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FleetBoston Warned Boston Red Sox That Ballpark Funding Could Fall Far Short.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, October, 2000 by Vaillancourt, Meg
Oct. 11--Two weeks before Boston Red Sox chief John Harrington announced he was selling the controlling interest in the team, the Sox's bankers warned that crucial private financing to build a new ballpark could fall short by tens of millions of dollars.
Worried that Fleet's analysis would undermine interest in their team from potential bidders, Red Sox officials insisted yesterday that the analysis by FleetBoston Financial Corp. was "preliminary."
They also said Fleet's review, conducted in September, did not play a role in Harrington's decision to sell the majority stake in the team.
"Fleet's Sept. 19 letter identified a potential shortfall, based on conventional bank financing model, which we did not deem insurmountable," Red Sox vice...
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