The sale of the NHL Jets to MN-based businessman Richard
Burke and his partner, Steven Gluckstern, for $68M was officially
announced yesterday by Jets Managing Partner Barry Shenkarow,
according to this morning's Minneapolis STAR TRIBUNE. While the
transaction was "long expected," Burke noted a "psychological
change" after papers were signed. Burke: "We can move on to the
next step in this, which is trying to make it work here in
Minnesota." The STAR TRIBUNE's Jay Weiner notes the deal "is not
contingent on the Jets moving to Minnesota," and the "daunting
economic hurdles" involved with the Target Center could cause the
new owners to take the team elsewhere. Still, Burke insists,
"Having the team somewhere else, it doesn't interest me."
Minneapolis City Council President Jackie Cherryhomes has called
a meeting for this afternoon, with representatives of MN Gov.
Arne Carlson, the Legislature, Ogden Corp., which manages the
Target Center, the T-Wolves and the business community all
expected. Burke will abide by two deadlines set by NHL
Commissioner Gary Bettman -- November 15 and December 14. By the
first date, Burke and the league will assess the potential in MN.
By December 14, Burke said the Board of Governors will want to
approve the Jets sale "with a place on it" (Minneapolis STAR
TRIBUNE, 10/19).
JET WASH: The sale was seen as "anti-climactic" in
Winnipeg, with most of the focus on the lingering dispute between
the team and a civic group over a $10M deposit paid in an attempt
to keep the team. In addition, there is the political issue of
taxpayers covering Jets losses in their final season. The
taxpayers' 36% share should result in C$32M to the city and
province. But of that, C$7.8M must go to cover private-sector
debt, C$7M for outstanding bills and more to cover '95 losses.
Winnipeg Mayor Susan Thompson faces voters next week (WINNIPEG
FREE PRESS, 10/19).
