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N.Y. Times in for BoSox
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November 28, 2001: 4:34 p.m. ET
N.Y. Times joins investor group bidding for control of the Boston Red Sox.
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NEW YORK (CNN/Money) - Fierce rivals could find themselves financial allies, as the New York Times Co. said Wednesday it has joined an investor group which is after the Boston Red Sox.
The New York Times Co. (NYT: down $0.15 to $44.80, Research, Estimates), which owns both the flagship New York Times and the Boston Globe newspapers, will join a group headed by television producer Tom Werner, a former owner of the San Diego Padres, and skiing magnate Les Otten. Former U.S. Senator George Mitchell of Maine, who has long had ties to baseball, is also part of the group.
"This investment bid is being made as part of the Boston Globe's long-term strategic plan to solidify its position as the leading news and advertising media in New England," said Janet Robinson, New York Times Co. senior V.P. for newspaper operations, in a statement.
Financial advisors for the Red Sox, which has not won a World Series since 1918, expect the team to fetch more than $400 million, which would be the highest amount paid for a baseball franchise. That would exceed the $320 million paid for the Cleveland Indians in 2000 by Ohio lawyer Lawrence Dolan.
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An artists' rendering of a new Fenway Park, which new owners may have to stump up for. | |
The Jean R. Yawkey Trust, which owns 53 percent stake of the team, has set a deadline for noon Thursday for bids. The Yawkey family had controlled the Red Sox since 1933. When Jean Yawkey died in 1992, she willed the team into a trust.
Included in the sale is 80 percent of the New England Sports Network (NESN), the property that most interests the New York Times.
An interest in the team would allow the New York Times to extend its Boston Globe brand into the team's interest in the NESN that broadcasts Red Sox games, as well as Boston Bruins hockey games.
"The New England Sports Network would allow the Globe to better serve advertisers with combined print, television and Internet advertising sales," Robinson said. 
-- from staff and wire reports
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