Memorandum of Major League Baseball Team Proposed Purchase (1985)
Cleveland Indians
F.J. O'Neil Chairman of the Board (Deceased, Reason for Sale )
Board Members
Gabe Paul, President & CEO
Phil Seghi General Manager
Comedian Bob Hope 10% Minority Stockholder
Notes
City of Cleveland 2,200,000 Residents
$4,229,000 Gate Receipts
(Las Angles Dodgers $19,307,000.00 Gate Receipts
Yankees Average 289,000
Minnesota Twins Average 35,000
Personalities Present during negotiations
Cleveland Municipal Stadium
Cleveland , Ohio
Tommy E Hill
Art Clarkson
Gabe Paul
Phil Seghi
Asking Price $50,000.000.00
$20,000,000.00 Cash plus Letter of Credit of $ 25,000,000.00
available for initial offer
Ultimately sold to Third Party for $ 44,000,000.00