All articles tagged with #franchise sale
The Seattle Seahawks are expected to be sold soon for $9-11 billion, potentially setting a new NFL franchise price record, after the league reportedly agreed to drop a financial penalty in exchange for a commitment to sell; the sale process is expected to begin soon, with a high bidder likely to win and speculation centering on a billionaire buyer, though Jeff Bezos is not expected to bid.
ESPN reports the Seattle Seahawks could be put up for sale after Super Bowl LX, with discussions reportedly underway at ownership and league levels. The Paul G. Allen Estate controls the team and says it is not for sale, though changes could occur per Paul Allen's wishes; valuations place the Seahawks around $6.6B, with insiders suggesting a sale could fetch $7B–$8B, and the estate is also selling the Portland Trail Blazers.
Jody Allen plans to put the Seattle Seahawks up for sale after Super Bowl LX, continuing the Allen family exit from major sports. ESPN cites the move, with expected proceeds in the billions, noting Allen’s control since Paul Allen’s 2018 death and linking the Seattle sale to rising franchise values alongside the Blazers’ $4.25B sale and the Commanders’ $6.05B 2023 sale.
Amazon paid $20 million to acquire control of the James Bond franchise from EON Productions, a figure revealed in a UK tax filing, which is significantly lower than the estimated value of up to $1 billion, with the deal including ongoing economic exposure for the Broccoli family and potential additional payments.
Trip Miller, founder of a Memphis hedge fund, has made an all-cash offer to buy the Tampa Bay Rays, joining other potential buyers amid ongoing franchise sale negotiations and stadium issues, with a total investment estimated at over $3 billion, emphasizing that relocation outside Central Florida is not planned.
The Buss family is selling the Los Angeles Lakers to Mark Walter in a record-breaking $10 billion deal, ending over four decades of Buss control and potentially ushering in a new era of aggressive investment and strategic management in the franchise, similar to Walter's successful approach with the Los Angeles Dodgers.
The Washington Commanders' franchise sale to Josh Harris' ownership group has unofficially been approved by the NFL's finance committee, with finalization expected before the start of training camp. This news comes amidst another lawsuit for the Commanders, Dan Snyder stepping down, and Harris preparing to take charge. The team's head coach, Ron Rivera, will soon engage in discussions with Harris and his consortium regarding immediate actions, future plans, and the potential for long-term coexistence.
The NFL has scheduled a special owners’ meeting for July 20 to vote on the $6.05 billion sale of the Washington Commanders from Daniel Snyder to a group led by Josh Harris. The league's finance committee is expected to recommend approval of the deal, and the committee likely will give a unanimous recommendation to the other owners, virtually ensuring that they would vote to ratify it. The deal must be ratified by at least 24 of the 32 owners, under NFL rules.
Members of the NFL's finance committee have raised concerns about Josh Harris's $6.05 billion deal to purchase the Washington Commanders from Daniel Snyder, slowing momentum for the approval of the potential sale and dimming the prospects of a ratification vote by the league's team owners later this month. The reservations expressed during a meeting of the eight-owner finance committee do not mean Harris's deal will be rejected, but the committee must spend more time examining the financial aspects, and it seems increasingly unlikely the owners can vote to approve the transaction during their May 22-23 meeting in Minneapolis.
The Washington Commanders have reached an agreement in principle to sell the franchise to Josh Harris and his group for $6 billion, setting an NFL record for the most expensive sale in league history. The deal is subject to approval by three-quarters of NFL ownership, with a vote expected to take place in May. Harris' group reportedly includes D.C.-area billionaire Mitchell Rales and Basketball Hall of Famer Magic Johnson. Other interested parties, including Canadian billionaire Steve Apostolopoulos and Houston Rockets owner Tilman Fertitta, were unable to match the $6 billion asking price. Amazon founder Jeff Bezos, who was rumored to be interested, is reportedly out of the running.
Indianapolis Colts owner Jim Irsay expressed hope that Washington Commanders owner Daniel Snyder will sell the team on normal and acceptable terms, without unusual demands for legal indemnification, so that other NFL team owners do not need to revisit consideration of voting to remove Snyder from the league. Irsay said the owners are not inclined to grant Snyder indemnification against future legal liability and costs beyond what has been associated with other franchise sales. Leading bidders for the team attempted to complete a deal with Snyder ahead of this meeting, according to people familiar with the sales process.
Colts owner Jim Irsay anticipates finality with the sale of the Washington Commanders by October 2023, and expects progress to be made by May. Some believe that Daniel Snyder's quest for indemnification could be a barrier to a deal, but Irsay stated that there would be no reason for any unusual indemnification. Snyder's refusal to meet with NFL outside investigator Mary Jo White has painted him into a corner, and his only sensible move is to sell the team.
The Washington Commanders have delayed the payout date for large signing bonuses in recently signed player contracts by two months, leading some to speculate that it may be related to owner Dan Snyder's anticipated franchise sell-by date. May 12, 2023, is the delayed payout date, which is significantly longer than the payout structure used in previous extensions for other players. If a sale happens before May 12, the delayed bonus payments would become the responsibility of whoever owns the team. Multiple potential bidders have explored the possibility of purchasing the franchise, including a group led by Josh Harris and billionaire businessman Tilman Fertitta, while Jeff Bezos has also expressed interest.