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Friday, April 02, 2004

PCL Assume Control of Beavers and Timbers

The PCL (Pacific Coast League) announced at a press conference this morning that they are taking over management and operation of the Portland Beavers and Timbers and the running of PGE Park.

The press release goes on to say:

The accord with PFE, the team's owners, and lender TIAA, will ensure that the Beavers and the Portland Timbers soccer team will be able to continue operations without interruption. The League has asked Tom Lasley to oversee the business and is calling upon Jack Cain, a recent Merit Award winner at the annual Oregon Sports Awards, to continue in his role as general manager of the baseball club. Negotiations continue to bring a permanent solution to the operation of the Beavers and Timbers.


The long-term ownership of the 2 teams remains in question.


PCL president Branch Rickey III would not comment on who may be bidding for ownership of the Beavers and Timbers but said he was very confident that a deal would be worked out. He said he was also looking forward to some sort of debt restructuring that would make allow a franchise to operate with financial success in Portland.


"The structure that we're going forward with makes sense on all fronts," Rickey said.


He called PFE's financial arrangments with the city as "insurmountable challenges," but said the new financial package for running the Beavers and Timbers would involve "significant changes."


"We're very, very happy with what's shaping up," Rickey said.


posted by the timberlog at 12:34 PM



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