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AG Wants Bosox Bid Documents To Determine If Sale Is Legit
Published December 28, 2001
MA AG Thomas Reilly yesterday "blasted the Red Sox for refusing to turn over key documents related to the team's [$700M sale], suggesting the Sox could be shortchanging public charities by rejecting the highest bid for the team," according to Greg Gatlin of the BOSTON HERALD. Reilly: "Our job is to find out why that happened. On several occasions we have asked ... for the information we need to do our job. Specifically, we have asked for the bid documents. So far they have refused." Reilly said that the Red Sox "offered to give him a summary of documents he'd asked for, but not the documents themselves." Reilly: "That's not acceptable." Reilly "wants the records to see why" Red Sox CEO John Harrington and the club's limited partners "passed over" a $790M offer from N.Y. attorney Miles Prentice. The club instead accepted a $700M bid from the John Henry-Tom Werner group. However, Reilly "stopped short of saying he would, or could, seek to block" the sale, and declined to say whether he would subpoena documents. Reilly said that he would obtain the documents "one way or another." Reilly: "Whatever authority we have, we will use" (BOSTON HERALD, 12/28). Reilly said of the basis of his review: "Fifty million dollars is a lot of money. It may not be to [MLB], but it is to charities. And this office has a responsibility to make sure the charities get all the money they're entitled to from the sale of the Yawkey Trust's controlling interest in the Red Sox." But Reilly said that his review "may end up supporting the Red Sox decision." Reilly: "Maybe it's all legitimate, but we won't know that until we get the information. But we're not going to just rubber-stamp [the sale]" (BOSTON GLOBE, 12/28).
HARRINGTON'S RESPONSE: In Boston, Cosmo Macero writes Harrington "was forced to scramble yesterday to address a crisis of his own making." Harrington said in a statement: "I am absolutely confident that ... once the attorney general has the facts, he will concur that the process was fair and appropriate. I have been committed throughout this process to maximizing the value of the Yawkey Trust and the charities that benefit from it" (BOSTON HERALD, 12/28).