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NEWSWIRE

Shinn Group Won't Bid for Giants

October 12, 1992|From Staff and Wire Reports

A group formed to buy the Giants and keep them in San Francisco announced Sunday it will not make an offer for the team.

Spencer Stolpen, president of the Charlotte Hornets and Shinn Enterprises, Inc., said the group, which was led by Hornet owner George Shinn, broke up because "in final analysis it did not make business sense to go forward with the purchase."

Shinn has been managing general partner of the group, which planned to purchase the Giants to prevent them from moving to Florida. Investors there have made a formal bid of $115 million, with plans to move the club to St. Petersburg's Suncoast Dome.

It was unclear if any remaining local investors would proceed with plans to present an offer to National League President Bill White. The group had planned to meet with White today.

Several local investors were involved, including developer Walter Shorenstein and Peter Magowan, chairman of Safeway, Inc.

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