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

[Llevron]

10 minutes ago, Skinsinparadise said:

 

 

 

Play on the National Mall sounds like a fantasy but it would sooooo crazy. I would love that. 

[Skinsinparadise]

Keim on his podcast and on Sheehan

 

A.  Somewhat shot down the narrative about the NFL wouldn't have approved Harris if not for them wanting to get rid of Snyder.  Keim's been in touch with the Harris group for quite some time.  He said the Harris group has told them he got zero concerns expressed to them from the NFL about their finances.

 

B.  The stadium is up in the air.  The 1.5 billion incentives from Virginia doesn't have anything to do with them favoring Virginia -- the 1.5 billion of incentives number was given to them from Dan as for what he believes they can get.  I gather Dan purposely embellished that to help the sale.

 

C.  Chasing a stadium is a top priority and also improving the current stadium experience.  Keim took another dig at Bruce in that mix saying Fedex improvements barely happened under Bruce and the current regime tried to make up for it but much work is left to be done.

 

To point A -- Perez who has been on the money about most things has said Harris has some strong allies among the NFL owners.  Breer mentioned that fellow owners want Harris-Rales as part of the NFL ownership club and see them as assets to the league. 

 

But am thinking the we want Dan out so bad that we will accept deals we'd otherwise not -- is the too cool for school narrative that will be an overhang around this I think mostly because its a final dig at Dan.  Heck the owners can't help themselves including taking a dig at the actual final bid where they acted to the WP like Dan got ripped off.

 

On an aside, I am enjoying these occasional digs from Keim at Bruce during this process.  When Bruce was here, Keim was careful.   But of late, the hits keep coming.  He said Bruce shouldn't have been in charge of personnel, alluded to Bruce when he talked about Dan trusting the wrong people, referenced Bruce as to morale in the building was low for a long time in part because of how cheap they've been and Bruce was a big part of that -- now we got the dig at the stadium.  i am enjoying the digs especially because Keim is usually careful with that stuff. 

Edited May 17, 2023 by Skinsinparadise

[RabidFan]

13 hours ago, Voice_of_Reason said:

What fun locations in the area could support an NFL game?  Langley High School Saxon’s stadium?

My alma mater.

[Est.1974]

1 hour ago, @DCGoldPants said:

 

That's a good pitch. Someone sponsor this dying husk that we're going to gussy up for a few years. Oh, you want talk now about having your brand on future stadium? Nah. That's a who new process. 

 

 

Agreed. Get someone to pay a premium now on the current dump to secure a deal on the new place.

[Rocky21]

Michael Phillips is kind of a dope.  Rotating stadiums for home games?  Yeah I'm pretty sure season ticket holders won't be down for that.  

[Est.1974]

1 hour ago, Conn said:

Yeah, you’ve pretty much laid out exactly what will happen lol. 
 

There won’t be a deal put in place for a mystery stadium that’s 6-10 years away in an unknown location. It’ll just be a deal for the current improved stadium, to no longer be FedEx Field.  

They’d just agree a contract with extension/option clauses in. Just like we’ll have to straight away because we have no definitive answer on exactly how long we’ll be at the current stadium. 

34 minutes ago, Skinsinparadise said:

 

B.  The stadium is up in the air.  The 1.5 billion incentives from Virginia doesn't have anything to do with them favoring Virginia -- the 1.5 billion of incentives number was given to them from Dan as for what he believes they can get.  I gather Dan purposely embellished that to help the sale.

Lets be honest, that’s wouldn’t influence the sale in reality. I’d hope our prospective new owners would have enough about them to form a judgement on that without being influenced by the little clowns BS.

[Skinsinparadise]

8 minutes ago, Est.1974 said:

They’d just agree a contract with extension/option clauses in. Just like we’ll have to straight away because we have no definitive answer on exactly how long we’ll be at the current stadium. 

Lets be honest, that’s wouldn’t influence the sale in reality. I’d hope our prospective new owners would have enough about them to form a judgement on that without being influenced by the little clowns BS.

 

I didn't mean it that literally.  I was just saying I'd bet Dan embellished that figure to help the sale.  I mean that as an expression -- not that the sale happened for that reason.  Like when i am trying to sell my house i try to make it sound as attractive as I can so everything I say is with the purpose of helping the sale.

Edited May 17, 2023 by Skinsinparadise

[Skinsinparadise]

 

 

The document states that Harris expects to have a new stadium in place by 2031, and the report says Virginia could offer up to $1.5 billion in public funding.

But a source with knowledge of Harris’ approach to a new stadium told Front Office Sports that the team shared the $1.5 billion figure with the final bidders for the team.

The source said “no decisions or commitments” have been made as to the future home of the Commanders. 

FOS reported Sunday that Magic Johnson — one of the more than a dozen limited partners in Harris’ group — met with Maryland Gov. Wes Moore. While it’s unclear what was discussed, sources previously said that Virginia, Maryland, and D.C. would be studied as potential spots for a new stadium. 

And it’s doubtful that Harris — even with the goodwill he will immediately have amid Snyder’s exit — will be able to get more public funding than the Tennessee Titans ($1.26 billion) and Buffalo Bills ($1.4 billion) for their new stadium projects. 

But those stadiums are owned by the state and/or local governments. The Las Vegas Raiders, which own Allegiant Stadium, received $750 million in public funding, the most an NFL franchise has received for stadium construction. 

Snyder had sought to build a $3 billion domed stadium in Northern Virginia. 

Legislation in Virginia was introduced in early 2022 that at first would have committed $1 billion in public funding before that amount was cut to $300 million. But the bill died in a conference committee and was shelved in June. 

Even without Snyder, Virginia will likely again resist committing hundreds of millions in public funding. 

But a three-way battle for the franchise’s future home is expected to heat up once Harris takes over the team over the next few months. And that competition could lead lawmakers to be more open to public funding. 

The team’s lease with Prince George’s County expires in 2027 but can be renewed if a new venue isn’t finished.

Edited May 17, 2023 by Skinsinparadise

[Riggo#44]

Just now, Skinsinparadise said:

 

 

 

TF? No moat? No roller bladers? No surfers? No one repelling down the side of the stadium?! #SellTheTeamHarris!

[Warhead36]

There will certainly be a dome so the stadium can be multi functional and be used for events 365 days a year.

 

Will probably host a Super Bowl sometime in the 2030s.

[BringMetheHeadofBruceAllen]

1 hour ago, Riggo#44 said:

 

TF? No moat? No roller bladers? No surfers? No one repelling down the side of the stadium?! #SellTheTeamHarris!

 

Apparently there will be none of these either:

 

 

Seriously, what did Bruce Allen do regarding getting a new stadium? We saw those plans for Castle Snyder (with the moat) years ago, but did anything even gain traction while Allen was here? Wasn't he hired because he supposedly had 'political ties' even though his only 'tie' appeared to be to his brother who was voted out of office??

Edited May 17, 2023 by BringMetheHeadofBruceAllen

[Skinsinparadise]

 

Josh Harris’s $6.05 billion deal to purchase the Washington Commanders from Daniel Snyder includes an “earnout,” a structure that would provide Snyder with a deferred payment of an amount contingent on the franchise reaching specified financial benchmarks, according to five people with knowledge of the terms of the sale.

 

 

The earnout represents a relatively small but perhaps meaningful portion of the overall sale price. Its inclusion in the deal explains, in part, why people familiar with the deliberations of the NFL finance committee last week described the sale agreement between Harris and Snyder as unusually complex.

 

...“There’s a lot of work to do,” one person familiar with the NFL’s inner workings said in recent days.

 

The deliberations are playing out while the NFL may be making progress with Snyder on the issue of indemnification, one person with knowledge of the sale process said. The Harris deal represents the only option before the league and the owners for getting Snyder out of the NFL. The announcement Friday that the deal — previously sent to the league as an unsigned, nonexclusive agreement — had become signed and exclusive prompted a celebratory reaction by many Commanders fans.

 

...The earnout may have been used as a mechanism during the negotiations to push the sale price above Snyder’s $6 billion target after Harris’s group was unwilling to bid that much. One person with knowledge of the process said the payout could be as much as approximately $200 million, though the Harris group could end up paying much less. The exact business-related benchmarks on which the amount of the payment are based were not immediately clear. The inexact nature the payment amount also signals that the $6.05 billion sale price might not be fixed.

The Harris group declined to comment through a spokesman.

 

A member of the Rivkin Radler law firm, writing last year on the legal website JD Supra, described an earnout as “a form of contingent, deferred consideration that is often utilized to reconcile a difference of opinions between the buyer and the seller regarding the fair market value of the target business as of the date of the closing.”

 

...Multiple sports financial advisers said such a structure would be common and well-accepted in most business settings in a deal of such magnitude but is extremely rare in sports-franchise sales. The NFL has a highly restrictive set of rules related to franchise sales, and the league generally prefers to deal with a lead owner in a prospective ownership group with overwhelming wealth and access to cash.

 

David Tepper and Rob Walton bought the two most recent NFL teams to sell. Tepper, a prominent hedge fund manager, has an estimated net worth of $18.5 billion, according to Forbes. He paid $2.275 billion for the Carolina Panthers in 2018. Walton, a Walmart heir, has an estimated net worth of $61.5 billion and bought the Denver Broncos last year for $4.65 billion.

 

Harris, a private equity and sports investor, has a net worth estimated by Forbes at $6 billion. He owns the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.

 

NFL ownership 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 or borrow more than $1.1 billion to buy a team. And no private equity firms, public corporations or sovereign wealth funds can own any shares. Analysts have said those rules may have to change, given the soaring NFL franchise values, but they are not expected to be modified for this transaction.

 

The Harris group believes its deal is in compliance with NFL ownership rules, people connected to the process have said. They say the group also believes there should be no questions about the liquidity of Harris and his investors, given their combined net worth above $100 billion.

Edited May 17, 2023 by Skinsinparadise

[lovemaskins]

So essentially Dan wants a bonus check if the new guys are competent at making money because surely he was gonna do it but decided to sell.  

[Redwards]

So stoked that the Harris team is getting the organization, and I don't want to overshadow that fact.  However, to be honest, the fact that we won't have a new stadium until at least 2031 is just an incredible blow.   Unbelievably disappointing to me.  

[spjunkies]

Dan Snyder is the human version of a disease that you just can't get rid of. 

[Xameil]

1 hour ago, BringMetheHeadofBruceAllen said:

 

Apparently there will be none of these either:

 

 

Seriously, what did Bruce Allen do regarding getting a new stadium? We saw those plans for Castle Snyder (with the moat) years ago, but did anything even gain traction while Allen was here? Wasn't he hired because he supposedly had 'political ties' even though his only 'tie' appeared to be to his brother who was voted out of office??

But...what about ill-tempered sea bass? Do we at least still get those?

[Riggo#44]

13 minutes ago, spjunkies said:

Dan Snyder is the human version of a disease that you just can't get rid of. 

Herpes. He is herpes personified...not that I would know what that's like. This guy I know...

[FootballZombie]

Ewww, future payouts to Snyder. Literally paying this guy to go away.  Not fun.

 

 

 

2 hours ago, Riggo#44 said:

TF? No moat? No roller bladers? No surfers? No one repelling down the side of the stadium?

 

Even if it was by a diff administration promises were made.

 

I'm not ready to give up on the amazingly ill-conceived mixture of drunk guys and a massive water feature that inevitably ends w/ people peeing in it and dead guys floating in the water.

Gimmie my moat!

[Skinsinparadise]

30 minutes ago, Redwards said:

So stoked that the Harris team is getting the organization, and I don't want to overshadow that fact.  However, to be honest, the fact that we won't have a new stadium until at least 2031 is just an incredible blow.   Unbelievably disappointing to me.  

 

Keim talked about this some.  It's not that the new regime is slow playing this -- they want this ASAP.  But the previous regime's take was too optimistic.  If the previous regime made any progress especially securing the land, we'd have a shot.  But there is a long way to go. 

 

It's amazing that Bruce was supposedly the stadium guy, some would say back then that's why he had job security.    Accomplished nada.

 

In his memo, Harris said 2031 but perhaps before.  But clearly they are going to go as hard as they can and as fast as they can at this.

 

https://www.commanders.com/news/redskins-hire-world-renowned-firm-big-for-new-stadium-16924348#:~:text=The Redskins hired world-renowned,of a new stadium concept.

 

Redskins Hire World-Renowned Firm BIG For New Stadium

Mar 11, 2016 at 08:56 AM

[RVAskins]

With a new stadium not coming for 8 years, I totally understand why the Harris group is spending so much to fix FedEx. I know some people are disappointed that it will take so long but I feel Harris will do this the right way and not rush anything. FedEx was rushed and we see where that got us.

[skinzplay]

4 hours ago, Skinsinparadise said:

Keim on his podcast and on Sheehan

 

A.  Somewhat shot down the narrative about the NFL wouldn't have approved Harris if not for them wanting to get rid of Snyder.  Keim's been in touch with the Harris group for quite some time.  He said the Harris group has told them he got zero concerns expressed to them from the NFL about their finances.

 

B.  The stadium is up in the air.  The 1.5 billion incentives from Virginia doesn't have anything to do with them favoring Virginia -- the 1.5 billion of incentives number was given to them from Dan as for what he believes they can get.  I gather Dan purposely embellished that to help the sale.

 

C.  Chasing a stadium is a top priority and also improving the current stadium experience.  Keim took another dig at Bruce in that mix saying Fedex improvements barely happened under Bruce and the current regime tried to make up for it but much work is left to be done.

 

To point A -- Perez who has been on the money about most things has said Harris has some strong allies among the NFL owners.  Breer mentioned that fellow owners want Harris-Rales as part of the NFL ownership club and see them as assets to the league. 

 

But am thinking the we want Dan out so bad that we will accept deals we'd otherwise not -- is the too cool for school narrative that will be an overhang around this I think mostly because its a final dig at Dan.  Heck the owners can't help themselves including taking a dig at the actual final bid where they acted to the WP like Dan got ripped off.

 

On an aside, I am enjoying these occasional digs from Keim at Bruce during this process.  When Bruce was here, Keim was careful.   But of late, the hits keep coming.  He said Bruce shouldn't have been in charge of personnel, alluded to Bruce when he talked about Dan trusting the wrong people, referenced Bruce as to morale in the building was low for a long time in part because of how cheap they've been and Bruce was a big part of that -- now we got the dig at the stadium.  i am enjoying the digs especially because Keim is usually careful with that stuff. 

 

So glad you posted this, SIP. People follow the loud ones or the ones with the itchy Twitter finger, but Keim is better connected and more trusted than any of them. No matter what the topic is, I always listen to his podcasts. He's always full of nuggets - some explicit, some require reading between the lines when he's being measured in his approach. Pure gold.

 

 

 

[@DCGoldPants]

4 hours ago, Est.1974 said:

Agreed. Get someone to pay a premium now on the current dump to secure a deal on the new place.

Totally. Those who invest now and are willing to pay for their name at FedEx will get preference when bidding for naming and other sponsorships in a new state-of-the-art place. 

[Voice_of_Reason]

5 hours ago, RabidFan said:

My alma mater.

Mine too!  I'm 1995.  You?

[RabidFan]

14 minutes ago, Voice_of_Reason said:

Mine too!  I'm 1995.  You?

88. I'm a geezer

[Skinsinparadise]

For those seeking clarity, especially @Voice_of_Reason on the Virginia prospects, its right here...