Tuesday, 11 March 2008

Can Tri-City Deal Be Done?

Association to Call Mass Meet
$6,000 Apart On Club Deal
[Tri-City Herald, Dec. 10, 1952]
The Tri-City Athletic Association will call a meeting of all stockholders, bondholders, and those who have signed pledge sheets to buy stock in the Tri-City Booster Club soon, probably Monday, Harold Matheson, association president, said today.
At that time, a decision is expected to be made on the move to buy the Tri-City Braves. At a meeting Tuesday night, negotiators for the two groups were about $6,000 apart on a sale price, Matheson said.
The present owners were asked to submit their decision to the association before the stockholders meeting. The stockholders meeting probably will be in the Kennewick
City Hall if it is available, Matheson said.
He said that the present owners have come down to about $4,000 a share for their six shares but there are additional debts outstanding that will raise that price considerably.
“Some one will have to pay them,” Matheson said.
He said several counter offers were made but no agreement could be reached at the meeting.
Matheson said that the offer made the present owners “was as far as we thought we could go.”
Those who were doing the negotiating were Vern Johnson, Babe Hollingbery and Tom Carpenter, present owners, and Matheson's board of Fred Huber, Harry Owens, Steve Johnson and Les Babcock.

Cronin May Quit Booster Club Post
Asserts Association 'Shoved Club Aside'
[Tri-City Herald, Dec. 11, 1952
Mike Cronin, angered at the Tri-City Athletic club's long negotiations to buy the baseball team, indicated Wednesday night he may resign from the chairmanship of the Booster club board.
“The Booster club was organized to raise the money and negotiate for the purchase of the club,” he said. “That was the power given the directors by the members who have put up the money.”
“Now that we have raised the money, the association has moved in and just shoved us aside.”
Cronin's statement was the first indication that a rift had developed between the association and the boosters.
The association took over the negotiations with the present owners over a month ago. The reason was never given but it was believed that since the association has an option to buy the club, it would be in a better position to do the negotating.
Cronin said he never complained before because “I didn't want to create any dissension but I don’t care now. “This long debate and arguing has cut down our chances of raising the money and almost ended any chance of fielding a good baseball team.”
Cronin said he had not been invited to any of the meetings in which the association negotiated with the present owners of the club "but I usually showed up to see what was going on.”
He indicated that the association should have been able to reach an agreement when the present owners lowered their price to $32,000 Tuesday night.
He further stated “that the association has no money and I will not release a penny of the $12,000 we now have for the purchases of any stock in the association.”
Furthermore, Cronin said, at the Monday meeting I will recommend that the Booster club members do not buy any association stock that has a $30,000 debt against it.”
Cronin said he may resign at the Monday meeting. The Monday confab is the annual meeting of stockholders and bondholders of the association.
Harold Matheson, president of the association, said that he hopes it will be a mass meeting with stockholders, bondholders and signers of pledge sheets attending. It is expected that the present owners of the club will reveal their decision on the association's latest offer. The offer is about $26,000.

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