Redskins prospective Owner Howard Milstein has been
asked to "restructure" the $400M loan that he is using to
buy the team and Jack Kent Cooke Stadium, just three days
before the NFL Finance Committee is scheduled to vote on
whether to approve his $800M, according to Shapiro & Heath
of the WASHINGTON POST. Sources familiar with the deal said
that Milstein received a letter from the NFL yesterday
"proposing substantial changes to the loan compared with
what the league had asked him to do on Monday." The NFL had
asked Milstein to rework his loan from Societe Generale so
that it would be "pledged against specific real estate
assets and not the Redskins franchise." But yesterday the
league requested that the $400M loan "be split in two"
between Milstein and his brother, Edward, who is also a part
of the bid group. NFL Senior VP/Communications & Government
Affairs Joe Browne: "Despite media reports to the contrary,
serious financial issues remain regarding the Milstein's
group borrowing arrangements." Browne feels that the
Finance Committee "would offer a recommendation one way or
the other" on the bid during Saturday's meeting. Ravens
Owner Art Modell said he would vote to approve Milstein:
"Unless they come up with something that clearly violates
our rules, I think it should be a slam dunk" (WASHINGTON
POST, 3/11). The WASHINGTON TIMES' Rick Snider writes that
the Milstein group's bid for the team "is in serious
jeopardy," as sources report that Milstein "has yet to
follow through with the pledge [to] remove the team and
stadium as collateral" on his loan (WASHINGTON TIMES, 3/11).
