Local San Francisco Group Offers $95 Million for Giants

A group of local bidders, headed by Peter Magowan, chairman, president and chief executive officer of Safeway Stores, Monday submitted a $95-million offer to purchase the San Francisco Giants and keep the team in San Francisco.

“It is a firm, credible offer from a strong local group of investors, made up almost entirely of local people,” Magowan said.

It also is $20 million less than the offer owner Bob Lurie accepted from Tampa Bay in August.

“The $95 million is our offer,” Magowan said. “We are not able to do any better. It is a credible offer. When you look at the sales this year of Houston, Seattle and Detroit teams and the prices of the expansion teams, it’s a fair offer.”

The Mariners were sold for about $100 million, the Tigers for about $80 million. The Astros deal is not yet complete and includes real estate properties. Expansion teams in Miami and Denver paid $95 million for their franchises.

The National League said the offer would be reviewed and referred to the other owners. Any sale would require approval by 10 of 14 National League teams and eight of 14 American League teams.

Monday’s bidders did not include George Shinn, owner of the NBA’s Charlotte Hornets, who had emerged last month as a possible purchaser of the Giants.