Event Date: December 13th, 1983
Event Description: Express Sold
Source: United Press International
The owners of the United States Football League's Los Angeles franchise have won permission from league owners to sell the team to a San Francisco businessman for an estimated $6 to $7 million.
A USFL spokesman said Bill Daniels and Alan Harmon, owners of the Express, got the necessary majority approval of the league's 18 owners in a vote Monday.
Only minor details reportedly remain to be worked out for the purchase by businessman Bill Oldenburg, who runs a San Francisco-based mortgage banking company.
A news conference has been scheduled by the team's public relations firm for Wednesday and a spokesman for the firm said the purpose is to announce the sale of the Express. Oldenburg was unavailable Tuesday for comment.
The estimated selling price would yield a profit of approximately $2 million for Daniels and Harmon, who have estimated team losses last season at about $2.5 million.
Harmon declined to comment on the negotiations, saying in a prepared statement released Monday, “The fact that the owners have voted and approved a possible transfer of the club is standard procedure. Their vote simply clears the way for more serious negotiations. But at this time, no deal has been made.”
The team is expected to remain in Los Angeles and continue to play in the Coliseum. The Express, who ran up an 7-11 record in the USFL's first season, averaged 19,000 fans per home game.
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