The City of El Paso was ready to buy the El Paso Times’ downtown building for $14 million, but then the El Paso Times pointed out that the proposed price is $3.7 million more than what the property is appraised at. The purchase is now delayed.
“You have a situation here where journalists doing their job may have wrecked a deal for [their newspaper], but saved taxpayers money,” notes the tipster who sent me this link.
El Paso Times publisher Sergio H. Salinas “acknowledged the difficulty of covering a business deal in which the newspaper is involved,” reports the Times. He tells his paper that “we will continue to fulfill our responsibilities as a watchdog. At the same time, we have a valuable piece of property that we want to maximize.”