Down to the wire: Who do you want as owner?

[run-run-pass-punt]

12 minutes ago, Mr. Scot said:

- "Inevitable" that a new stadium is built; likely time frame is within the next five to ten years

I know this is the way of the world, but it still annoys the hell out of me. We've got a great and recently updated stadium.

Owners should be funding this stuff out of their own pockets. I understand that it's not how things work, but it does grind my gears.

[Nails]

27 minutes ago, Mr. Scot said:

Tidbits from Peralta:

- Four bidders currently involved; Peralta knows who the last one is but can't say

- Times probably didn't talk to Tepper before writing story

- Still possible for another bidder to join the process

- Despite the "interested at the right price" line, Michael Rubin is pretty much out

- Hard to identify a "front runner" because the process is very fluid

-Peralta confirms Ben Navarro  is a lot like Jerry Richardson personality wise

- Navarro is described as a quiet, family oriented guy who's very active within the community

- All the known bidders love the Carolinas as a market; moving is unlikely but still might want a new stadium

- "Inevitable" that a new stadium is built; likely time frame is within the next five to ten years

- Still on track for the new ownership to be finalized at the May ownership meetings

 

12 minutes ago, run-run-pass-punt said:

I know this is the way of the world, but it still annoys the hell out of me. We've got a great and recently updated stadium.

Owners should be funding this stuff out of their own pockets. I understand that it's not how things work, but it does grind my gears.

Yep.  If it’s so “inevitable” they best plan on funding it themselves or face rebellion this area hasn’t seen since Cornwallis.

[rayzor]

Tepper. Hard core business guy but not a corporate man. Serious  real from the JR mold so old school people would hate him but I think PC people will hate him as well so it's a win/win for me there.

Big thing will be loyalty might be throne out the window if you fail to get your job done. 

[Mr. Scot]

Peralta and Rothacker sum up the current status of the sale here.

Panthers Sale: What we know, and where the process stands today

Not a whole lot that's new on what's happening, but some info on the process itself and a few tidbits about the bidders.

Quote

First, owner Jerry Richardson is expected to select a winning bid in the coming weeks.

After that, the buyer and seller sign a purchase agreement, and NFL staff begins its own investigation and due diligence of the buyer’s finances and background. That information is forwarded to the league's finance committee for review and recommendation. Finally, three-fourths of the league’s owners must approve the choice.

“I think they’re hoping by our May meeting that they’ll have a finalist to present,” New England Patriots owner Robert Kraft said at the Orlando owners meetings at the end of March.

The NFL’s spring meeting is May 21-23 in Atlanta.

The expected time frame hasn't changed, and probably won't.  We should know more soon about who they're gonna be voting on in May.

Speaking of which...

Quote

Since the winning bidder will have been thoroughly vetted by the NFL, it would be unusual for them to be rejected by the other owners. League sources call the process exhaustive, and rightfully so: Owners remain each others' business partners for decades.

But aside from being able to write a very big check, it's not clear what exactly the NFL's bar to gain admittance to one of the world's most exclusive clubs would be.

Basically, prepare thy anus for a full on rectal exam.  They're gonna look for anything that might potentially harm the league or the Panthers.

The people vying to be the subject of that invasive exam...

Quote

The Observer has identified four bidders — steel company CEO Alan Kestenbaum, financial services company CEO Ben Navarro, e-commerce entrepreneur Michael Rubin and hedge fund manager David Tepper.

Last month, Bloomberg reported that Rubin had dropped out after bids reached $2.5 billion, but a source told the Observer he remained interested at the right price.

Despite the "officially still in it" that The Observer has repeatedly said about Michael Rubin, Katie Peralta confirmed in her radio interview that he's pretty much out.

Sabates is decidedly out. But Tepper? Still in.

Quote

Tepper also told the Observer on Monday that he is still in the bidding process, despite a report by the New York Times saying he had withdrawn.

The Times, citing several people familiar with the process, reported that Navarro has bid $2.6 billion for the team.

Charlotte businessman Felix Sabates has been working for months to put together a local ownership group, but he said Monday that he is no longer part of the process. In recent weeks, sources have said he was more likely to partner with another bidder.

A source familiar with the matter, who asked not to be named since the sale is ongoing, also told the Observer that there is another unidentified bidder.

And Bloomberg has reported that Cary billionaire Jim Goodnight has expressed interest, but he has not commented.

It's possible Goodnight could be Number Four, but I get the sense it's someone else.

Moving on to discuss the histories of the big three, we learn that Tepper apparently once ran afoul of government regulators too.

Quote

Before adding a new member to their club, NFL owners will want to know more about the business background of the winning bidder.

▪ One bidder, Tepper, already has league approval since he is a minority owner of the Pittsburgh Steelers.

Well-known on Wall Street and a frequent guest on Bloomberg TV and CNBC, Tepper heads Appaloosa Management, a Miami hedge fund known for risky but successful investments such as its purchase of deeply discounted blue-chip and financial stocks during the financial crisis. In one setback, the company ran into trouble over a 2008 trade in Wells Fargo trade and paid a $1.3 million penalty.

Tepper's business dealings also earned him an unusual gift from a colleague acknowledging a successful bet on distressed debt: A pair of brass testicles that remain in Tepper's office despite the controversy they stirred in a 2010 New York Magazine profile.

By contrast, Navarro was only fined around $175.000.

Also, I know James Dator made a big, silly fuss about the brass balls thing, and someone else might too, but I don't think the NFL cares that much.

Seems Kestenbaum has a few possible skeletons in his closet too.

Quote

▪ Kestenbaum is the CEO of Miami-based Bedrock Industries LP, a private firm that buys and operates mining and natural resources-companies. In June, the company bought a 107-year-old Canadian steel company now called Stelco Holdings.

At a Thomson Reuters forum in 2010, he said he had been in the metals business for about 25 years, initially started with a company called Marc Rich & Co., which is now the commodity trading and mining giant known as Glencore.

Marc Rich, who died in 2013, was a international commodities trader whose trading of oil with the revolutionary government of Iran during the U.S. hostage crisis led to charges of tax evasion and trading with the enemy, according to his obituary in the Wall Street Journal. After fleeing to Switzerland, Rich continued to face charges until a controversial pardon by President Bill Clinton in 2001.

“Alan worked at what is today known as Glencore (formerly known as Marc Rich and Co), a publicly traded $50 billion mining giant as a trainee in 1984, for 18 months," Kestenbaum's company said in a statement. "Mr. Rich was the founder. As there were more than 3,000 employees at the time, Mr. Rich had no interaction with trainees and never met Alan."

Overall, not necessarily big scary skeletons, but still worth an eyebrow raise.

More talk about Navarro's business dealings, including a business based in Mexico.

(no, he's not moving the team to Mexico)

Quote

Navarro is the CEO of Charleston, S.C..-based Sherman Financial Group, which includes the 9th-biggest VISA/Mastercard credit card issuer that caters largely to subprime borrowers and a unit that purchases and manages consumer debt. It also has a stake in a Mexican lender.

Sherman has had an alliance with a Mexican financial company called Consupago since 2005, according to Consupago’s website. The Mexican company is an offshoot of Grupo Comercial Chedraui, a chain of grocery stores in Mexico that has been expanding in the U.S. Consupago's main product is a personal loan that is paid back through payroll deductions.

In a statement, Sherman said Consupago is a Mexican government-regulated bank, and the partnership represents less than 2 percent of revenue for Sherman Financial Group.

The nature of Sherman's business has sparked speculation that owners might have an issue with the debt collection piece of it. But Houston Texans owner Bob McNair, chairman of the NFL's eight-man finance committee, told reporters last month that he had no concerns about the company.

"His business is a legitimate business," McNair said. "For me, that wouldn’t be a problem. I appreciate the fact that he is so generous in the community.”

I really don't think the NFL has as big an issue with Navarro's businesses as some think,. but we'll see.

And this blurb for the sake of being thorough...

Quote

▪ Rubin, who may no longer be in the running for the team, also already has a business relationship with the NFL. His Fanatics e-commerce business is the outfit behind the NFL’s merchandise store, and the league has made an investment in the company. A review of court records did not turn up any red flags about his company.

Yeah...He's out.

So again, here we are.  Lots of people expect to know the name of the winning bidder soon, but the process still won't be completely over till late May, so hold on to your butts just a little longer.

Here's to a positive future, whomever's in charge.

[Mr. Scot]

2 minutes ago, rayzor said:

Tepper. Hard core business guy but not a corporate man. Serious  real from the JR mold so old school people would hate him but I think PC people will hate him as well so it's a win/win for me there.

Big thing will be loyalty might be throne out the window if you fail to get your job done. 

For as much as Jerry Richardson talked about doing things "the Steeler Way", he never really did.

I suspect the actual "Steeler Way" would be quite a shock to the system.

[Nails]

12 minutes ago, Mr. Scot said:

For as much as Jerry Richardson talked about doing things "the Steeler Way", he never really did.

I suspect the actual "Steeler Way" would be quite a shock to the system.

Yep, glorifying the face of the franchise with multiple rape allegations in multiple states with multiple women, motorcycle accidents, drunken buffoonery, and personal conduct game suspensions instead of swallowing $13+ million and pissing on your franchise player to the glee of the other 31 whose charge was thrown out?  Must be nice.

[Mr. Scot]

 

[RetiredCollegeCoach]

Overall, Tepper.

Possibly that's just because I was very familiar with him before all this whereas I had never heard of Navarro or Kestenbaum. Was really surprised to find out that Ben's father is Frank Navarro - that's pretty cool. Still, his businesses are exploitative and the sociopathic Bob McNair vouches for him - not great signs. Kestenbaum is still a total cipher to me.

Nice to have three (mostly?) self-made men bidding, instead of Woody Johnson-type dipsh*ts.

[KillerKat]

Me

[Jon Snow]

I want Mr. Slate the Bedrock Quarry owner because the cheerleader uniforms would be so much hotter.

[Daddy_Uncle]

They are all the same

[The Huddler]

The majority of the navarro guys want him because they are aftaid of the team moving

 

 

 

smdh

[The Huddler]

 

Tepper

 

 

Tepper

 

 

TEPPER

[rayzor]

1 hour ago, Mr. Scot said:

For as much as Jerry Richardson talked about doing things "the Steeler Way", he never really did.

I suspect the actual "Steeler Way" would be quite a shock to the system.

No kidding. He and the Rooney's were kind of polar opposites politically. Personally I'd rather have an owner who didn't give a flying fig about politics and just kept it about creating the best football team possible.