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To: ed doell who wrote (2134)	5/22/1998 10:41:00 PM
From: art slott	Read Replies (1) \| Respond to of 4748

Those Dolans are very sports/media oriented. Here they are again. Cosby, Cablevision chairman in pursuit of NFL team Reuters, Friday, May 22, 1998 at 17:46 By Ed Tobin CLEVELAND, May 22 (Reuters) - Entertainer Bill Cosby has joined Cablevision System Corp (AMEX:CVC) Chairman Charles Dolan and a Cleveland-based applicant group in an effort to buy the new Cleveland Browns franchise of the National Football League. The Dolan family owner applicant group, headed by Cablevision founder Charles Dolan and his brother Larry Dolan, submitted their ownership application to the National Football League last week. "As one of the most influential personalities in America, Bill Cosby gives our ownership bid more substance and enhances our ownership team," Larry Dolan told Reuters. In a released statement, Cosby said he would only take on the responsibility of a partial ownership role if he found a situation where his involvement could be "worthwhile from more than just an investment perspective." Partnering with the Dolans presented that opportunity, he said. "Together, we hope to assemble what will not only be a very fine football team, but also an organization with a strong conscience that is socially responsible," Cosby said in the statement. If the NFL selects Dolan family owner-applicant group, Charles Dolan would be a limited partner, holding 30 percent of the total equity. Cosby would be a limited partner, holding a 5 percent equity position. Larry Dolan, president and managing partner of the Ohio-based law firm, Thrasher, Dinsmore & Dolan, would be the sole general partner, holding 30 percent of the total equity. He would have majority voting control and complete management authority. As president and chief executive officer of the new Cleveland Browns, he would be the group's official representative to the National Football League on league matters. Dolan said the remaining 5 percent is currently unallocated and being held in reserve. It could be made available to another appropriate equity investment partner should one be identified, or may be purchased by the Dolans. The investor group is a private group and Charles Dolan's Cablevision Systems Corp has no involvement in the deal, Larry Dolan said. The sixth-largest cable provider in the country, Cablevision already owns a majority stake of Madison Square Garden, giving the company control of the New York Knicks basketball team and the New York Rangers hockey team. The cable company also expressed interest in buying the New York Yankees baseball team in March of this year. The NFL however, prohibits corporations from owning teams. "Charles and I always felt that the best interests of a team in Cleveland would be served by a small and cohesive ownership group," Dolan said. Cleveland lost the Browns, its NFL franchise of almost 50 years, in 1995 when team owner Art Modell moved his franchise to Baltimore. With the insistence of Cleveland Mayor Mike White and the support of Browns fans, NFL Commissioner Paul Tagliabue ruled the city could keep the Browns name and team memorabilia. Modell's team then became the Baltimore Ravens. The League announced last week a minimum price will be set for the ownership of the Browns at the July meeting of NFL owners in Miami. Dolan said the NFL will announce the new owners of the Browns in the first week of September. Copyright 1998, Reuters News Service Companies or Securities discussed in this article: Symbol Name AMEX:CVC Cablevision Sys Corp New Cl A