Glazer files $20 million credit

October 19, 1993|By Jon Morgan | Jon Morgan,Staff Writer

Prospective Baltimore NFL team owner Malcolm Glazer yesterday filed a $20 million letter of credit with the league, a technical requirement for expansion candidates.

"They have our $20 million," said Joel Glazer, a son of the Florida-based corporate investor.

The credit, which amounts to earnest money, is canceled if a team is not awarded to the city. If a team comes here, then the owner must make a $42 million payment early next month.

The NFL is scheduled to award a pair of expansion franchises a week from today. The finalists are Baltimore, St. Louis, Charlotte, N.C.; Memphis, Tenn.; and Jacksonville, Fla.

Baltimore is the only city with two investors competing to be owners. Retail executive and Baltimore native Leonard "Boogie" Weinglass is leading an investment group. His group filed its line of credit last week.

The league initially asked for the letter of credit by Oct. 11, but extended it until yesterday, after it had difficulties getting the franchise agreements prepared in time.

Investors in Charlotte also have filed a letter of credit. Those in Jacksonville say they will do it tomorrow. St. Louis still is assembling its ownership group, but investors there expressed confidence that the necessary people were close to signing. The status of Memphis' filing was not immediately known.

"We're confident that all five will be solid by next week," said NFL spokesman Greg Aiello.

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