Indians now belong to Dolan

CLEVELAND (AP) -- Larry Dolan, who grew up hoping he would someday play for the Cleveland Indians, officially owns the team. Dolan's $323 million purchase from Richard Jacobs was completed on Tuesday

Tuesday, February 15th 2000, 12:00 am

By: News On 6

CLEVELAND (AP) -- Larry Dolan, who grew up hoping he would someday play for the Cleveland Indians, officially owns the team. Dolan's $323 million purchase from Richard Jacobs was completed on Tuesday when the deal closed. "We are extremely excited that this day has arrived," Dolan said in a statement. "It is a dream come true for me and my family. Ownership of this franchise is a great honor and comes with an incredible sense of responsibility. Cleveland has the best baseball fans in America."

Dolan, 69, a managing partner of a small law firm in suburban Chardon, was vacationing in California and unavailable for comment. The team said Dolan will hold a news conference when he returns at the end of the month. The Indians' sale was approved last week by the team's public shareholders, who will receive $22.66 per share of stock. The final sale figure -- $3 million more than previously estimated -- is a record for a baseball team, topping the $311 million paid by the Fox division of Rupert Murdoch's News Corp. for the Los Angeles Dodgers in March 1998.

After his purchase was approved by major league owners last month, Dolan said he wasn't planning any major changes to a team which has won five straight AL Central titles and made it to the World Series twice since 1995. "The old axiom, `If it ain't broke, don't fix it,' applies here," he said.

Jacobs and his late brother, David, bought the Indians for about $45 million in 1986. The team, still without a Series title since 1948, endured five straight losing seasons through 1993 before turning it around when it moved into Jacobs Field in 1994. The Indians have sold out every home game since early in the 1995 season. Because of a previous agreement, Cleveland's ballpark will keep the name Jacobs Field at least through the 2006 season.

Jacobs stunned Cleveland fans when he announced he was selling the Indians last May. At the time, he promised to keep negotiations with potential buyers and he did before announcing a proposed sale to Dolan and family trusts on Nov. 4. It was expected to take until March for owners to approve the sale, but they quickly endorsed the deal last month during baseball's winter meetings in Phoenix. "The sale of this franchise to Larry Dolan fulfills my strong desire to turn the team over to someone who is deeply committed to Cleveland and its tremendous fans," Jacobs said Tuesday. "Larry and his family have the enthusiasm and strongest desire to continue the success of this ball club well into the new century."

Dolan will assume the role as the Indians' chief executive officer and president. His son, Paul, will join the club as a vice president and serve as general counsel.