Islanders co-Owner Howard Milstein "has plugged the
biggest hole in his bid to own the new Browns -- a local
connection to offset the image of an outsider looking in,"
according to Lubinger & Grossi of the Cleveland PLAIN
DEALER. Milstein, with his previously announced partners
Paul Warfield and Calvin Hill, "has lined up a team of five
corporate Cleveland heavyweights as minority investors in
his group," Cleveland Sports Ventures. The local investors
"are a who's who of Northeast Ohio business and civic
leaders": Joseph Gorman, Chair & CEO of TRW Inc.; Patrick
McCartan, Managing Partner of the Jones, Day, Reavis & Pogue
law firm; A. Malachi Mixon, Chair & CEO of Invacare Corp.;
Bill Sanford, Chair & CEO of Steris Corp.; and Michael
Horvitz, a Jones, Day Partner and Vice Chair of Horvitz
Newspapers Inc. The five Cleveland partners would
collectively own 20-25% of the team. Along with equity in
the team, "the local investors would gain control over the
team's future in Cleveland -- viewed as a safeguard against
history repeating itself." McCartan: "We haven't actually
drafted the papers yet, but the commitment on Howard's part
is that any decision with respect to relocation of the team
will be vested in the Cleveland directors, who have no
intention whatsoever in permitting the team to leave."
Milstein, who is from N.Y., on local reaction to him: "I can
understand the fans' concerns -- once burned, twice shy. I
think we addressed that today" (PLAIN DEALER, 6/25).
MODELL PUSHING FOR THE DOLANS? In Akron, Terry Pluto
reports that while the local investors in Milstein's group
"may not be familiar names to area sports fans, they move in
the same high-financial flight patterns as some of the
current NFL owners" (AKRON BEACON JOURNAL, 6/25). In his
Browns column, Pluto adds, "We hear the Dolan brothers have
one big advantage over Milstein -- some of the NFL owners
know the Dolans, while Milstein is a stranger to them.
Furthermore, we hear Art Modell is pushing for the Dolans
with his fellow owners. Like it or not, Modell has
influence over his owners. They believe Modell has the best
interest of Browns fans at heart" (BEACON JOURNAL, 6/25).
