'85 Chronology-Majority Rules

Event Date: May 1st, 1985

Event Description: Gamblers Seek New Owners

Source: UPI

Houston Gamblers president Jerry Argovitz said Tuesday he will sell 75 percent of the one-third stock he owns in the USFL team. The sale is part of a deal that could produce a majority owner for the Gamblers.

Argovitz said he has agreed in principle to sell part of his holdings to an unidentified Houston group. Argovitz would retain 25 percent of his stock.

Argovitz, Jay Roulier and Alvin Lubetkin each owns a third of the team. But under the apparent deal Argovitz, Roulier and Lubetkin also would sell enough of their stock to give the new investor 51 percent of the team.

“The Houston Gamblers will have a majority owner within 60 days,” Argovitz said. “I made the offer to Jay, and Jay has made an offer, also. I intend to sell ... because I believe the team needs a majority owner.”

Although there has been talk of the Gamblers moving to another city, Argovitz said he hopes the unidentified buyer would keep the club in Houston.

“Hopefully we'll keep the team in Houston and our financial problems should be solved once and for all,” he said. “The organization will not change. It is just that we will be lessening our stock. We (current owners) will become minority owners.”

But Lubetkin denied any deal has been made.

“That's not the way it is,” he said. “Jerry has agreed to sell and I'll talk to them. But it is not a firm deal. I'm not as anxious as Jerry to sell.”

Argovitz criticized low attendance at Gamblers games. The Gamblers, 9-1, have averaged 25,000 fans a game in the Astrodome, which can hold 43,000 spectators for a USFL game.

Story-(UPI)