San Jose Sharks agree to be sold to local investors
SAN JOSE, Calif. (AP) - The San Jose Sharks have agreed to be sold to a group of local investors, headed by team president Greg Jamison.
The sale, which has been in the works for several months, was announced Tuesday. It subject to approval from the NHL Board of Governors and the city of San Jose.
The team was sold by brothers George and Gordon Gund, who also own the NBA's Cleveland Cavaliers. The value of the deal was not immediately released.
The team's management structure and payroll are not expected to be affected.
Jamison has been president and chief executive of the Sharks since Feb.
1996, when the team began its ascent to NHL prominence with the first of five consecutive seasons with increasing point totals.
Jamison's investment group includes several prominent executives from Silicon Valley companies, team spokesman Ken Arnold said.
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