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(1) Obtain the funding and lines of credit sufficient to pay
the $130 million franchise fee and to provide the working
capital funds necessary for operation of a major league
baseball team;
(2) Make full payment of the $130 million franchise fee
according to the following schedule:
Due Date Amount
July 1, 1995 $32 million
July 1, 1996 25 million
July 1, 1997 40 million
Nov. 1, 1997 33 million
(3) Obtain the funding for and complete renovation of the
Thunderdome, the existing, domed stadium in St. Petersburg,
Florida, obtain approval from the Commissioner of major
league baseball of the completed renovations to the stadium,
and obtain a use lease on the stadium effective January
1998;
(4) Obtain from the pre-existing minor league baseball
teams located in the geographic region of
St. Petersburg, Florida, the territorial or license
rights to operate in the region a professional baseball
team; and
(5) Establish a minor league baseball system.
As indicated, the resolution and agreement did not
constitute either the partnership or the Devil Rays a final
member of and participant in major league baseball. The
partnership and the Devil Rays were not yet permitted to sign
players to major league contracts, nor to field a major league
baseball team. Rather, the resolution and agreement authorized
the partnership to proceed to establish an expansion franchise
that would, subject to the fulfillment of the various conditions
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