Lew Wolff Finalizing Deal To Sell 15% Of Earthquakes To SVS&E
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Lew Wolff Could Receive Up To
$6M For 15% Stake In Team |
A's Owner Lew Wolff is "finalizing a deal to sell as much as" 15% of the MLS Earthquakes to Silicon Valley Sports & Entertainment (SVS&E), which operates the Sharks, according to Eric Young of the SILICON VALLEY/SAN JOSE BUSINESS JOURNAL. The deal means that SVS&E "will use its marketing and event-hosting prowess to help the Quakes rather than compete against them," which could be a "big boost to the Earthquakes as the soccer team seeks to make even greater inroads with local fans and could help the team attract non-soccer events to a new stadium it plans to build in San Jose in coming years." SVS&E "could be paying as much" as $6M for the 15% stake, assuming the Earthquakes are valued at $40M. Wolff and SVS&E President & CEO Greg Jamison said that the "conclusion of the sale agreement is imminent." Jamison: "We're very close. It's a matter of doing the legal work. We've agreed, and we're going forward." Young notes the sale marks the second time SVS&E has been involved with the Earthquakes, as the company owned a part of the original San Jose MLS team, which played from '95-'05 before moving to Houston. SVS&E "pulled out of its partnership" with then-Earthquakes owner AEG in '02 after "losing money." However, SVS&E officials said that they "think professional soccer continues to be a growth industry." Jamison: "We like the product, and we're glad it's back in San Jose. We think [MLS] is making more and more progress" (SILICON VALLEY/SAN JOSE BUSINESS JOURNAL, 1/9 issue).
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