TAVARES DEFENDS EDISON DEAL AS NECESSARY IN LIGHT OF LOSSES
Anaheim Sports President Tony Tavares said that the
Walt Disney Co. "expects to lose at least" $25M in its first
two seasons operating the Angels and "could spend" another
$90M to renovate Anaheim Stadium, according to Shaikin &
Weyler of the L.A. TIMES. Tavares said the Angels lost $12M
in '96, and he "anticipates a larger loss this season,
primarily because of lower attendance." The Angels are on
pace to draw 1.8 million, their "lowest figure for a
nonstrike season" since '78. Tavares added that the $100M
stadium renovation project is also over budget by about 10%.
Disney is responsible for cost overruns on the renovation.
Noting the team's financial situation, Tavares said that he
was "disappointed to receive letters from fans critical of
Disney" for selling naming rights to Edison Int'l. Tavares:
"How does it harm you as a fan? It doesn't. We've got to
try to tap every source of revenue we can to keep these
seats affordable" (L.A. TIMES, 9/16).