SBD/Issue 88/Franchises

Sale Of A’s To Wolff Nearly Complete, Awaiting MLB Approval

A-Okay: Lewis Wolff Moves Step
Closer To Acquring Team

MLB has approved legal documents for the sale of the A’s from co-Owners Steve Schott and Ken Hofmann to VP/Venue Development Lewis Wolff, which “leaves only two main hurdles” — approval by 75% of MLB owners and having the Network Associates Coliseum lease transferred to Wolff — according to Kroichick & Shea of the S.F. CHRONICLE. The team is expected to sell for at least $150M. While MLB owners are not scheduled to meet again until May, they “might formally consider the A’s sale before then.” Schott: “I would think it could get done before Opening Day and maybe even before spring training gets into full swing.” An MLB spokesperson said that owners could vote via conference call, but there is “no apparent urgency.” The spokesperson: “It’s more in our hands to go through all the documents, do all the background checks, everything related to the final closing” (S.F. CHRONICLE, 1/27). Schott, on formally completing the sale: “It’s down the road a way, but we’re still not there yet” (CONTRA COSTA TIMES, 1/27).

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