AEG has agreed to extend its discussions with Bay Area businessman and resident Tony Amanpour regarding the sale of the operating rights of the San Jose Earthquakes. Initial discussions with Mr. Amanpour have been positive in nature but at this time no definitive understandings have been reached. If these discussions continue in a positive direction, AEG would expect to be in a position to execute a letter of intent with Mr. Amanpour by October 1, 2004. Mr. Amanpour has stated that his interest in the Earthquakes is contingent upon finding a better stadium solution in the Bay Area. AEG will cooperate fully with Mr. Amanpour in seeking a stadium solution, but is not likely to be an investor in the stadium.
At this time AEG will also continue discussions with other cities regarding a relocation of the team, and with Club America of Mexico regarding the sale of the operating rights of the team. AEG reserves the right to enter into an agreement with any of these parties and is under no contractual obligations to the contrary. AEG expects to be able to announce definitively where the Earthquakes will play in 2005 no later than October 29, 2004.