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

[Conn]

Missing a few zeroes there SIP lol but I get what you mean, it’s all relative. 

[Est.1974]

Sounds like some form of non-interest bearing obligation for the 200mil is built into the agreement. Interesting that Snyder is willing to do that. Very telling that he really wants out. 
 

This will also be an eye opener for the league. This will have to lead to a change in the parameters/restrictions they have in place on franchise sales/purchases, in particular on debt % for example. 
 

Harris and his group are literally scrap around for funding/financing to get over the line.

[Skinsinparadise]

1 hour ago, Conn said:

Missing a few zeroes there SIP lol but I get what you mean, it’s all relative. 

 

Thanks, good catch. 

 

You mentioned the point first as to what the $200 million represents.  I agree.  Seems obvious as heck.

 

Digesting the story some more, the Dan loan part feels like click bait and meaningless.   Considering we already knew the last 200 million wouldn't be paid until 2 years after the closing.   That wasn't new.  So if I understand that article, all they are doing is saying that Dan is classifying that $200 million as a loan.  So its 200 million plus interest. 

 

So the story in short is simply Dan gets interest for the $200 million that Harris pays him in 2 years.

 

They were talking about this on 106.7 just now.  Grant's point and i agree with it is that the upside of having all these mega billionaires involved in ownership is they should have plenty of capital to go get that stadium in theory.  The issue about debt is purely about Harris end of this.    After rereading the article and listening to Kaplan talk about it, it feels like it should be OK.

 

Looks the issue is vetting the multiple minority partners -- especially since there is an international one which takes longer.  And Dan's push for indemnification.

 

Perez's article about hearing Harris could be the new owner by early June is encouraging -- he's been on the money on a lot of these type of stories.

Edited May 10, 2023 by Skinsinparadise

[NewCliche21]

Sounds like a pathetic version of seller's help for a house.  Just a **** ton more zeroes.

[Andre The Giant]

 

[Skinsinparadise]

The reservations expressed during a meeting of the eight-owner finance committee do not mean that Harris’s deal will be rejected, those people said. They said the committee must spend more time examining the financial aspects, and one of them said it seems increasingly unlikely the owners can vote to approve the transaction, even a conditional basis, during their May 22-23 meeting in Minneapolis.

“Everyone wants it to get done,” one of those people said. “I’m not saying it can’t get done. I don’t know. We’ll have to see.”

 

According to that person, questions were raised during the meeting about some aspects of the deal. That person said the agreement is complex and the financing includes an unusually large number of limited partners. Harris also must demonstrate, that person said, that he has sufficient liquidity to be the principal owner of the team under the terms of what would be a record-setting sale. Another person said the finance committee emerged from Wednesday’s meeting with less clarity and certainty about the deal than it had beforehand.

If no ratification vote is taken this month, the NFL could schedule a special meeting for the owners to take an approval vote over the summer. The owners’ next scheduled meeting is in October.

The Harris group, the Commanders and the NFL declined to comment.

 

The finance committee members met for about 2½ hours Wednesday afternoon as part of two days of regularly scheduled committee meetings at the NFL’s offices in Manhattan. Kansas City Chiefs owner Clark Hunt, the chairman of the finance committee, declined to comment afterward. Before the meeting, Hunt said he would leave it to NFL Commissioner Roger Goodell to characterize the status of the league’s consideration of the sale.

 

Before Wednesday’s meeting, there had been cautious optimism the sale could move forward in the coming weeks, perhaps with a vote in Minneapolis to ratify the deal on a conditional basis.

“That’s the hope,” one person familiar with the owners’ views said Tuesday, before adding, “I still think it’s headed in that direction.”

Another person familiar with the owners’ views and the NFL’s inner workings said earlier Wednesday that the vetting process could not be completed in time for the Minneapolis meeting under the league’s standard procedures but that it might be possible for the owners to approve Harris’s deal on a conditional basis. Such a vote would move the other owners a step closer to Snyder leaving the NFL with as little further rancor as possible.

 

That person cautioned, however, that the next steps would remain precarious even in that scenario because of ongoing uncertainty among the owners about Snyder’s approach to issues such as indemnification and the current NFL investigation being conducted by attorney Mary Jo White.

 

But the issues raised during the finance committee meeting Wednesday seemed to put the brakes on that timetable.

 

Under NFL rules, any franchise sale must be ratified by at least 24 of the 32 owners. The finance committee generally vets any proposed deal and makes a recommendation to the owners, who usually follow the committee’s recommendation.

 

But this sale has veered from the traditional process, in large part because of issues unique to Snyder and the Commanders. Snyder and the team are under investigation by the league and by federal authorities in the Eastern District of Virginia. They previously have been investigated by the House Committee on Oversight and Accountability (previously called the House Committee on Oversight and Reform) and reached settlements with the attorneys general of D.C. and Maryland related to allegations of withholding deposits from ticket holders.

 

Harris’s tentative agreement to buy the team from Snyder is not signed and is nonexclusive, leaving the process open to other bidders. At least one other bidder, Canadian business executive Steve Apostolopoulos, has remained active in the process in recent weeks after submitting a $6 billion bid. Even so, Harris’s bid was submitted to the NFL for an informal review.

 

That review initially had generated optimism within the league about Harris’s ability to complete the deal to the satisfaction of the finance committee and the other owners. But Wednesday’s meeting provided the first opportunity for finance committee members to study the details.

 

...It is not known to what extent the Harris group might indemnify Snyder against legal liability and costs as part of the tentative sale 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.

 

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

 

https://www.washingtonpost.com/sports/2023/05/10/josh-harris-commanders-nfl-finance-committee/

Edited May 10, 2023 by Skinsinparadise

[ClaytoAli]

Increasing the cost of FedEx Field suites after people put down deposits for a lower cost for concert tickets. 
 

The Snyder way is still with this team.
 

https://www.nbcwashington.com/news/consumer/suite-concert-deal-at-fedexfield-turns-sour-for-some-beyonce-fans/3345596/?amp=1

Edited May 10, 2023 by ClaytoAli

[actorguy1]

32 minutes ago, Skinsinparadise said:

The reservations expressed during a meeting of the eight-owner finance committee do not mean that Harris’s deal will be rejected, those people said. They said the committee must spend more time examining the financial aspects, and one of them said it seems increasingly unlikely the owners can vote to approve the transaction, even a conditional basis, during their May 22-23 meeting in Minneapolis.

“Everyone wants it to get done,” one of those people said. “I’m not saying it can’t get done. I don’t know. We’ll have to see.”

 

According to that person, questions were raised during the meeting about some aspects of the deal. That person said the agreement is complex and the financing includes an unusually large number of limited partners. Harris also must demonstrate, that person said, that he has sufficient liquidity to be the principal owner of the team under the terms of what would be a record-setting sale. Another person said the finance committee emerged from Wednesday’s meeting with less clarity and certainty about the deal than it had beforehand.

If no ratification vote is taken this month, the NFL could schedule a special meeting for the owners to take an approval vote over the summer. The owners’ next scheduled meeting is in October.

The Harris group, the Commanders and the NFL declined to comment.

 

The finance committee members met for about 2½ hours Wednesday afternoon as part of two days of regularly scheduled committee meetings at the NFL’s offices in Manhattan. Kansas City Chiefs owner Clark Hunt, the chairman of the finance committee, declined to comment afterward. Before the meeting, Hunt said he would leave it to NFL Commissioner Roger Goodell to characterize the status of the league’s consideration of the sale.

 

Before Wednesday’s meeting, there had been cautious optimism the sale could move forward in the coming weeks, perhaps with a vote in Minneapolis to ratify the deal on a conditional basis.

“That’s the hope,” one person familiar with the owners’ views said Tuesday, before adding, “I still think it’s headed in that direction.”

Another person familiar with the owners’ views and the NFL’s inner workings said earlier Wednesday that the vetting process could not be completed in time for the Minneapolis meeting under the league’s standard procedures but that it might be possible for the owners to approve Harris’s deal on a conditional basis. Such a vote would move the other owners a step closer to Snyder leaving the NFL with as little further rancor as possible.

 

That person cautioned, however, that the next steps would remain precarious even in that scenario because of ongoing uncertainty among the owners about Snyder’s approach to issues such as indemnification and the current NFL investigation being conducted by attorney Mary Jo White.

 

But the issues raised during the finance committee meeting Wednesday seemed to put the brakes on that timetable.

 

Under NFL rules, any franchise sale must be ratified by at least 24 of the 32 owners. The finance committee generally vets any proposed deal and makes a recommendation to the owners, who usually follow the committee’s recommendation.

 

But this sale has veered from the traditional process, in large part because of issues unique to Snyder and the Commanders. Snyder and the team are under investigation by the league and by federal authorities in the Eastern District of Virginia. They previously have been investigated by the House Committee on Oversight and Accountability (previously called the House Committee on Oversight and Reform) and reached settlements with the attorneys general of D.C. and Maryland related to allegations of withholding deposits from ticket holders.

 

Harris’s tentative agreement to buy the team from Snyder is not signed and is nonexclusive, leaving the process open to other bidders. At least one other bidder, Canadian business executive Steve Apostolopoulos, has remained active in the process in recent weeks after submitting a $6 billion bid. Even so, Harris’s bid was submitted to the NFL for an informal review.

 

That review initially had generated optimism within the league about Harris’s ability to complete the deal to the satisfaction of the finance committee and the other owners. But Wednesday’s meeting provided the first opportunity for finance committee members to study the details.

 

...It is not known to what extent the Harris group might indemnify Snyder against legal liability and costs as part of the tentative sale 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.

 

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

 

https://www.washingtonpost.com/sports/2023/05/10/josh-harris-commanders-nfl-finance-committee/

The Post seems to be the continuous wet blanket on this sale process. 

[spjunkies]

16 minutes ago, actorguy1 said:

The Post seems to be the continuous wet blanket on this sale process. 

 

Looks to me like they're just reporting facts. Sucky facts, but facts indeed. 

[Rex Tomb]

8 minutes ago, spjunkies said:

 

Looks to me like they're just reporting facts. Sucky facts, but facts indeed. 

Maybe, but I’m always leery of anonymous sources.  Especially when it’s only anonymous sources.  My gut says the process moves forward and this story is much ado about nothing.  Trying to get readership.

[spjunkies]

Just now, Rex Tomb said:

Maybe, but I’m always leery of anonymous sources.  Especially when it’s only anonymous sources.  My gut says the process moves forward and this story is much ado about nothing.  Trying to get readership.

 

Hopefully you're right. We shall see.

[Cool Hwhip]

The sale will go through, I just think their is a lot more to it than simply, 'Here's where the money is coming from, give me the damn papers to sign.' Fans want Snyder out, the other owners do, the NFL themselves do; just gonna take a bit longer than we all wanted.

 

I'm not gonna get upset unless a reputable source says, *knock on wood*, that the sale fell through.

[Professor_Nutter_Butter]

1 hour ago, Andre The Giant said:

 

I'm exhausted. 

[SoCalSkins]

This is all part of Bezos long game!

 

But seriously let’s get this over with. Give Josh the waivers and call it a day. 

[Skinsinparadise]

Commanders Sale Remains on Track Even as Complexity Slows Process

 

 

Members of the NFL finance committee came to one realization at Wednesday’s meeting: Josh Harris’ bid to purchase the Washington Commanders is complex. 

It is not a shocking development given the worldwide record price of $6.05 billion, Harris’ group having at least a dozen limited partners, and the still-pending investigations of the Commanders and current owner Dan Snyder.

 

There aren’t any red flags in Harris’ agreement to purchase the Commanders, although one source with knowledge of the meeting told Front Office Sports that the vetting process isn’t totally complete — and the clock is ticking with the next full owners meeting beginning in Minnesota on May 22. 

In a usual sale, the finance committee would meet to set a date for a vote after the body reviews the application. Such a move follows weeks’ worth of research into each member of a potential ownership group by the NFL that includes financial and criminal background checks. 

But there’s technically no application from Harris — who is already the managing owner of the Philadelphia 76ers and New Jersey Devils — as his deal has progressed in what would be best described as a provisional agreement between Harris and Snyder. 

 

FOS reported last month that Harris was expected to gain control of the team in June, which would require full ownership approval. At least 24 owners must vote to approve a new owner, meaning a special meeting will be called this summer if a vote doesn’t happen in less than two weeks. 

One source said there are no worries that Harris’ deal will fall apart or that he will become frustrated enough to withdraw. That same source said that the vetting process could be accelerated — especially if NFL Commissioner Roger Goodell gets behind the effort.

And Snyder remains intent on selling, even if his deal with Harris remains tentative. 

Can it all be concluded over the next 12 days? 

“There’s just a lot to work through,” one source said.

 

 

Edited May 11, 2023 by Skinsinparadise

[spjunkies]

11 minutes ago, SoCalSkins said:

This is all part of Bezos long game!

 

But seriously let’s get this over with. Give Josh the waivers and call it a day. 

 

Basically, I'm sick of this ****. Just give the guy the damn team so we can get a move on!

[Skinsinparadise]

3 minutes ago, spjunkies said:

 

Basically, I'm sick of this ****. Just give the guy the damn team so we can get a move on!

 

Don't worry, Snider is on the trail. 

 

 

 

[Riggo#44]

A bit from "my people." Lolz. He means Keim, the Post, and Perez. He is re-reporting what the Post said.

[Skinsinparadise]

 

[Andre The Giant]

 

 

[Skinsinparadise]

Digesting all the articles it feels like some of this is manufactured media drama. Because the bottom line in all those articles is the sale is still on course 

[Professor_Nutter_Butter]

2 hours ago, SoCalSkins said:

This is all part of Bezos long game!

 

But seriously let’s get this over with. Give Josh the waivers and call it a day. 

My God. I'm glad you followed up with saying you're joking because I don't think I could handle that again. 

Edited May 11, 2023 by Professor_Nutter_Butter

[SonnySideUp]

It sounds to me the problem is just that the Harris ownership group keeps getting bigger and bigger and it's starting to look more and more like ownership by committee instead of having a single controlling owner. That's been a concern of mine since we started hearing about more and more people being added to that group.

 

What the PFT article is apparently saying is that the amount of money involved to purchase a team now has gotten so large that the NFL's finance rules haven't kept up with the times.

 

The NFL wants Snyder out badly enough that they just have to figure out a way around their own rules in this case. It will get done but will just take longer because of the unwieldy size the ownership group has become.

 

Here are the keys sentences from the article:

 

https://profootballtalk.nbcsports.com/2023/05/10/nfls-finance-committee-raises-concerns-about-the-josh-harris-bid-for-the-commanders/

.  

>>...The fundamental problem continues to be that, as the value of franchises continues to spike, fewer and fewer people have the money necessary to become the controlling owner of an NFL team. At some point, the basic rules might need to be changed, in a major way.

 

If nothing else, the Harris situation highlights the struggles to come for the NFL when it comes to finding more qualified buyers to purchase teams. For now, it might be that, in order to finally move on from Snyder, the NFL might have to ignore some of its own rules..<<

Edited May 13, 2023 by SonnySideUp

[Conn]

59 minutes ago, SonnySideUp said:

It sounds to me the problem is just that the Harris ownership group keeps getting bigger and bigger and it's starting to look more and more like ownership by committe instead of having a single controlling owner. That's been a concern of mine since we started hearing about more and more people being added to that group.

 

What the PFT article is apparently saying is that the amount of money involved to purchase a team now has gotten so large that the NFL's finance rules haven't kept up with the times.

 

The NFL wants Snyder out badly enough that they just have to figure out a way around their own rules in this case. It will get done but will just take longer because of the unwieldy size the ownership group has become.

 

Here are the keys sentences from the article:

 

https://profootballtalk.nbcsports.com/2023/05/10/nfls-finance-committee-raises-concerns-about-the-josh-harris-bid-for-the-commanders/

.  

>>...The fundamental problem continues to be that, as the value of franchises continues to spike, fewer and fewer people have the money necessary to become the controlling owner of an NFL team. At some point, the basic rules might need to be changed, in a major way.

 

If nothing else, the Harris situation highlights the struggles to come for the NFL when it comes to finding more qualified buyers to purchase teams. For now, it might be that, in order to finally move on from Snyder, the NFL might have to ignore some of its own rules..<<

 

There will be no “ownership by committee”, it’s already been reported that Harris is the managing/controlling owner. It doesn’t matter that he “only” has 30% because the other owners will all be limited partners, as it’s been reported. The rest of them are just money, connections, etc. at the end of the day. 

[Skinsinparadise]

7 hours ago, Conn said:

 

There will be no “ownership by committee”, it’s already been reported that Harris is the managing/controlling owner. It doesn’t matter that he “only” has 30% because the other owners will all be limited partners, as it’s been reported. The rest of them are just money, connections, etc. at the end of the day. 

 

Exactly.  And the deeper I've diven into Harris style with sportsownership, the more I like it.

 

And I love that we got all those billionaires involved, some richer than Harris.  I'd guess by tthe time all of these buyers are revealed the combined net worth might be over 50 billion, which will be perfect for the stadium chase.  And I've heard enough from the people close to that group on the radio -- mainly the ones tied to Rales that they are VERY aware that the stadium is the be all and all, right after winning.

 

The other minority owners have no say as to the direction of the team. That's part of the gig.    But the value of having minority owners with connections can be helpful.  Heck even with Dan, it was a minority partner for example who helped lure Joe Gibbs back.

Edited May 11, 2023 by Skinsinparadise