Final details remained to be hammered out Thursday on a $5 million l
DEDHAM, Mass. (AP) _ Final details remained to be hammered out Thursday on a $5 million loan that would allow the owners of the New England Patriots to repay a group seeking to buy the NFL team.
The incomplete deal forced postponement of a court hearing.
Judge Harold Flannery rescheduled the hearing for Monday in Norfolk Superior Court, said Joel Kozol, the attorney for the Sullivan family.
″We called the court and said we still were working on the papers. We have not finalized the deal. It will either be finalized by Monday at 2 p.m. or we will know it won’t be finalized,″ Kozol said.
NEP Partners had sued in Norfolk Superior Court, claiming the team, owned by the Sullivans, was in default on $5 million they had lent it. The group, which obtained an option in December 1986 to buy the team, asked to be given control of the Patriots.
Kozol and Robert Popeo, attorney for the Philadelphia-based group, said in court Monday that the team had obtained another loan to pay off the money it had obtained from NEP Partners. The collateral on that group’s loan was to be assigned to the new creditor. The money reportedly has been drawn from the New York office of Standard Chartered Bank of London.