Bids Arrive to Purchase the Angels

As the investment bank handling the sale of the Angels accepted initial bids for the team, a second group has indicated its preference to bypass the auction process and negotiate directly with the Walt Disney Co., a source close to the sale process said Monday.

The Nederlander group has not submitted a bid to Lehman Bros., the investment bank, and hopes to conclude a deal directly with Disney.

Former baseball commissioner Peter Ueberroth has said his group would not participate in the auction but remains interested in buying the Angels.

Lehman is believed to have received three bids by Monday’s preliminary deadline, with the possibility of two or three additional bids arriving this week, a source said. One of those bids came from Donald Watkins, the Alabama businessman who negotiated directly with Disney for several months last year but failed to convince company executives he could finance an immediate purchase.

It was unclear Monday whether Carlos Peralta, the Mexican billionaire who has expressed interest in buying the Angels, placed one of the bids. The value of each bid also was uncertain, though one was believed to be slightly higher than $200 million.

Lehman is expected to evaluate all bids, with Disney approving qualified buyers and Lehman then inviting them to participate in a second round of bidding. The high bidder will not necessarily be the winning bidder, as Disney could accept a slightly lesser bid from a buyer who might receive quicker approval from Major League Baseball.

The Nederlander group is considered a front-runner in part because brothers James and Robert Nederlander already are limited partners in the New York Yankees.

-- Ross Newhan and Bill Shaikin