Advertisement
  1. Archive

For investors, it's a scramble

The San Francisco bid to buy the Giants nearly collapsed over the weekend. Instead it emerged as a strong _ and possibly stronger _ mix of local investors.

When North Carolina businessman George Shinn decided Saturday to take his $50-million and go home, the San Francisco group was forced to scramble.

"I remained hopeful that it was not going to die," managing partner Peter Magowan said Monday, "but "confident?' I'm not sure I'd go that strong."

Magowan said he talked to the investors and they decided to go forward with the bid. Each of the dozen of so partners has put up about an equal share of money and will share the operating costs, Magowan said.

The partnership first came together at the request of San Francisco Mayor Frank Jordan and many of the investors decided to get involved because of their feelings for the community, Magowan said.

Magowan said part of the credit for the offer should go to National League president Bill White.

"He certainly has been helpful in asking us to make an offer, which we have now done," Magowan said. "I don't think we'd be here without the ability of Mr. White to allow us to compete."

Jordan said the Magowan group is top notch, the public is ready to support the team and he is confident a new stadium would be built.

"Everything is galvanizing together at the right time to make it happen for San Francisco," Jordan said.

YOU MIGHT ALSO LIKE

Advertisement
Advertisement