Breaking Sports

Saturday, May 21, 2005

nhl- Bain still Trying

from Bloomberg, Bain Capital LLC, the buyout firm whose managing director owns a stake in basketball's Boston Celtics, increased its bid for the National Hockey League by at least $500 million to more than $4 billion, people familiar with the proposal said.
Bain and Game Plan LLC, a Boston-based firm that arranges the sale of professional sports teams, in March made a $3.5 billion offer for the league, which still hasn't resolved a labor dispute with players that forced it to cancel its season. The new offer, which topped $4 billion, was made yesterday, said the people, who asked not to be identified.
``We haven't given up, that's for sure,'' Bob Caporale, Game Plan's chairman, said in a telephone interview. He declined to confirm that a revised offer was submitted to the league.
League spokesman Frank Brown said, ``I will not confirm any aspect of what you're reporting.''
The firms have proposed operating the 30-team league with a single owner, which may help drive down player salaries and boost profitability. Major League Soccer was formed with a similar structure, in which each team makes its own personnel decisions within a budget set by the league.
All NHL owners would have to agree for the Bain offer to be accepted.
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