ANGELS: After Jackie Autry signed the owners' resolution
cancelling the season, she announced that she and her husband
Gene Autry, have decided to sell the Angels. She added, however,
that they will not sell the club until there have been a
resolution of baseball's labor dispute. The Autrys have told
four prospective buyers that they are asking $130M, although only
23% of the club will be sold while Gene Autry remains alive.
Terms of the sale "stipulate an immediate" $30M fee for 23% of
the club; the minority owner will be required to pay Autry $3M
each year to maintain the option to purchase the rest of the club
within six months of Autry's death. Jackie Autry would not
identify the four buyers, but it is believed she has had
preliminary talks with Walt Disney Corp. and billionaire Marvin
Davis (Bob Nightengale, L.A. TIMES, 9/15).
ATHLETICS: The A's are still for sale and "it is difficult
to determine" what effect the early end of the season will have
on the sale. Alameda County Supervisor Don Perata said interest
in buying the team is "sure to wane." But Oakland Coliseum
president George Vukasin "did not agree with Perata." The Haas
family put the team up for sale May 1994 with a price tag of $95M
and gave the city of Oakland seven months to find an ownership
group that would keep the team in Oakland. The deadline is
December 7 and the city is considering four buyers (Robert
Kuwada, SAN JOSE MERCURY NEWS, 9/15). "The slim silver lining
for A's fans is that -- unless the people of St. Petersburg are
so desperate they're willing to buy a baseball team that isn't
playing baseball -- the Haas family probably will start next
season is Oakland" (Ann Killion, SAN JOSE MERCURY NEWS, 9/15).
The Jaguars yesterday announced the creation of the Jaguars
Foundation, which will be aimed at helping Jacksonville's
disadvantaged children. Jaguars majority owner Wayne Weaver said
that the team will donate $3M over 5 years to the foundation, an
amount that is being touted as the "highest" team donation in the
league. NFL public service coordinator Beth Colleton said that
the highest previous amount given by a team was by the Lions,
which donates $300,000 annually to charities (Bob Phelps, FLORIDA
"In an odd bit of kismet," a group of Northern VA investors
yesterday announced a bid to bring a major league baseball team
to VA just hours before Acting Commissioner Bud Selig canceled
the baseball season. The group, Virginia Baseball Inc., claimed
that the bid represents the "strongest area coalition yet" to
bring a team to Northern VA (David Nakamura, WASHINGTON POST,
9/15). Though officials have made no formal announcement, MLB is
believed to be adding two teams for the '97 season. The
approximate cost for expansion is expected to be between $120-
170M, not including a stadium or operating costs (Basham &
Alexander, FAIRFAX JOURNAL, 9/15). The coalition reportedly
includes more than two dozen investors that have pledged more
than $98M in equity capital, as well as securing $100M in debt
financing to underwrite the bid (WASHINGTON POST, 9/15).
The county commission in Orange County, FL, passed a
resolution on Tuesday that approves of the ownership group
seeking an expansion MLB franchise for Orlando and establishes an
understanding for the lease of a proposed baseball stadium in the
area, according to documents released to THE SPORTS BUISNESS
DAILY. FL developer Norton Herrick is the majority partner, with
CO accountant Stephen Kurtz and Rockies General Counsel Paul
Jacobs also in the management group. Highlights from the
-- The term of the lease will be 30 years (or such period
that matches the bond issue) with the Owner having the option to
renew for five 5-year periods. The Owner will have the option to
purchase the Ballpark, parking and related facilities at the end
of the term. Neither the Owner nor any successor may relocate
during the term.
-- Nominal rent ($100/year) will be paid to localities.
-- Commencing in the 3rd season, an amount will be paid
equal to the lesser of 5% of face value or $1 of each baseball
ticket sold; $1 for each non-baseball ticket sold.
-- The Owners receives ALL REVENUE from broadcast rights;
rent from private suites; novelties/merchandise;
concession/catering; Stadium Club memberships; non-baseball
events; advertising and naming rights revenue, including
scoreboard signage; all parking revenue; right of first refusal
to purchase or lease land for development within Sports
Development District; and approval rights over design and
construction of Ballpark and related facilities.
-- The Owner retains responsibilities for all facility
operations, parking and maintanence; guarantees payment of
principal and interest on parking revenue bonds (estimated at
$3.5M annually); maintains liability and property insurance;
provides security; and pays utilities.
-- The Local Gov't has responsibility for costs of design
and construction to be financed through a bond issue. The bond
issue will be supported by a one cent resort tax increase. The
localities will also receive $2M/year for up to 30 years from the
State of Florida for debt service.
-- The Ballpark will be an open-air stadium with a natural
grass surface and seat between 45,000 and 52,000, with a minumum
of 9,500 controlled parking spaces.
-- There are no real estate taxes (THE DAILY, 9/15).