Ravens Owner Art Modell owes Boston-based Fleet Bank
about $185M from his loan in '96 to finance the relocation
of team from Cleveland to Baltimore, according to Thomas
Heath of the WASHINGTON POST, and several bankers "said
privately" yesterday that Modell "might have to pay as much
as" $25M annually on such a loan. Modell acknowledged
yesterday that there are "some technical difficulties with
the loan," but added, "We've never missed an interest
payment or pay down in principal." One source, on Modell's
financial situation: "The problem is not revenue, it's an
expense issue. He can't stop spending money" (WASHINGTON
POST, 6/18). Bills Owner Ralph Wilson is "not sympathetic"
to Modell asking the league to waive the Ravens' $29M
relocation fee. Wilson: "Art's a great guy and a good
friend of mine ... but I don't think it's fair to the other
owners (to waive the fee). The owners did everything in the
world to help Art to move to Baltimore. We can't keep
making exceptions." To be granted a waiver on the fee or
secure a loan, Modell would have to get 24 team votes.
Giants co-Owner Robert Tisch: "I don't think the league will
make a loan to him or anybody else. The league is not in
the business of making loans." But a few owners said they'd
be interested in listening to Modell before making a
decision. Chiefs Owner Lamar Hunt: "I'd like to hear about
what [Modell's] reasons would be" (Baltimore SUN, 6/18).
