Word: cleveland
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Dates: during 1970-1979
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...comes as no surprise that the balance sheets are a study in red. Hardheaded investors might be expected to take one look at the enterprise and run in the opposite direction. Right? Wrong. The money-losing operation happens to involve big-time sport, and the locale happens to be Cleveland, where an athletic franchise is almost guaranteed to bring out the small boy and large civic booster hidden in many businessmen...
Banker Bruce Fine, Businessman Alva T. Bonda, Lawyer Richard Miller and Mogul Corp. President C. Carlisle Tippit seem to abandon all fiscal caution when it comes to Cleveland's basketball, baseball and hockey clubs. In the past five years each man has invested from $200,000 to $1 million in one or more of the teams. And they are not alone. "Anybody who invests in sports for profit is out of his head," says Bonda. He should know, having once lost $400,000 in a now defunct soccer team. "The only reason to do it," he says...
...superfan idea," says Fine. "Seats in the press box, chatting with the general manager or the farm-system director." Miller was a college fullback (Notre Dame) until he was sidelined by an injury; his father, Ray T. Miller, was one of the organizers of the Cleveland Browns. "I've always wanted to be an owner like my father," he says. Tippit was a boyhood baseball freak who wanted to keep Cleveland a major-league city. With the authority of a $250,000 in vestment, he helps run the town's base ball team, the Indians...
...stumbled on his new career one night in 1967 when he filled the Cleveland Arena for a benefit basketball game between his alma mater Bowling Green and Niagara University. "I figured if I could get 1 1,000 fans one night, night." I Soon could get Mileti 8,000 made every a $1.9 million deal to buy the arena and the minor-league hockey team that played there...
...collection is small-300 items -but discriminating. It is especially strong in Nepalese bronzes, sculpture from India and Southeast Asia, and ceramics and lacquer from Japan, Korea and China. The rationale behind the collection, explains Dr. Sherman Lee, director of the Cleveland Museum of Art, who frequently advised Rockefeller on what to buy, "is one that insists on the highest possible quality in the objects acquired and on their capacity to be understood and enjoyed by the interested layman." Included in the gift are some of the most striking South Indian bronzes and stone carvings of the 8th to 11th...