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.