Softbank Chief Executive Masayoshi Son (left) and Daiei President Toshio Hasumi

The announcement comes six weeks after the Hawk's corporate owner, Daiei Inc., finally decided to seek rehabilitation under the Industrial Revitalization Corp. of Japan.

Despite efforts to keep the high-profile team, the struggling retailer decided to sell after U.S. investment bank Colony Capital LLC, which acquired the team's home stadium and adjacent facilities last year, endorsed Softbank's bid.

The Japan Times Weekly: Dec. 11, 2004
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