Plans to buy and relocate Las Vegas football team to L.A. are sidetracked.The saga of the Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. Canadian Football League Canadian Football League (CFL) Major Canadian professional gridiron football organization, formed in 1958. The league's Western Conference includes teams from Edmonton, Calgary, British Columbia, Saskatchewan, and Winnipeg; its Eastern Conference comprises teams from franchise's future has ended with the team, which is owned by Los Angeles-based principals, being temporarily disbanded. In a statement, team owners said last week that various plans to buy and relocate the Las Vegas Posse The Las Vegas Posse were a Canadian football team that played the 1994 season in the Canadian Football League. The Posse were one of the least successful American team in the CFL, both on the field and off. have all failed and therefore the team has suspended operations. The team is owned by Las Vegas Major League Sports Inc., a public company traded on the Nasdaq market whose principals are Glenn Golenberg and Marshall Geller. The two operate Golenberg & Geller, a merchant banking firm in Century City. They did not return a phone call for comment last week. At one point in the attempts to sell and relocate the team, a group of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. investors headed by a former National Football League player, Philip Johnson See Phillip Johnson for others with a similar name Philip Cortelyou Johnson (July 8, 1906– January 25, 2005) was an influential American architect. With his thick, round-framed glasses, Johnson was the most recognizable figure in American architecture for decades. , was close to buying the franchise for $2.5 million. Johnson wanted to buy the team and move it to Los Angeles where it would play its home games in the Memorial Coliseum. After the Johnson bid was submitted and tentatively accepted, two separate groups in Mississippi made higher offers. Those organizations planned to move the franchise to Jackson, Miss. The second Mississippi group offered a purchase package with a potential value of $10.6 million. In the statement, the company said, "For the past six months the company has considered many financing and acquisition proposals, some of which had proceeded to the letter of intent stage, but none of which had been consummated. ... Without additional financing the Posse does not have the financial resources to play the 1995 season." In the statement, the company said it would consider all "available options" for the future of the franchise, including additional financing, selling the team, bankruptcy and liquidation. The Posse, which began play last year, has had serious financial problems due mainly to low game attendance in Las Vegas. The CFL CFL Canadian Football League is the equivalent to the U.S.-based NFL NFL abbr. National Football League NFL (US) n abbr (= National Football League) → Fußball-Nationalliga . In recent years, the CFL has awarded franchises to U.S. cities. |
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