The "final hurdle has been cleared" between the Haas family
and Stephen Schott and Kenneth Hofmann as the sale of the A's was
"concluded" Friday, according to Sandy Kleffman of the SAN JOSE
MERCURY NEWS. The transaction was concluded after the sale price
was "dropped by several million dollars," and after East Bay
negotiators agreed to give the new owners a "year-to-year lease"
if the Raiders remain in L.A. In exchange for an annual escape
clause, Schott and Hofmann "would give up their right" to $10M
worth of stadium improvements and "forgo" $2M in annual payments
from the Coliseum. Team owners would also have to give East Bay
officials "the chance to find a local buyer" before selling the
team. If the Raiders do return, the A's would have a nine-year
lease that includes the option to leave at the end of the '98
season "for any reason" (SAN JOSE MERCURY NEWS, 7/22). Schott
and Hofmann also gained changes in their operating agreement with
the Coliseum. The nine-year deal includes $11M in reimbursements
for losses from football operations and construction, and up to
$20M in baseball-related stadium improvements "over the life of
the lease" (Rick DelVecchio, SAN FRANCISCO CHRONICLE, 7/22).
