Ravens Hire Firm To Manage Sale
BALTIMORE (AP) _ The Baltimore Ravens have hired an investment banking firm to handle the sale of part of the debt-ridden team to a new investor.
The Ravens retained Baltimore-based Deutsche Bank Alex. Brown to help evaluate proposals and negotiate an agreement. The process is expected to take several months, the Ravens said Tuesday in a statement.
Ravens owner Art Modell has said the new partner will not have a controlling share of the Ravens, but could receive first refusal rights if the team is sold. The controlling share will remain with Modell’s wife, Patricia.
Modell said taking on a new investor would help reduce debt, which the team incurred beginning in Cleveland. Because it is a private company, the team does not report its finances.
The Ravens went heavily into debt when Modell moved the team from Cleveland after the 1995 season. Two years ago, the Ravens took $185 million in loans and other forms of credit to help reduce the deficit.