Cable TV "mogul" President Christopher Cohan, 44, purchased
sole ownership of the Warriors for what "appears to be a cost of
$116M-$126M, which would be one of the highest prices paid for an
NBA franchise." Cohan became the Warriors' largest single
stockholder by buying 25% of the team for $21M in '92, but had
filed a lawsuit against Warriors Chair Jim Fitzgerald and
President Dan Finnane claiming that when he bought the team, they
had an understanding he would eventually become full owner.
Hearings were scheduled to begin this week, but the unexpected
sale has settled the dispute (Ric Bucher, SAN JOSE MERCURY NEWS,
10/10). The AP is reporting a price tag of $95M-$105M (ATLANTA
CONSTITUTION, 10/11). Cohan was introduced to the team on Monday
and reassured players that he didn't plan to make any immediate
changes (Ric Bucher, SAN JOSE MERCURY NEWS, 10/11).
SEARCH FOR A NEW HOME OVER? Cohan said he has no plans to
move the team out of the area, as the old ownership was believed
to be interested in moving the team to downtown San Francisco.
The Warriors' current home, the Oakland-Alameda County Coliseum,
is seen as too small, and the team has been exploring other
options (Mult., 10/10).
A Long Island businessman has submitted a $100,000 deposit
to the CFL for an expansion team in 1995. Perry Carter, 39, said
he wants to "replicate on Long Island" what the CFL has done in
Baltimore. Carter's "minority-dominated investment group
includes former NFL players Ottis Anderson, Rich Caster," and
financial adviser Winston Thompson. Carter will meet next week
with representatives from Hofstra University to discuss use of
its stadium in Uniondale, NY. A team in Long Island would
"enhance the league's bargaining position in negotiations for a
U.S. TV contract." The league fee for an expansion team in '95
is $6M (Ken Murray, Baltimore SUN, 10/8).
Rams President John Shaw met with Save the Rams co-chair
Leigh Steinberg for more than three hours on Monday to discuss an
offer to keep the team from leaving Orange County. Steinberg had
complained that unlike St. Louis, Save the Rams had not "received
a 'wish list' from" Shaw. Steinberg: "No one has given us a
specific game plan for what it would take to keep the Rams.
...That was the point we made today." The groups proposal calls
for $60M-$70M in renovations at Anaheim Stadium, guarantees
luxury-box and season ticket sales and construction of a new
practice facility. It would also convert Anaheim Stadium to a
football-only facility and plan a new home for the Angels. Shaw
is expected to meet with FANS, Inc. of St. Louis later this week
(Jim Thomas, ST. LOUIS POST-DISPATCH, 10/11). Save the Rams
leaders are concerned their offer is "being viewed by the Rams as
a way to drive up" the bid from St. Louis. If the Rams don't
make a counterproposal, Steinberg said he will ask Commissioner
Paul Tagliabue to get involved (Mouchard & Himmelberg, ORANGE
COUNTY REGISTER, 10/8).
WHATEVER IT TAKES? In Baltimore, Vito Stellino writes that
"St. Louis is expected to give Shaw everything he asks for on his
wish list, including paying off $30M in bonds on Anaheim
Stadium." Shaw reportedly also likes the "low-profile approach"
of Stan Kroenke, a key "money man" behind FANS Inc., who is not
expected to demand majority control of the team the way Peter
Angelos is (Baltimore SUN, 10/9).