Field of Schemes: Earthquakes buyer balks

November 02, 2004

Earthquakes buyer balks

Three days after owners of the San Jose Earthquakes postponed yet again their decision on the team's future, local banker Tony Amanpour withdrew his bid to buy the soccer team. Amanpour's reasoning: "My whole offering was contingent on a new stadium. I couldn't risk $2.5 million of [my investors'] money." That $2.5 million deposit was initially due last Friday, but would have been contingent on a new stadium deal being approved by next June - so it's not clear exactly what Amanpour's investors would have been risking, except eight months of riding the stock market with their cash. In any case, the Earthquakes are now back where they started in August, with possibilities of the team playing next season in Houston or San Antonio, or remaining in San Jose.

COMMENTS

Actually, the real truth is that Amanpour was likely asked to back out by the fans (as they stated yesterday) or by AEG. This is just a lame excuse to save face. Questions lately indicate Amanpour has serious questions with his business at the moment.
Posted by: swedcrip at November 2, 2004 09:37 PM

Let's hope the SJ Earthquakes can sort themselves out with a new stadium and stay in the Bay Area.
Posted by: Bertell Ollman at November 12, 2004 06:22 PM