WA-based Orca Bay Sports & Entertainment Owner John
McCaw "will announce this week he's looking to sell the firm
that owns the" Grizzlies, Canucks and GM Place, according to
Stuart Hunter of the Vancouver PROVINCE. McCaw has
"reportedly lost" more than $20M during the last year from
his ownership of the teams and the arena, whose combined
worth is estimated at around C$300M, and the Grizzlies alone
have lost around C$68M over the last three years. Orca Bay
VP/Communications Kevin Gass, who "confirmed" McCaw's
interest in selling the sports ventures: "John has been
looking for a minority partner for over a year now. It's
now reached the point where a minority partner is not
necessary and he's prepared to sell both teams and the
arena." Gass didn't comment on whether McCaw would sell the
three entities separately or to one buyer. McCaw
"reportedly has more than" C$200M invested in Vancouver
sports interests (Vancouver PROVINCE, 8/22).
GOING SOUTH? In Vancouver, Kent Gilchrist puts the
value of the Grizzlies and Canucks at about $140M each and
the value of GM Place at $150M and floats Blazers/Seahawks
Owner Paul Allen as a potential buyer who could relocate the
Canucks to Portland's Rose Garden. The Grizzlies wouldn't
be able to relocate until 2000 due to their expansion
agreement with the NBA. Gilchrist also mentions former WHA
Blazers Owner Jimmy Pattison and CFL Lions Owner David
Braley as possible bidders for the teams (PROVINCE, 8/23).
STOPPING THE BLEEDING: In Calgary, Jim Taylor examines
McCaw's ownership of the Grizzlies and Canucks and writes
that "if you own both franchises and don't have to pay rent
because you also own the building [GM Place] and all the
amenities within and STILL lose almost [C]$100M in four
years, how in the blazes can the operation survive?" Taylor
notes that GM Place profits from non-sports events "are
eaten up" by Grizzlies' losses and calls the Canucks "a
fiscal sink-hole with no relief in sight." More Taylor:
"John McCaw didn't get his billions by being stupid. What
it gets down to now is whether there's anyone rich enough
and dumb enough to try to make it work" (CALGARY SUN, 8/23).
