Ravens Minority Owner Al Lerner, "longtime partner" of
Ravens Owner Art Modell, "might soon sell his stake" in the
team, according to Jon Morgan of the Baltimore SUN. Lerner
"has expressed an interest in owning an expansion team
should one be awarded to Cleveland," and Modell said that he
and his family would acquire Lerner's stake. Modell: "We
are having discussions that hopefully will lead to a
friendly parting of the ways." When the team moved to
Baltimore, Lerner owned 9% of the franchise and 50% of the
stadium operating company (Baltimore SUN, 7/31).
NEW NEST: Also in Baltimore, a state committee approved
a plan that has the Ravens contributing $20M in additional
funds for the stadium: $10M for the right to sell naming
rights and another $10M in an early payment to the state.
The decision means that the Maryland Stadium Authority "will
not have to seek approval to spend more public money for the
stadium from the General Assembly, which has capped" the
state's expenditure at $200M. MSA Exec Dir Bruce Hoffman
said project costs had risen to "at least" $210M and put the
estimate of cost overruns as high as 10%, between $10-20M.
Hoffman added that the MSA "would not seek additional money
from the state" (Morgan & Zorzi, Baltimore SUN, 7/31).
