America West Airlines has paid $5M for "approximately" a 5%
stake in the MLB expansion Diamondbacks, and also signed an
"exclusive 10-year marketing venture" with the team, according to
the ARIZONA REPUBLIC. At a press conference Tuesday,
Diamondbacks CEO Jerry Colangelo also announced that he has
raised $107M in equity. The cost to purchase the franchise was
$130M and Colangelo said he would borrow the remaining $23M, "if
necessary." Under the marketing agreement with America West, the
airline will become the team's official airline, with one of
their planes painted especially for the team. America West will
also provide charter aircraft for the team, for which the team
will have to pay. In turn, the team will only accept airline
advertising and promotions from America West. The airline will
have retail space in the stadium where it will sell tickets and
conduct promotions. The 'Backs and American West said the pact
is worth about $20M to each side (Ed Foster, ARIZONA REPUBLIC,
6/28). America West is title sponsor of the home to Colangelo's
other team, the Suns.
