A "long-awaited agreement has finally been reached" that
will see 80% of the Blue Jays sold from Belgium-based
Interbrew to Canada-based Rogers Communications for US$120M,
according to Geoff Baker of the TORONTO STAR. All
"obstacles" to the deal "have been ironed out and both sides
are to meet this weekend to wrap things up on paper." A
source "close to the negotiations confirmed" there "should be
an announcement next week." Several sources "confirmed that
a major new development in the deal" will see the Canadian
Imperial Bank of Commerce "relinquish" to Interbew the 10%
holding it has had in the team since the city was awarded a
franchise in '76. Interbrew will "retain" 20% of the team.
It could "take several months" for the deal to be approved by
MLB (TORONTO STAR, 8/17). In a sidebar, Baker writes that
Rogers "could enable Toronto fans to dream once again," and
points to Turner Sports Vice Chair Ted Turner, who "has shown
just how much a media conglomerate can boost a baseball
team's wealth." Under the deal, Rogers would control all TV
and radio rights for the broadcast of games, which "pump"
about $25M per year into the team. But Rogers "might be more
interested in keeping" the rights to supply 162 games of
Canadian content for SportsNet, which it is attempting to buy
from CTV (see THE DAILY, 6/19). Rogers "can further boost
its revenue stream by buying" the SkyDome from Sportsco
(TORONTO STAR, 8/17). Meanwhile, in Toronto, Garth Woolsey
writes, "What's been needed for a long while is a deep-
pocketed buyer for the Blue Jays franchise. That's the deal
that needs to get done, the sooner the better. Welcome to
the neighborhood, Mr. Rogers" (TORONTO STAR, 8/17).