Argyros Hopes to Avoid Third Strike
Strikes are a hazard of owning any business, but George Argyros took two he hadn’t expected during 1981.
Argyros, who acquired the Seattle Mariners and AirCal during 1981, watched helplessly as major league baseball players went on strike and the nation’s air traffic controllers walked off the job.
The result was a strike-shortened baseball season that sharply reduced attendance in the already-depressed Seattle market. AirCal’s revenue was trimmed back when the federal government curtailed air traffic at airports served by AirCal.
Argyros may face a third strike: An umpire’s strike could shorten the 1987 baseball season and cut attendance at San Diego Jack Murphy Stadium.
However, the skies are clear on the airline side of Argyros’ business because he recently sold his shares in AirCal to American Airlines in a deal valued at $250 million. He and partner William Lyon are believed to have netted $30-million on the sale.
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