Mod Notice: Temp Ban if Post on Changing the Name. Per New York Times: Dan Syder Agrees to Sell Washingon Commaders for $6B

[bearrock]

If Harris, Rales, and Magic only make up 46%, who has the remaining 54?  I would prefer the trio to own at least 50%+.  Maybe they have the voting shares and others have limited?

[lavar1156]

Just now, bearrock said:

If Harris, Rales, and Magic only make up 46%, who has the remaining 54?  I would prefer the trio to own at least 50%+.  Maybe they have the voting shares and others have limited?

Wouldn't shock me if Ted Leonsis has a stake. 

[Riggo#44]

43 minutes ago, Skinsinparadise said:

 

Just heard Brian Davis now himself is going on the Junkies tomorrow to do some PR on his bid.

 

I am assuming if he can do that, he and Dan don't have any confidentiality agreement unlike the other bids?  @Voice_of_Reason does this mean anything?

 

 

This leads me to believe this isn't an actual bid. None of the other prospective owners have done this.

 

Likewise, it seems like his Middle East are the money, and Davis is the schill of a front man. Im pretty sure the NFL would frown on this kind of structure.

[Spaceman Spiff]

Brian Davis on the Junks tomorrow morning? I’d actually tune in for that. 

25 minutes ago, bearrock said:

If Harris, Rales, and Magic only make up 46%, who has the remaining 54?  I would prefer the trio to own at least 50%+.  Maybe they have the voting shares and others have limited?

I’d prefer Dan to get gone, more than anything. If they have some ****amamie ownership structure, I don’t care as long as the nfl is cool with it. 

[spjunkies]

35 minutes ago, bearrock said:

If Harris, Rales, and Magic only make up 46%, who has the remaining 54?  I would prefer the trio to own at least 50%+.  Maybe they have the voting shares and others have limited?

 

I'd rather the Canadian bloke get it over whatever weird structure this 46% thing is made up of.

[CapsSkins]

1 hour ago, Skinsinparadise said:

 

 

 

 

Didn't realize Magic Johnson had ~$250M to throw around in one investment like this

[Skinsinparadise]

 

[CapsSkins]

48 minutes ago, bearrock said:

If Harris, Rales, and Magic only make up 46%, who has the remaining 54?  I would prefer the trio to own at least 50%+.  Maybe they have the voting shares and others have limited?

 

The article states Harris is the managing partner and the 17 others (including Rales and Magic) are all limited partners.

 

This isn't unusual. For example, Shari Redstone had barely a fraction of ownership for Viacom and CBS but she had a majority of the voting shares.

[BRAVEONAWARPATH]

56 minutes ago, lavar1156 said:

Wouldn't shock me if Ted Leonsis has a stake. 

Yeah. I suspect you're right....and I'm fine with it.

Edited April 18, 2023 by BRAVEONAWARPATH

[Skinsinparadise]

 

[BurgundyBooger]

1 hour ago, BleedBNG said:

 

There are only 32 NFL owners, while he’ll be just another billionaire. Considering his business acumen, I anticipate he’ll lose half his fortune in 10 years and fall out of the billionaire club all together in 20.

[RVAskins]

1 hour ago, bearrock said:

If Harris, Rales, and Magic only make up 46%, who has the remaining 54?  I would prefer the trio to own at least 50%+.  Maybe they have the voting shares and others have limited?

I don't have a problem with this. My guess is that Harris knows he needs to lots of money to build a stadium and fix all the other things Snyder has screwed up.

[Riggo#44]

6 minutes ago, RVAskins said:

I don't have a problem with this. My guess is that Harris knows he needs to lots of money to build a stadium and fix all the other things Snyder has screwed up.

For the people (or person) who were worried about being poor after buying the team, I saw somewhere that Rales and Harris alone are worth $12b. Cash flow should not be a problem for them.

[RVAskins]

31 minutes ago, Riggo#44 said:

For the people (or person) who were worried about being poor after buying the team, I saw somewhere that Rales and Harris alone are worth $12b. Cash flow should not be a problem for them.

I have no concerns about Harris and Rales being poor. I trust their judgement that they know exactly what they are doing. I'm more curious if that Canadian guy has partners. He doesn't have anywhere near the money as Harris and Rales so one would think he would need partners too.

Edited April 19, 2023 by RVAskins

[Voice_of_Reason]

2 hours ago, Skinsinparadise said:

 

Just heard Brian Davis now himself is going on the Junkies tomorrow to do some PR on his bid.

 

I am assuming if he can do that, he and Dan don't have any confidentiality agreement unlike the other bids?  @Voice_of_Reason does this mean anything?

 

 

This is so odd.  It almost seems as though the bid was submitted without Davis even really being invited to the process. Almost like a cold call.  Then when BofA got the bid, they laughed at it.  And Davis is trying everything possible to get BofA to at least do work on the bid to validate it. Which bits really possible they aren’t even wasting their time with. 
 

But he’s running around promoting it, told the Junkies, who were damn fool enough to report it, and that CBS guy, who was even more foolish to keep pushing it.  
 

The fact he can speak about it so openly means he hasn’t signed any type of confidentiality agreement.  
 

That said, the Harris camp is leaking like the Titanic so what I know about normal confidentiality agreements might not be 100% applicable.  
 

So I’m going to go with he hasn’t signed anything, and even if he had, it wouldn’t matter.

[lavar1156]

 

[Skinsinparadise]

24 minutes ago, RVAskins said:

I have know concerns about Harris and Rales being poor. I trust their judgement that they know exactly what they are doing. I'm more curious if that Canadian guy has partners. He doesn't have anywhere near the money as Harris and Rales so one would think he would need partners too.

 

I don't think too many people expected him to put in much more than 30%.  It's a 6 billion buy -- whch is way more than the standard NFL sale in the past.  Heck Magic Johnson put in more money on this sale than Jerry Jones did buying the Cowboys.

 

Not sure what the upside for us for Harris sinking more money than he has as far as his take.  We just need him to have controlling interest.  From what I understand its not a democracy when it comes to making football decisions -- the majority owner rules, doesn't matter by what margin they have this.  Also there really isn't anything minority owner anywhere close to what Harris has.  Looks like he's give or take 3:1 more than anyone else.    Looking like they will have a ton of small minority owners i gather like the Steelers have.

 

I understand for those covering the sale, some who get a vibe from the Harris team that they are going to attack the stadium aggressively.  Would i rather him have another billion equity in this team or for him to use that billion for a stadium.  for me its the stadium by a mile.

 

Philly reporters say don't worry about Harris spending money, he spends whatever it takes.  He's aggressive on that front.

Edited April 19, 2023 by Skinsinparadise

[Bifflog]

https://www.washingtonpost.com/sports/2023/04/18/nfl-commanders-sale-review/

[actorguy1]

The NFL’s informal review of Josh Harris’s tentative $6.05 billion deal to purchase the Washington Commanders has found only minor issues that Harris’s group must resolve, leaving the league and team owners confident the deal would be approved if other obstacles related to the sale can be overcome, a person with direct knowledge of the NFL’s inner workings said Tuesday.

According to that person, there are “small holes” in Harris’s unsigned, nonexclusive deal with Commanders owner Daniel Snyder that Harris and his investment group can address relatively easily. The terms of that agreement were submitted to the NFL for a preliminary review that is not part of the league’s formal sale ratification process, which requires the approval of at least 24 of the 32 owners.

Harris’s purchase of the Commanders almost certainly will be ratified by the owners, the person said, if the deal is properly modified and the issues related to indemnification and the NFL’s second investigation of Snyder and the team can be resolved to the other owners’ satisfaction.

“The league is doing their work,” that person said. “That’s normal. They’re small holes [in Harris’s deal]. They’ll get that part done. … It won’t be a problem. The issue is those other things.”

NFL rules require the lead investor of an ownership group to have at least a 30-percent equity stake in the purchase. No ownership group can exceed 25 people, including the lead investor. The group can’t borrow more than $1.1 billion to buy the team. No private equity firms, public corporations or sovereign wealth funds can own any shares.

According to the person with knowledge of the NFL’s inner workings, the Harris group’s preliminary deal does note account for a small portion of the funding, potentially putting the bid slightly above the debt limit. But the person noted that the deal is not finalized or signed yet and said, “They can clean that up. I don’t think he’s been asked to do it yet.”

Given that Harris’s deal with Snyder is not exclusive, it does not prohibit other bidders from still attempting to buy the team. At least one rival bidder, Canadian real estate developer and private equity executive Steve Apostolopoulos, remains active in the bidding, a person with knowledge of the sale process said in recent days.

The NFL’s current investigation of Snyder and the Commanders is being conducted by attorney Mary Jo White. Snyder has declined to be interviewed by White for the investigation, three people with direct knowledge of the league’s inner workings said last month. White was expected to make at least one more attempt before completing her investigation, according to one of those people. NFL Commissioner Roger Goodell has said the league will release White’s findings publicly, even if Snyder sells the team.

It is not known to what extent the Harris group is willing to indemnify Snyder against legal liability and costs as part of the tentative purchase agreement. Since late February, multiple people with direct knowledge of the league’s inner workings have said that Snyder was seeking such indemnification from a buyer or from the league and other owners. The Commanders said in February that such depictions were inaccurate.

For the sale to be completed and ratified, the other owners will want Snyder to drop any effort to be indemnified by them, and further to indemnify the league and the other owners against future legal liability and costs, the person with knowledge of the NFL’s inner workings and the owners’ views said Tuesday.

The issues related to indemnification and White’s investigation make the prospective timeline for the approval of the sale uncertain, that person said. The owners’ next meeting is scheduled for May 22-24 in Minneapolis. They aren’t scheduled to meet after that until October, although Goodell could schedule a special meeting around August to address the issue. The owners approved the Broncos sale in a special meeting last August.

 

https://www.washingtonpost.com/sports/2023/04/18/nfl-commanders-sale-review/

Edited April 19, 2023 by actorguy1

[spjunkies]

Next person to give me a thumbs down is getting two punches in their ugly mug! 🤬🤬🤬

[RVAskins]

4 minutes ago, spjunkies said:

Next person to give me a thumbs down is getting two punches in their ugly mug! 🤬🤬🤬

[PigskinRedskin]

5 minutes ago, RVAskins said:

 

 

[CommanderInTheRye]

9 minutes ago, actorguy1 said:

The NFL’s informal review of Josh Harris’s tentative $6.05 billion deal to purchase the Washington Commanders has found only minor issues that Harris’s group must resolve, leaving the league and team owners confident the deal would be approved if other obstacles related to the sale can be overcome, a person with direct knowledge of the NFL’s inner workings said Tuesday.

According to that person, there are “small holes” in Harris’s unsigned, nonexclusive deal with Commanders owner Daniel Snyder that Harris and his investment group can address relatively easily. The terms of that agreement were submitted to the NFL for a preliminary review that is not part of the league’s formal sale ratification process, which requires the approval of at least 24 of the 32 owners.

Harris’s purchase of the Commanders almost certainly will be ratified by the owners, the person said, if the deal is properly modified and the issues related to indemnification and the NFL’s second investigation of Snyder and the team can be resolved to the other owners’ satisfaction.

“The league is doing their work,” that person said. “That’s normal. They’re small holes [in Harris’s deal]. They’ll get that part done. … It won’t be a problem. The issue is those other things.”

NFL rules require the lead investor of an ownership group to have at least a 30-percent equity stake in the purchase. No ownership group can exceed 25 people, including the lead investor. The group can’t borrow more than $1.1 billion to buy the team. No private equity firms, public corporations or sovereign wealth funds can own any shares.

According to the person with knowledge of the NFL’s inner workings, the Harris group’s preliminary deal does note account for a small portion of the funding, potentially putting the bid slightly above the debt limit. But the person noted that the deal is not finalized or signed yet and said, “They can clean that up. I don’t think he’s been asked to do it yet.”

Given that Harris’s deal with Snyder is not exclusive, it does not prohibit other bidders from still attempting to buy the team. At least one rival bidder, Canadian real estate developer and private equity executive Steve Apostolopoulos, remains active in the bidding, a person with knowledge of the sale process said in recent days.

The NFL’s current investigation of Snyder and the Commanders is being conducted by attorney Mary Jo White. Snyder has declined to be interviewed by White for the investigation, three people with direct knowledge of the league’s inner workings said last month. White was expected to make at least one more attempt before completing her investigation, according to one of those people. NFL Commissioner Roger Goodell has said the league will release White’s findings publicly, even if Snyder sells the team.

It is not known to what extent the Harris group is willing to indemnify Snyder against legal liability and costs as part of the tentative purchase agreement. Since late February, multiple people with direct knowledge of the league’s inner workings have said that Snyder was seeking such indemnification from a buyer or from the league and other owners. The Commanders said in February that such depictions were inaccurate.

For the sale to be completed and ratified, the other owners will want Snyder to drop any effort to be indemnified by them, and further to indemnify the league and the other owners against future legal liability and costs, the person with knowledge of the NFL’s inner workings and the owners’ views said Tuesday.

The issues related to indemnification and White’s investigation make the prospective timeline for the approval of the sale uncertain, that person said. The owners’ next meeting is scheduled for May 22-24 in Minneapolis. They aren’t scheduled to meet after that until October, although Goodell could schedule a special meeting around August to address the issue. The owners approved the Broncos sale in a special meeting last August.

 

https://www.washingtonpost.com/sports/2023/04/18/nfl-commanders-sale-review/

 

"For the sale to be completed and ratified, the other owners will want Snyder to drop any effort to be indemnified by them, and further to indemnify the league and the other owners against future legal liability and costs..."

 

 

Woaaaah!!!

 

That's the first I've heard that THE NFL itself wants to be indemnified against liability for Snyder's actions while owner and presumably for Snyder to agree not to sue the league in the future.

 

Wow! 

 

This could be a protracted negotiation. I don't see Snyder agreeing to those conditions without a fight.

[Skinsinparadise]

 

 

[Voice_of_Reason]

3 minutes ago, Skinsinparadise said:

 

 

What is this in reference to?

 

We’ve been in nonsense phase for months