• Robert Osborne announced he was selling his share of the team to Ed McGah and Wayne Valley for a figure the Chronicle estimated to be $10,000

• Osborne said he had effectively been out for the past six months because of his health and that the sale process had begun in February

• He added that the team had lost nearly $620,000 in 1961 and that he had personally been out more than $200,000 since the team was formed two years ago