• After a contentious seven-hour meeting, and with the in-person mediation of AFL commissioner Joe Foss and two lawyers for the league, the team announced that five of the eight owners had sold their share of the team to the other three

• Don Blessing, Charles Harney, Chet Soda, Roger Lapham, and Wallace Marsh were getting out, leaving Ed McGah, Robert Osborne, and Wayne Valley in control

• Foss said afterward that if the owners couldn't come to an agreement, he was authorized by the league to remove the franchise from their control

• Per the agreement, McGah would remain as president, with Valley to become vice-president, and Osborne assuming the role of treasurer