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jamos14

Article on Jerry Richardson's Succession Plans

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jamos14    1,325

http://profootballtalk.nbcsports.com/2013/01/16/report-richardson-plans-to-have-team-sold-after-he-dies/

TL;DR version: Plans on having team sold within 2 years after his death. This is why he wants stadium upgrades, to tie the team to the Carolinas.

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rayzor    10,298

the PFT article is actually referencing this article: http://www.bizjourna...p.html?page=all

excerpt:

The city of Charlotte has ample motivation for making a deal with the Carolina Panthers — and it starts with succession plans for majority owner Jerry Richardson. A source close to the team tells me that Richardson, 76 years old and four years removed from heart-replacement surgery, has mandated the NFL franchise be sold two years after his death.

The revelation marks the first time details have been disclosed about the Panthers’ fate beyond the life of Richardson, the founding owner. Mark and Jon Richardson, his sons, worked as Panthers executives before Jerry Richardson forced them out in 2009. Until then, everyone assumed Mark and Jon Richardson would own and operate the team after their father’s death. Since then, Richardson and the Panthers have declined to disclose succession plans.

And what does all of this talk about ownership have to do with taxpayer money helping pay for renovations at Bank of America Stadium? Simple, really. The Panthers need to be tied to the city before anyone not named Richardson becomes the owner of the franchise.

An easy way to do that is to commit to the stadium overhaul the Panthers have been working on for much of the past year. The price tag: $125 million from the city, most likely through an additional 1 percent tax on restaurant meals and bar tabs. City Council heard a presentation from Richardson Monday night during a closed session, and, based on the few remarks offered by a handful of witnesses, he seems to have made a convincing argument.

JR isn't going to let the panthers leave charlotte.

he's tying charlotte to the panthers.

There is a legitimate sentiment when critics wonder why a man who has made tens of millions of dollars, if not more, from his private football business can’t pay for his own upgrades. The short answer is: Because he doesn’t have to.

From the $375 million renovation at Kansas City’s NFL stadium to the $975 million home of the Minnesota Vikings breaking ground next fall, taxpayers have repeatedly shown a willingness to use their money to keep their sports franchises happy. It may be irrational, immoral or ill-conceived, but the prominence and power of sports teams, especially those in the NFL, remains substantial. And no politician wants to be the one who let the home team get away on his or her watch.

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Marc Ganis, a Chicago-based consultant to pro sports teams, has told me several times in recent months that anything under $200 million would be a steal for taxpayers here to keep the NFL franchise. In smaller pro-sports cities, Ganis says, higher tax subsidies come with the territory. Charlotte (but not the fans who paid seat-license fees) largely escaped that the first time around, but now the choice is simple: Cut a deal for $125 million with Richardson and keep the team or risk the whims of another owner who may or may not want to spend his Sundays uptown.

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Any other Carolina big wigs you think would step up to the plate at that point?

I think Felix Sabates is already a partial owner of the team (?maybe). He'd need a group to get that kind of $ together though, I'd think.

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Proudiddy    9,507

I think Felix Sabates is already a partial owner of the team (?maybe). He'd need a group to get that kind of $ together though, I'd think.

He was the first guy I thought of... Him and the NASCAR guys, but idk if I'd like that.

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He was the first guy I thought of... Him and the NASCAR guys, but idk if I'd like that.

Not sure about that either. On the other hand, that kind of scenario would be an owners group who lets their GM do his job and run the team, the way it should be.

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4Corners    2,007

This is a very big deal if you are a panthers fan outside of Cam Newton.

Most huddlers probably can't comprehend what's going on.

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Fiz    878

First of all, this article is bullshit to sell this to us better. "no no we have to pay this so after richardson sells the team the new owner won't want to move them to LA." If that were so important to him he could cut a check. Don't buy this for a second.

Regarding succession, keep in mind that there are other owners of this team, some of them with very deep pockets. I would be very surprised that if there's another majority owner, it didn't come from inside the group already owning the team.

The other, fun possibility is that someone with ties to the NFL buys in. The Panthers have been very successful within league politics bringing out their former player/owner, and richardson really love him the ties to the North East.

Unless Brad Johnson has become a millionaire and I didn't notice, there aren't really any other NC based players in a position to buy the team. CURTIS MARTIN ON THE OTHER HAND....

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