Franchise Notes

The AP’s Rachel Cohen profiled Medallion’s Sports Properties Acquisition Corp. and wrote for the company the purchase of an NBA, NHL or MLB franchise “is a possibility, as is a NASCAR or a European soccer team.” Medallion Financial Corp. President Andrew Murstein said that if Sports Properties buys a team, “it will be in a big market and have a brand name … because that is the type that offers the opportunity to increase revenue.” Murstein considers the Cubs to “fit that description.” Former U.S. Rep and Medallion Chair Jack Kemp said that Sports Properties “could leverage its current funds to more than” $1B. Murstein: “It’s a great time to be sitting with a lot of cash, because everybody is having a liquidity crunch these days, and nobody has financing.” Sports Properties also raised $216M in an IPO of stock in January. MLB President & COO Bob DuPuy  in an e-mail said of Sports Properties, “In our opinion this is a very attractive group” (AP, 6/27).

NOTES: In Charlotte, Rick Bonnell wrote, “The Bobcats need to make the playoffs now.” Attendance “has never been great here and there’s obviously an urgency to renew luxury-suite leases.” And Bobcats Owner Bob Johnson “trying to guilt the local business community into buying his product reflects how many millions have been lost already in this start-up” (CHARLOTTE OBSERVER, 6/29)....In Philadelphia, Bob Ford wrote under the header, “Foolish Wade Won War, Lost Respect.” There is "no defending” former Astros P Shawn Chacon for last week attacking GM Ed Wade, but Wade “let the strain get to him, apparently." He "let his temper get the best of him” (PHILADELPHIA INQUIRER, 6/29).