Allen Frees Up Funds, But Why?
Microsoft Corp. co-founder Paul Allen sold about $70 million in Microsoft stock last month and plans to sell $40 million more.
But no one’s saying whether his reported interest in buying the Seattle Seahawks has anything to do with the transaction.
The funds aren’t directed at any single investment, Allen spokeswoman Susan Pierson said Monday.
“Selling Microsoft stock is something he does periodically (to free money) for other investments,” Pierson said.
Allen sold 700,000 shares worth about $70 million from Feb. 20-22, according to documents filed with the federal Securities and Exchange Commission. Share prices ranged from $97.75 to $102.50. The documents indicate he plans to sell another $40 million in stock soon.
Seahawks owner Ken Behring, who is trying to move the team to Los Angeles, has said he’s not interested in selling the franchise. But Allen’s representatives have met with Behring recently, and Pierson said Allen is continuing to look over papers.
The Bellevue Journal American, quoting unidentified sources, reported Tuesday that Behring has set a selling price. But a Behring spokesman denied a radio report that Allen had already purchased the team.
Raiders sign lineman
Oakland plugged a gap on its offensive line, signing unrestricted free agent Charles McRae to a two-year deal. The Raiders will pay McRae $800,000 over two years.
A first-round draft pick by Tampa Bay in 1991, McRae started at every position on the offensive line but center in five seasons with the team.
McRae, 27, probably will fill the void vacated when right tackle Greg Skrepenak signed with Carolina.
The Pittsburgh Steelers said they will not pursue Raiders quarterback Jeff Hostetler, leaving Mike Tomczak, Kordell Stewart and Jim Miller battling to replace Neil O’Donnell, who signed with the Jets.
Rhett demands raise
Errict Rhett wants a raise and says he won’t carry the ball for Tampa Bay until he gets one.
The two-time 1,000-yard rusher is entering the final season of the $1.872 contract he signed as a rookie.
Rhett rushed for 1,011 yards as a rookie and 1,207 in 1995.
His contract calls for a base salary of $336,000 next season.
“They can’t even expect me to play for that this year,” said Rhett, who played for base salaries of $224,000 and $280,000 the last two years.
“Compared to what they’re giving other guys, that’s nothing. They just paid $3 million (per season) to a linebacker. No offense to Hardy (Nickerson), but if a linebacker is worth $3 million, how much is a productive running back worth?”
Around the league
The Chargers re-signed tight end Alfred Pupunu to a three-year contract. … The Colts hired Chuck Bresnahan as linebackers coach. … San Diego free safety Bo Orlando signed a three-year contract with the Bengals.