams if they are under contract. But
Snyder spokesperson Karl Swanson said that Snyder had spoke
with David Modell before hiring Cope, who he said was not
under contract with the Ravens. NFL Senior
VP/Communications Joe Browne said the league will "review
the complaint" soon (WASHINGTON POST, 6/17).
