The Boston Red Sox Partners and the Henry-Werner Group Reach Agreement with Attorney General

Business Wire, Jan 16, 2002

Business Editors and Sports Editors/Reporters

BOSTON--(BUSINESS WIRE)--Jan. 16, 2001

The Boston Red Sox today reached an agreement with the Attorney General which ensures that the Yawkey Foundation and the charities they benefit receive maximum value and that the new owners of the Red Sox can be in place by opening day. This concludes the review the Attorney General started in late December.

"My two goals have been to maximize the proceeds to the Yawkey Foundation and to conclude the sale process so that the Henry-Werner Group can be in place by Opening Day," stated John L. Harrington, CEO, Boston Red Sox. "By reaching this agreement, we have ensured we can now move forward on both fronts. I look forward to continuing to carry on Mrs. Yawkey's legacy in my role as Trustee and Executive Director of her Foundation for many years to come."

The agreement in no way amends or changes Jean Yawkey's will or current practices of the Foundation. It recognizes the Foundation's pre-existing plans to expand the Board in order to manage the exponential growth achieved by the record breaking sale process.

Key provisions include:

-- Current and prospective Red Sox owners have agreed to enhance charitable foundations, including the Yawkey Foundation, by an additional $30 million dollars;

-- The Foundation's Board will expand from the current four Trustees, three of whom were appointed by Mrs. Yawkey, to nine, after notifying the Attorney General's office. The current officers remain the same;

-- As with the current Trustees, the five new members will be independent as well as familiar with Tom and Jean Yawkey's charitable goals.