May 25, 1997 in Sports

Fans May Get Chance To Own Teams

Associated Press
 

Want a piece of your local team? It looks like you may be able to buy some soon.

Baseball owners are set to vote next month on a proposal that would allow public ownership of teams, and it appears the plan will be approved.

However, don’t plan a takeover yet. Even if some teams do sell shares publicly, they’re sure to put in plenty of anti-takeover provisions. For instance, when H. Wayne Huizenga took the NHL’s Florida Panthers public, he made sure he controlled nearly all the shares with voting power.

Small-market teams are looking for public money as a way to stay solvent. Large-market clubs could use the money for two purposes: profits for investors and capital to sign more free agents.

© Copyright 1997 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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