Memorandum of Major League Baseball Team Proposed Purchase (1985)

Cleveland Indians

F.J. O'Neil Chairman of the Board (Deceased, Reason for Sale )

Board Members

Gabe Paul, President & CEO

Phil Seghi General Manager

Comedian Bob Hope 10% Minority Stockholder



City of Cleveland 2,200,000 Residents

$4,229,000 Gate Receipts

(Las Angles Dodgers $19,307,000.00 Gate Receipts


Yankees Average 289,000

Minnesota Twins Average 35,000


Personalities Present during negotiations

Cleveland Municipal Stadium

Cleveland , Ohio


Tommy E Hill

Art Clarkson

Gabe Paul

Phil Seghi


Asking Price $50,000.000.00

$20,000,000.00 Cash plus Letter of Credit of $ 25,000,000.00

available for initial offer


Ultimately sold to Third Party for $ 44,000,000.00

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