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Football team shares on Craigslist

  |   March 6, 2013 at 4:38 PM
CEDAR RAPIDS, Iowa, March 6 (UPI) -- A minority owner of the Indoor Football League's Cedar Rapids Titans in Iowa temporarily posted his 20 percent stake in the team for sale on Craigslist.

Mike Polaski, owner of the Jo's Roadhouse restaurant in Solon, put an ad on Craigslist Monday morning to sell his minority ownership in the team, but the ad was later taken down, The (Cedar Rapids) Gazette reported Wednesday.

"A downturn in my 'core' business [restaurant owner] has forced me to liquidate my 20 percent ownership in The Cedar Rapids Titans," the ad read.

Titans owner and general manager Chris Kokalis said Polaski was within his rights to make the posting.

"I think the way that maybe he went about it, we all wished was a little better," Kokalis said. "But it's his share. It's like you having ownership in Best Buy or Kohls and you wanting to unload your shares. He just used Craigslist as a way to seek interest."

Kokalis said anyone who offered to meet Polaski's $80,000 asking price would have to meet the approval of the team's four-member Board of Owners before receiving a final stamp of approval from the IFL.

Kokalis said a change in the ownership of Polaski's shares would not drastically affect the team.

"This is someone who has very minority ownership interest in the team," Kokalis said. "We've got people thinking that the team is being sold, which is not the case at all."

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