The NFL announced publicly for the first time yesterday that it has problems with the financing of Edward Milstein's bid to buy the Washington Redskins, raising the specter that the league may risk a lawsuit by rejecting his $800 million bid.

Responding to reports that Milstein has altered his financing plan to satisfy NFL requirements at a Monday meeting with commissioner Paul Tagliabue, the league said in a statement: "Despite media reports to the contrary, serious issues remain regarding the Milstein group's borrowing arrangements."

The statement added: "The [finance] committee wants the Milsteins to take the risk of their borrowing off the team itself." The league has been concerned that Milstein has not pledged his own assets to secure a loan to buy the team.

The statement added it hoped the issues will be resolved at a finance committee meeting Saturday before the start of next week's league meetings.

Ravens owner Art Modell said he'll await the finance committee report before making a final decision but currently supports the Milstein bid as long as the banks are willing to lend him the money to finance the sale.

Pub Date: 3/11/99