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

[Rex Tomb]

13 hours ago, bowhunter said:

I'm fully aware that this was filmed during the off season. But honestly guys, I fear the aforementioned concerns that he may be too small to be a NFL center have some merit. Ricky Thunberg is gonna be yet another wasted pick

I dunno, that ferocious scowl could intimidate even likes of Micah Parsons and Fletcher Cox.  Absolutely withering.  And when he hits you with the “How Dare You!” - lights out, game over.

 

[ntotoro]

I don't think we'll need to wish bad thinks for The Danny. Give him 10 years and he'll find a way on his own to lose the vast majority of the money from the sale.

[Andre The Giant]

 

[RVAskins]

59 minutes ago, Andre The Giant said:

 

Where's Major Tuddy going?

 

[Andre The Giant]

 

[Chris 44]

44 minutes ago, Andre The Giant said:

 

I'll be so damn glad when this thread closes

[actorguy1]

https://theathletic.com/4503339/2023/05/10/josh-harris-commanders-sale-nfl?source=user-shared-article

With the NFL finance committee meeting today and owners gathering May 22-23, the long-hoped-for sale of the Washington Commanders to a group led by Josh Harris for $6.05 billion could get a vote, even if only conditionally.

 

Elements of the deal would break the mold for an NFL franchise sale, underscoring how much the league appears willing to bend its guidelines to move on from the Daniel Snyder era. There is the possibility of an unprecedented conditional approval, allowing more debt than is standard and the prospective soon-to-be ex-owner extending a loan to the Harris group to get the deal over the finish line. While the roughly 17 limited partners in the deal do not exceed the league cap of 25, they will require extensive vetting, with investors from outside the country making the process more challenging.

The proposed sale is on the agenda for the finance committee meeting.

 

Buyers of teams can borrow up to $1.1 billion secured against the franchise, which Harris proposes. He also plans to add more debt secured against his other sports teams, which include the Philadelphia 76ers, New Jersey Devils and part of Crystal Palace FC of the English Premier League. That raises questions about what would happen if he defaulted on that debt.

When Snyder bought the team and Jack Kent Cooke Stadium in 1999, his limited partners at the time borrowed against their personal businesses to help finance the deal. The league was OK with that because if those loans ever went into default, it would not affect the controlling partner. But in this case, it is the controlling partner who would be borrowing against his other businesses.

 

Recent NFL sales have involved buyers who did not need help buying the team. Last year, members of the Walton family bought the Denver Broncos for $4.65 billion, and before that, fund billionaire David Tepper bought the Carolina Panthers for $2.275 billion in 2019. But as the prices have skyrocketed, worries emerged that at some point buyers would struggle to acquire NFL teams while working around the debt rules.

 

That is what appears to be happening. Amazon founder Jeff Bezos hired an investment bank to consider a bid, but Snyder initially shut him out over his ownership of “The Washington Post,” which published stories about the club’s toxic work culture that in part led to the sales process.

 

Bezos easily could have afforded the team on his own, and NFL owners may want to know why that avenue was blocked. However, after more than two decades of Snyder’s ownership, they may be willing to overlook issues in the Harris proposal, evidenced by the league considering conditional approval before the deal is even signed by Snyder. Technically, other bidders, including Steve Apostolopoulos, still could make a run as Snyder has yet to sign an agreement.

Typically, a seller and buyer sign an agreement and then submit it to the league for approval. In this case, Harris has unilaterally submitted the bid, and the league is considering presenting it to owners for a vote that would be conditional on Snyder ultimately signing it.

 

“I still believe it will get approval,” a person close to Harris said. “It’s dragging through the NFL because they’ve never had to evaluate this type of bid. The NFL’s choice is getting Dan out (versus) working through Josh’s complexity. I think they’ll find a way, but no guarantees.”

 

Snyder’s loan appears to be the $200 million reported difference between how much the Harris group would pay at closing — $5.8 billion — and the final price. Asked why Snyder would seller finance, the person close to Harris said, “Dan wants to sell.”

 

The league is also faced with Snyder’s request for indemnification from any potential lawsuits or fines that occur after a sale. The league has promised to release a report from the more than year-long investigation into claims Snyder made unwanted advances on a female employee and hid money from the 31 other teams that should have been shared. Mary Jo White is leading that probe.

 

The Harris group has already agreed to contract language to offer some indemnification, according to the person close to Harris. It’s unclear if that provision will pass muster with the league.

 

Snyder’s reign over the Commanders since acquiring the team in 1999 has been woeful on the field and disastrous off it. In 2020, “The Washington Post” published an expose of rampant sexual harassment at the team, leading to an NFL investigation that found a toxic work culture and led to a $10 million club fine in 2021.

 

Snyder at the time was also battling his three top partners in ugly back-and-forth court battles over his stewardship of the team and their efforts to sell. Through league arbitration, the trio ultimately agreed to sell their combined 40 percent stake for $875 million, which today looks like a steal for Snyder.

The federal court in the Eastern District of Virginia is also probing bank fraud at the team, while the attorney general of Washington, D.C., is suing the team — and the NFL — for allegedly obscuring sexual harassment at the club.

[Conn]

lol at Snyder wanting to be able to say he sold for “$6B” so badly that instead of just accepting the highest bid of $5.8B, he’s going to pump up the numbers by essentially providing the final .2B himself on loan for Harris to pay back over time. Totally unnecessary but it’s clear he wasn’t going to want to sell for less than a big round number that he arbitrarily chose after the $7B fantasy died. 

[Commander PK]

57 minutes ago, Chris 44 said:

I'll be so damn glad when this thread closes

Being a fan of an NFL team is not supposed to be like this….

[Chris 44]

55 minutes ago, actorguy1 said:

https://theathletic.com/4503339/2023/05/10/josh-harris-commanders-sale-nfl?source=user-shared-article

With the NFL finance committee meeting today and owners gathering May 22-23, the long-hoped-for sale of the Washington Commanders to a group led by Josh Harris for $6.05 billion could get a vote, even if only conditionally.

 

Elements of the deal would break the mold for an NFL franchise sale, underscoring how much the league appears willing to bend its guidelines to move on from the Daniel Snyder era. There is the possibility of an unprecedented conditional approval, allowing more debt than is standard and the prospective soon-to-be ex-owner extending a loan to the Harris group to get the deal over the finish line. While the roughly 17 limited partners in the deal do not exceed the league cap of 25, they will require extensive vetting, with investors from outside the country making the process more challenging.

The proposed sale is on the agenda for the finance committee meeting.

 

Buyers of teams can borrow up to $1.1 billion secured against the franchise, which Harris proposes. He also plans to add more debt secured against his other sports teams, which include the Philadelphia 76ers, New Jersey Devils and part of Crystal Palace FC of the English Premier League. That raises questions about what would happen if he defaulted on that debt.

When Snyder bought the team and Jack Kent Cooke Stadium in 1999, his limited partners at the time borrowed against their personal businesses to help finance the deal. The league was OK with that because if those loans ever went into default, it would not affect the controlling partner. But in this case, it is the controlling partner who would be borrowing against his other businesses.

 

Recent NFL sales have involved buyers who did not need help buying the team. Last year, members of the Walton family bought the Denver Broncos for $4.65 billion, and before that, fund billionaire David Tepper bought the Carolina Panthers for $2.275 billion in 2019. But as the prices have skyrocketed, worries emerged that at some point buyers would struggle to acquire NFL teams while working around the debt rules.

 

That is what appears to be happening. Amazon founder Jeff Bezos hired an investment bank to consider a bid, but Snyder initially shut him out over his ownership of “The Washington Post,” which published stories about the club’s toxic work culture that in part led to the sales process.

 

Bezos easily could have afforded the team on his own, and NFL owners may want to know why that avenue was blocked. However, after more than two decades of Snyder’s ownership, they may be willing to overlook issues in the Harris proposal, evidenced by the league considering conditional approval before the deal is even signed by Snyder. Technically, other bidders, including Steve Apostolopoulos, still could make a run as Snyder has yet to sign an agreement.

Typically, a seller and buyer sign an agreement and then submit it to the league for approval. In this case, Harris has unilaterally submitted the bid, and the league is considering presenting it to owners for a vote that would be conditional on Snyder ultimately signing it.

 

“I still believe it will get approval,” a person close to Harris said. “It’s dragging through the NFL because they’ve never had to evaluate this type of bid. The NFL’s choice is getting Dan out (versus) working through Josh’s complexity. I think they’ll find a way, but no guarantees.”

 

Snyder’s loan appears to be the $200 million reported difference between how much the Harris group would pay at closing — $5.8 billion — and the final price. Asked why Snyder would seller finance, the person close to Harris said, “Dan wants to sell.”

 

The league is also faced with Snyder’s request for indemnification from any potential lawsuits or fines that occur after a sale. The league has promised to release a report from the more than year-long investigation into claims Snyder made unwanted advances on a female employee and hid money from the 31 other teams that should have been shared. Mary Jo White is leading that probe.

 

The Harris group has already agreed to contract language to offer some indemnification, according to the person close to Harris. It’s unclear if that provision will pass muster with the league.

 

Snyder’s reign over the Commanders since acquiring the team in 1999 has been woeful on the field and disastrous off it. In 2020, “The Washington Post” published an expose of rampant sexual harassment at the team, leading to an NFL investigation that found a toxic work culture and led to a $10 million club fine in 2021.

 

Snyder at the time was also battling his three top partners in ugly back-and-forth court battles over his stewardship of the team and their efforts to sell. Through league arbitration, the trio ultimately agreed to sell their combined 40 percent stake for $875 million, which today looks like a steal for Snyder.

The federal court in the Eastern District of Virginia is also probing bank fraud at the team, while the attorney general of Washington, D.C., is suing the team — and the NFL — for allegedly obscuring sexual harassment at the club.

The question has been raised by others here about how few individuals will be able to afford an NFL franchise going forward. May see more group or corporate ownership in the future.

[RVAskins]

13 minutes ago, Chris 44 said:

The question has been raised by others here about how few individuals will be able to afford an NFL franchise going forward. May see more group or corporate ownership in the future.

I agree and find that very sad. The day a team is owned by a corporation is the day when the bean counters decide how a team spends their money. It will not be good for the NFL.

[actorguy1]

 

 

[HigSkin]

Keim said in a recent podcast he had heard Harris would present at the finance meeting today but then also heard that might now happen so who knows.

[actorguy1]

https://frontofficesports.com/nfl-finance-committee-meets-as-commanders-sale-progresses/

BY A.J. PEREZ

MAY 10, 2023 | 09:16 AM

URL copied to clipboard

Kirby Lee-USA TODAY Sports

Typically, the NFL finance committee meeting today is perfunctory.

 

Each year, the aim is to have all the major items handled ahead of the March owners’ meetings, with only a few issues that haven’t been solved left to mull over in May. But this regularly scheduled meeting before the main meeting in two weeks could clarify the Washington Commanders’ immediate future. 

 

Front Office Sports previously reported that the NFL had treated the $6.05 billion bid by a group led by Josh Harris as a done deal — even as those close to the Commanders have said the agreement remains tentative. 

 

If this were a normal sale, Harris’ application would have had to be in around March for the finance committee made up of NFL owners to schedule a vote for the main owners meeting. 

 

The application — accompanied by a $25,000 check — kicks off the vetting process, which includes the verification of financials and criminal background checks for the potential controlling owner and all the partners of an ownership group. 

 

An NFL spokesperson declined to comment when asked Tuesday if Harris’ application is in. A Harris spokesperson and one for the Commanders did the same.

 

But could a full ownership vote be scheduled during today’s meeting? Break out that shrug emoji because those intimately involved have remained mum. 

 

Multiple sources told FOS that Harris is expected to take over control of the team in early June. That would mean a vote would have to occur in Minnesota at the main owners’ meetings that run May 22-24. 

 

“Seems like things are moving forward with Harris,” one source with knowledge of negotiations told FOS. 

 

Three-quarters (24 or more owners) are needed to approve a new owner, and it takes about a week for all the money to be transferred over before the sale becomes official.

 

While not spelled out in the NFL Constitution and Bylaws, this odd Commanders’ sale could be treated as an incomplete transaction. With the backing of NFL Commissioner Roger Goodell, the preliminary agreement could be vetted as an official application, one source told FOS. 

 

That would mean Harris and his more than a dozen limited partners have been thoroughly vetted by this point. The fact that The Washington Post reported last month that the NFL asked Harris’ group to revise some “minor issues” in their proposal certainly lends credence to the incomplete transaction approach. 

 

Exactly why the sale has gone this path isn’t clear. However, the team is still subject to multiple investigations — including one led by former SEC chief Mary Jo White on behalf of the NFL — and now, the attorneys general in California and New York are investigating the NFL, in part for the way the league handled the Commanders toxic workplace allegations. 

 

Sources said some things are clear: Snyder is selling, Harris is in line to add to his sports empire that already includes co-owners of the Philadelphia 76ers and New Jersey Devils, and a new era isn’t far off for the once-storied franchise near the nation’s capital.

Edited May 10, 2023 by actorguy1

[UK Skins]

2 hours ago, Conn said:

lol at Snyder wanting to be able to say he sold for “$6B” so badly that instead of just accepting the highest bid of $5.8B, he’s going to pump up the numbers by essentially providing the final .2B himself on loan for Harris to pay back over time. Totally unnecessary but it’s clear he wasn’t going to want to sell for less than a big round number that he arbitrarily chose after the $7B fantasy died. 

 

You're right Conn, this is so sad it's just pathetic. Really pathetic. I hope this doesn't mean he, in effect, owns a % of the team still though

[Rocky21]

5 minutes ago, UK Skins said:

 

You're right Conn, this is so sad it's just pathetic. Really pathetic. I hope this doesn't mean he, in effect, owns a % of the team still though

Nope when he sells he sells.  There is a just a note back to the seller from the new ownership group.  

[Skinsinparadise]

listened to Kaplan on Sheehan, going back and forth.

 

A.  He thinks this happens in all likelihood

 

B.  Dan loaning some money, isn't that unusual for a major business deal.  But a bit weird considering the loan is for small money

 

C.  Dealing with debt, borrowing money is more expensive in eons, with rising interest rates

 

D.  Victims of the NFL's success.  Teams in past years weren't sold for crazy money like today.

 

E.  Steven A if in the mix would have to leverage a lot of debt based on what he heard

 

F.  Indemnification-Mary Joe White investigation is a factor in this negotiation

Edited May 10, 2023 by Skinsinparadise

[Skinsinparadise]

No mention from Kaplan about the loan constitutes Dan owns a portion of the team.

 

I see some discussion here on this thread about it but I'd be stunned on both the new owners front and Dan.

 

Basically Dan owning a small part of the team makes his ownership and investigations topical.  Seems like both parties want that over with it versus have it continue. 

 

No one who is covering the story in months have mentioned once from what I can recall, Dan retaining minority share.

Edited May 10, 2023 by Skinsinparadise

[RVAskins]

I swear, this entire process is like sloooowly pulling off a band aid.

 

 

[TD_washingtonredskins]

8 minutes ago, RVAskins said:

I swear, this entire process is like sloooowly pulling off a band aid.

 

 

 

Arm hair, by arm hair. 

[ntotoro]

Just now, TD_washingtonredskins said:

 

Arm hair, by arm hair. 

 

...and you're Jamie Farr...

[BringMetheHeadofBruceAllen]

2 hours ago, RVAskins said:

I agree and find that very sad. The day a team is owned by a corporation is the day when the bean counters decide how a team spends their money. It will not be good for the NFL.

 

It's going to open the door for companies like Enron or banks that may fail to own NFL teams. How will that work out, if a company goes belly-up? Does the team forfeit its games?

[CommDownMan]

1 hour ago, Skinsinparadise said:

listened to Kaplan on Sheehan, going back and forth.

 

B.  Dan loaning some money, isn't that unusual for a major business deal.  But a bit weird considering the loan is for small money

 

 

It's for a quarter billion dollars, isn't it?  I know it's relative, but I feel like this is still pretty significant.

[Darth Tater]

3 hours ago, RVAskins said:

I agree and find that very sad. The day a team is owned by a corporation is the day when the bean counters decide how a team spends their money. It will not be good for the NFL.

Next team is probably be around 8B while you need to have 30% of that minimum plus enough free cash to support operations until revenue can actually pay expenses and profit can start making your decision a wise and sustainable one. With the size of the Harris ownership team, vetting is getting expensive. Unless something really goes wrong, we are probably talking a very small group of guys who could actually afford that and if something goes that wrong, revenue is probably going down. Further, this specific transactions and at least a couple of future team sales bring up big liability questions.

[Skinsinparadise]

35 minutes ago, CommDownMan said:

 

It's for a quarter billion dollars, isn't it?  I know it's relative, but I feel like this is still pretty significant.

 

 

$200 million.  If it feels like a big drop of money to you in this mix, cool.   It is to non mega weatlhy laymen like us.   To me the figure seems more symbolic than anything.

 

We've heard to death from those close to the Harris group (Sheehan especially had a good source) that they are stuck on 5.85 billiion and won't budge.

 

So they finally budge on an extra $200 million which happened to be what Dan wanted to close the deal, and they don't even have to pay that part of it for 2 years -- so Dan clearly made a sweetner that he'd loan him that money.    Considering the sum is exactly that compromise sweetner to finish the deal because Dan wanted over 6 -- that they negotiated that.   

 

It sounds like this is simply an explanation of why Josh does not have to pay Dan that full 6.05 billion right away and that $200,000 that he'd pay in 2 years (we already knew that before today) -- is technically considered a loan for $200,000 for those 2 years.

 

 

Edited May 10, 2023 by Skinsinparadise