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So, the team will stay completely within the family after all.
That's not how I read that. There was no disclosure of the percentage she got. I'm sure whatever amount it was, it would be a taxable gift, so not very much. 30% upon the death of Terry and Kim. BTW, 30% is not a majority.
I believe he is still looking for about a billion in cash.
That's not how I read that. There was no disclosure of the percentage she got. I'm sure whatever amount it was, it would be a taxable gift, so not very much. 30% upon the death of Terry and Kim. BTW, 30% is not a majority.
I believe he is still looking for about a billion in cash.
Even that the 1 billion aspect wasn't mentioned in the article. It looks like the move is setting up to make sure that the franchise stays with the family though. How much each person in the family gets appears to be the big question mark, but it looks like he is setting things up for the family to keep ownership of the team.
Even that the 1 billion aspect wasn't mentioned in the article. It looks like the move is setting up to make sure that the franchise stays with the family though. How much each person in the family gets appears to be the big question mark, but it looks like he is setting things up for the family to keep ownership of the team.
You would be correct. Per the reporting by Tim Graham from The Athletic when this story broke, this is part of the NFL's required succession plan.
You would be correct. Per the reporting by Tim Graham from The Athletic when this story broke, this is part of the NFL's required succession plan.
I could only read for 10 second before it was blocked. Can you summarize what it said?
I still see 70% unaccounted for upon Terry's passing, which at his age, could happen at any time. I would think there's enough money from his businesses to cover the whole team and estate taxes.
I could only read for 10 second before it was blocked. Can you summarize what it said?
I still see 70% unaccounted for upon Terry's passing, which at his age, could happen at any time. I would think there's enough money from his businesses to cover the whole team and estate taxes.
Here's the relevant text from the article:
"To ensure the most efficient succession plans possible, the NFL discourages franchise ownership by a single person. For decades, majority owners had to maintain control of at least 51 percent of the team, but the threshold has been continually throttled down over the years, with a “controlling family” now required to own at least 30 percent and individual family members allowed to own as little as 1 percent.
Each May, teams are required to file an updated succession plan that must be approved according to established league guidelines. An NFL source who has been involved in succession planning says to be compliant teams are required to designate a successor with a controlling interest, an effort to make any transition smoother and curtail potential family infighting."
"To ensure the most efficient succession plans possible, the NFL discourages franchise ownership by a single person. For decades, majority owners had to maintain control of at least 51 percent of the team, but the threshold has been continually throttled down over the years, with a “controlling family” now required to own at least 30 percent and individual family members allowed to own as little as 1 percent.
Each May, teams are required to file an updated succession plan that must be approved according to established league guidelines. An NFL source who has been involved in succession planning says to be compliant teams are required to designate a successor with a controlling interest, an effort to make any transition smoother and curtail potential family infighting."
So that sounds like he can't sell more than 29% of the team to any one entity.
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