Red Sox CEO John Harrington said that he will "continue
to seek financing for a new ballpark in an attempt to bind
future owners to assume what could amount to more than"
$250M in debt to build a ballpark "next door" to Fenway
Park, according to Meg Vaillancourt of the BOSTON GLOBE.
Harrington: "Until the day I hand the team over to a new
owner, I am in the legal position to decide what is in the
best interest of the team and to take on debt."
Vaillancourt adds that a new owner "would assume both the
team's assets and liabilities," but it is "unclear whether
any financing deal completed by Harrington would
automatically be imposed on a new owner unless the borrowed
funds are spent." But Harrington now "faces a number of
political and financial hurdles." Sources close to Mayor
Thomas Menino said that Menino, who "has pledged to continue
working with the team" on ballpark financing" is "not
expected to bring a final ballpark package" to the City
Council until a new owner has been approved by MLB.
Vaillancourt notes that some Red Sox bidders are "weighing
plans" that include building a new ballpark in the South
Boston Waterfront "or other Boston neighborhoods, or outside
the city" (BOSTON GLOBE, 10/12). Also in Boston, Scott Van
Voorhis cites team execs as saying that the owner that
purchases the Yawkey Trust's 53.5% majority stake of the Red
Sox will have "control over" assets including Fenway Park
and "related real estate and parking facilities." Van
Voorhis notes that "a group of high-powered" VA business
execs "appear to be gearing up to lay out" over $300M for a
stake in the team" (BOSTON HERALD, 10/12).
SPEAKING OF BIDDERS ...: Meanwhile, in Boston, Dan
Shaughnessy writes that former Red Sox player & Ted Williams
Family Enterprises President John Henry Williams "plans to
put a group together and make a bid" for the team (BOSTON
GLOBE, 10/12). BOSTON.com's Eddie Medina wrote that the WWF
"placed on its Web site a news brief quoting" WWF Chair
Vince McMahon as saying he has "no interest" in buying the
team (BOSTON.com, 10/11). Former Devils Owner John McMullen
said he has "no interest at this time" in buying the Red
Sox. McMullen: "I think everyone in the world has inquired
about the Red Sox. I have not inquired directly. A lot of
people have called me. I've had six different calls, but
none of them were from principals. Look, everyone in Boston
is going to be involved in that. It's going to take a year
to decide. Anyone that jumps in now is going to lose the
race" (Ralph Vacchiano, N.Y. DAILY NEWS, 10/12).
