- 13 -
contribute an additional $20 to $25 million. After weeks of
negotiation, Pritzger signed a letter of intent to buy the Saints
but conditioned the purchase on the receipt of an assistance
package from the State.
Beginning in late 1984, Louisiana's State Government began
to seriously consider the potential ramifications of losing the
Saints to another State. Louisiana's Governor Edwin Edwards
(Governor Edwards) believed that the loss of the Saints would be
catastrophic to the City of New Orleans and the State of
Louisiana. On or about February 1, 1985, Governor Edwards
publicly announced that Pritzger had signed a tentative purchase
agreement to buy the Saints from Mecom contingent on an
unspecified amount of State aid.
On February 4, 1985, Governor Edwards addressed members of
the State Legislature and informed them of both Mecom's desired
selling price of $75 million and Pritzger's offer of $45 million.
He then proposed a means for bridging the gap between these two
figures. His proposal entailed (1) an appropriation of $25
million, either in cash from the State's general fund or through
a bond sale; (2) a declaration converting the Superdome to a tax
exempt political subdivision; (3) a bond sale to construct a
conference training center on land to be leased to the Pritzgers
by the State for a minimal fee; and, (4) a 30-year extension of
the contract between the State and the Pritzger interests for the
management of the Superdome.
Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 NextLast modified: May 25, 2011