Milwaukee Wave-Local investor signs letter of intent

This press release came directly from Matt Schroeder of the Milwaukee Wave on Friday afternoon, on the future of the Milwaukee Wave

LOCAL INVESTOR SIGNS LETTER OF INTENT TO BUY WAVE
Staff returns to work Monday to continue ‘Save the Wave’ ticket drive

MILWAUKEE (July 24, 2009) – Milwaukee Wave owner/investor Charles Krause has reached conditional terms for the sale of the longest-running soccer franchise in North America to a local investor.

Krause announced July 6 he would relinquish ownership of the Wave after seven seasons. Front office employees were released July 15, but will come back to work Monday in an effort to meet conditions of the sale.

“Based on that expectation, I am calling the staff back to work starting Monday to work on increasing new season ticket sales to 1,000 as the immediate goal, against the ultimate goal of 2,000,” Krause said. “I have every expectation that the community, both individuals and corporations, will step forward and support the Milwaukee Wave during this critical period.”

A letter of intent was signed Friday and Krause said he expects to close the sale in about one week, provided the conditions are met.

A “Save the Wave” drive, launched July 6, has collected nearly 600 total season ticket pledges. Tickets are $200 each for the full regular season plus three School Day Games.

The Wave celebrated their Silver Anniversary last season, playing their 1,000th game on Feb. 1 against Chicago. For the 2009-10 season they are candidates to play in the National Indoor Soccer League (NISL), featuring longtime rivals Baltimore and Philadelphia.

“We are very excited about the possibility of the Milwaukee Wave joining the NISL,” said Dave Grimaldi, commissioner of the NISL. “Considered one of the premier soccer franchises in North America, and the longest continuously operating professional franchise in indoor soccer history, the Wave would be a great addition to the NISL. The Wave organization will have to pass the due diligence process set forth by the Management Committee, as well as hit certain new season ticket benchmarks set forth in the letter of intent; however, I am quite confident that both objectives will be successful”.

To participate in the “Save the Wave” drive, fans can e-mail a season ticket pledge to save@milwaukeewave.com, or call the office beginning Monday at 414-224-9283. No deposit is required. Fans will be contacted in the order of their pledges to secure a full commitment.

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