In June 1992, Lurie announced that he would sell the Giants, claiming that he could no longer sustain the financial losses that had accumulated over the last few years. When no credible offers surfaced from Bay Area interests, Lurie agreed to sell the Giants for $115 million to an ownership group headed by Tampa businessman Vince Naimoli with plans to move the club to St. Petersburg, Florida.
In June 1992, Jerry Lurie sold the New York Giants to Vince Naimoli's ownership group due to financial losses and plans for relocation to St. Petersburg, Florida.