'85 Chronology-Staying Power

Event Date: July 28th, 1985

Event Description: Ross Buys Gamblers

Source: UPI

New York real estate developer Steve Ross has agreed to purchase the financially-troubled Houston Gamblers, U.S. Football League commissioner Harry Usher announced Friday.

Ross said he is not certain if the team would play in Houston or merge with another team. “We would prefer to stay in Houston,” said Ross.

No financial details were disclosed Friday on the sale, which involves Houston owners Jerry Argovitz, Jay Roulier and Alvin Lubetkin. Ross heads a group of New York businessmen that includes Peter Friedman, David Solomon, Fred DeMattis and Warren Scherwin.

Lubetkin said money was deposited into the Gamblers' account to meet a 5 p.m. EDT deadline, preventing the league from taking over the team.

The USFL poured $1.5 million into the Gamblers last season to keep the team afloat. Usher was obviously happy to see new money come into the league.

“We are delighted to welcome Stephen Ross and his partners to the USFL,” Usher said in a statement. “To attract someone of Mr. Ross' stature only demonstrates the vitality and staying power of this league.”

Said Ross: 'It's always been a dream of mine to own a sports franchise and I think this team can be one of the finest in the country.’

However, Lubetkin said not all details of the deal have been completed.

“The purchasers are starting to talk a lot more reasonably and I believe one part of the deal will be made today, and my participation probably will occur next week,” Lubetkin said.

Lubetkin added Argovitz and Roulier have agreed to the deal and said each would remain as minority owners.