McCaw puts Canucks, Grizzlies up for sale
Aug. 22, 1999
SportsLine wire reports
VANCOUVER, British Columbia -- Seattle businessman John McCaw's Orca Bay Sports and Entertainment, which owns the NBA's Vancouver Grizzlies, the NHL's Canucks and GM Place arena, is for sale.
Kevin Gass, Orca Bay's vice president of communications, confirmed Saturday night that McCaw has put the three enterprises, estimated to be worth more than $330 million, up for sale.
"John has been looking for a minority partner for over a year now," Gass said. "It's now reached the point where a minority partner is not necessary and he's prepared to sell both teams and the arena."
Gass wouldn't speculate on what prompted McCaw to make the decision to sell, although Orca Bay has been losing millions of dollars.
Gass also couldn't comment on whether McCaw wanted to sell the three entities separately or wanted one buyer to take the group.
Canucks general manager Brian Burke said the possible sale won't impact the hockey team.
"As far as I'm concerned this story doesn't change what Mr. McCaw has been trying to do for some time," he said. "I don't have any cause for concern."
McCaw, who made millions when he sold his cellular telephone company in 1994, was first approached by former Canucks owner Arthur Griffiths about buying a share of the hockey team in the fall of 1993. McCaw eventually bought out Griffiths in 1997.
McCaw, who rarely gives interviews, sometimes is seen at center court of Grizzlies games or sitting behind the home bench at hockey games, always with a body guard nearby.
It's estimated McCaw has over $200 million invested in Vancouver sports interests.
In an interview earlier this year, Steve Bellringer, Orca Bay's president and chief executive officer, said the combined losses of the Canucks, Grizzlies and the arena "will be more than the mid- $20 million."
Last November, Orca Bay officials said the Canucks had lost $68 million over the last three years but McCaw had no intention of selling or moving the team.
AP NEWS
The Associated Press News Service
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