Trans-National Communications
Trans-National Communications, Inc. was a
Trans-National Communications was founded in 1968 by Ellis E. "Woody" Erdman, a radio station owner, and William Creasy, a television producer for CBS Sports. Erdman wanted to create an investment group with former professional athletes and use their celebrity power to sell the product. TNC's celebrity investors were Pat Summerall, Whitey Ford, Dick Lynch, and Jim Katcavage.[1][2]
Trans-National Communications holdings included over 100 radio stations, the radio broadcast rights to the New York Jets and the New York Giants, the Bank of Philadelphia, film companies, and farms.[1][2]
On March 2, 1969, Trans-National Communications purchased the
On August 13, 1969, Trans-National Communications purchased the Boston Celtics for a record $6 million.[4] TNC and its president Woody Erdman attempted to use profits from the Celtics to cover the losses from the company's bad investments. As a result, the team struggled to pay its bills. Some businesses refused to take checks from the Celtics while TNC owned them and General Manager Red Auerbach had to pay some bills out of his own pocket. Auerbach described Erdman as "the absolute worst" owner he had ever worked for.[5] Control of the team reverted to Investors Funding Corporation in 1971 after TNC fell into financial default.[6]
In 1972, Trans-National Communications filed for Chapter 11 bankruptcy.[6]
References
- ^ ISBN 9781425910280.
- ^ a b Snell, David (May 23, 1969). "All-Pro Miniconglomerate". Life. Retrieved 5 February 2012.
- ^ "Approval of Seals' sale likely". The Montreal Gazette. March 4, 1969. Retrieved 2010-08-05.
- ^ "Celtics Sold For $6-Million". St. Petersburg Times. August 13, 1969. Retrieved 2010-08-05.
- ISBN 9780316738231.
- ^ a b "Way Is Cleared For Celtic Sale". The Spartanburg Herald. May 19, 1972. Retrieved 2010-08-05.