Banks Wary Because of Attempt to Oust Vincent
Banks that gave nine baseball teams a $260-million line of credit said Wednesday that major league clubs will not soon be getting an additional $140 million because of attempts to remove Commissioner Fay Vincent.
Twelve banks established the credit line in May, securing the loans with the teams’ shares of the major leagues’ national TV contracts. Some clubs, looking ahead to a winter of more expensive free agents, are seeking additional cash.
Although all nine clubs in the agreements are not known, baseball officials said in June that the Milwaukee Brewers had borrowed $30 million and the Detroit Tigers $5 million.
Officials involved said the power struggle between Vincent and disenchanted club owners discouraged further loans.
In a related development, former commissioners Peter Ueberroth and Bowie Kuhn submitted affidavits backing Vincent in his attempt to force National League realignment.
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