Kiam Buys Controlling Interest in the Patriots
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Victor Kiam II, the businessman who became famous as a commercial spokesman for the electric shaver company that he owns, agreed Thursday to buy controlling interest in the New England Patriots.
Under terms of the agreement, Patriot founder Billy Sullivan will remain club president and a minority shareholder, and his son, General Manager Patrick Sullivan, will retain his position.
Sullivan Stadium, the insolvent home of the Patriots in Foxboro, Mass., was not included in the deal.
Last spring, Paul Fireman, chairman of Reebok International Inc., the athletic shoe company, reached an agreement with the Sullivan family on an $82-million deal to buy the team, provided he could also purchase Sullivan Stadium.
However, last Wednesday, a court-appointed bankruptcy trustee overseeing the stadium sale said he would not agree to Fireman’s $26-million bid for the stadium unless the deal to buy the team from the Sullivans was complete.
A deadline of Thursday was set by the trustee, and word from Fireman was being awaited when the Kiam deal was announced.
A spokesman for Fireman refused to comment when notified of Kiam’s purchase.
Kiam, 61, said he was “very excited with the opportunity of association with one of the NFL’s premier franchises.”
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