Now, if the team is actually put up for sale, Congress provides necessary federal legislation, and Major League Baseball changes its policy regarding public offerings of teams, the plan can move forward.
The "Give Fans a Chance Act" was introduced in 1999 and 2001, but never approved. It was proposed again in October during divorce proceedings between team owners Frank and Jamie McCourt.
The council's resolution calls on Congress to make the ownership change possible.
MLB rules forbid new public offerings of teams, and federal legislation is required for a public offering. If the offering succeeded, the league would still have to ok the sale to a board of directors.
Councilwoman Janice Hahn, who is running for Congress, introduced the motion. She said she is proposing that fans be allowed to invest during a public offering.
LAMediaWatch.com
No comments:
Post a Comment