The Scranton/Wilkes-Barre Red Barons: A case study of regional community and economic development in northeastern Pennsylvania. - Page 144 |
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study projections. The total cost of the project, which
started with raffle tickets, exceeded $25 million.
NBI cleared up its problems in February 1989, when
the AA franchise was sold for $1.6 million (a gain of
$1.25 million over the 1985 purchase price of $350,000)
and the proceeds were used to pay acquisition and legal
costs of the AAA franchise. The $100,000 loan from
Tambur for a deposit on the AAA franchise was repaid
with interest. The Eastern League received $400,000 to
settle the dispute over territorial rights. Kobritz
agreed to accept $425,000 in one payment instead of ten
yearly payments of $50,000, as provided in the original
agreement on the sale. This reduced the AAA franchise
purchase price from $2,500,000 to $2,425,000. NBI
contributed $425,000 toward the purchase and Lackawanna
and Luzerne Counties each contributed $1 million. NBI
settled its accounts after operating the AA Waterbury
Indians in 1985 and 1986, the AA Williamsport Bills in
1987 and 1988, and the AAA Maine Guides in 1988. After
paying all of its bills, NBI turned over the balance,
approximately $160,000, to the Stadium Authority.
In Maine, Kobritz and his partners enjoyed a $1.75
million profit on the sale of the franchise. (Kobritz
**^Attorney John J. McGee, interview by the author (tape recording), Clarks Summit, Pennsylvania, 22 April 1997.
129
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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| Title | The Scranton/Wilkes-Barre Red Barons: A case study of regional community and economic development in northeastern Pennsylvania. - Page 144 |
| Repository email | cisadmin@lib.usc.edu |
| Full text | study projections. The total cost of the project, which started with raffle tickets, exceeded $25 million. NBI cleared up its problems in February 1989, when the AA franchise was sold for $1.6 million (a gain of $1.25 million over the 1985 purchase price of $350,000) and the proceeds were used to pay acquisition and legal costs of the AAA franchise. The $100,000 loan from Tambur for a deposit on the AAA franchise was repaid with interest. The Eastern League received $400,000 to settle the dispute over territorial rights. Kobritz agreed to accept $425,000 in one payment instead of ten yearly payments of $50,000, as provided in the original agreement on the sale. This reduced the AAA franchise purchase price from $2,500,000 to $2,425,000. NBI contributed $425,000 toward the purchase and Lackawanna and Luzerne Counties each contributed $1 million. NBI settled its accounts after operating the AA Waterbury Indians in 1985 and 1986, the AA Williamsport Bills in 1987 and 1988, and the AAA Maine Guides in 1988. After paying all of its bills, NBI turned over the balance, approximately $160,000, to the Stadium Authority. In Maine, Kobritz and his partners enjoyed a $1.75 million profit on the sale of the franchise. (Kobritz **^Attorney John J. McGee, interview by the author (tape recording), Clarks Summit, Pennsylvania, 22 April 1997. 129 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. |
