Ravens Owner Art Modell said yesterday that despite his
deal to sell 49% of the team to MD business exec Stephen
Bisciotti for $275M, he "has no intention of getting out of
the football business" anytime soon, according to Leonard
Shapiro of the WASHINGTON POST. Bisciotti holds an option
to acquire the rest of the team for another $325M starting
in 2004, but Modell said, "If I wanted to get out, I'd have
made the whole deal right now. No, I don't want to get out.
I want to stay in it for my sons." Modell still can retain
majority control of the Ravens by buying back the option,
which Bisciotti must exercise between 2004-06. More Modell:
"If [Bisciotti] exercises the option, and there is no
certainty that he will, it will be another $325 million. At
that point, we'll have become fast friends, and I'd be
willing to buy back the option. There are a lot of people
who are happy with a minority interest. He's got a billion-
dollar business [Aerotek] that keeps him very busy." But
Legg Mason Sports Managing Dir John Moag, who is advising
Bisciotti on the deal, said that his client intends to
become a majority owner "at the proper time." Moag: "You
don't buy this team the way he bought it without staying
with the drill. I expect the partners four years from now
will act accordingly" (WASHINGTON POST, 12/21).
THE LONGEST YARD? But in Baltimore, Jon Morgan writes
that the "end is in sight" for Modell's ownership and that
Modell is "disappointed he was unable to keep his team in
the family." Modell tells Morgan, "I had my run. ... That's
how life is." Morgan writes that the sale "should produce a
handsome profit for Modell," who paid $3.93M for the
franchise in '61 (Baltimore SUN, 12/21).
WAITING FOR APPROVAL: Also in Baltimore, Vito Stellino
reports that other team owners "liked the fact" that the
team sold for $600M "even though [it] is not in a major
market and the Modells were under pressure to find a buyer."
Rams President John Shaw: "He sold it for $600M wow wow wow
this (new) guy must be rich" (Baltimore SUN, 12/21).
