This all depends on how the minority interest is acquired. If Terry sells his shares, the proceeds belong to him, along with a capital gains tax bill. If the corporation holding the team issues shares from Treasury, it dilutes Terry's ownership, without a tax bill to him. But the proceeds then belong to the team and not him. I'm oversimplifying things. Do we know how the interest is being acquired?
There's a difference between team/corporate cash and personal-use cash. These aren't synonymous. Also - I would tend to think that Terry and family have had quite a substantial estate tax plan in place for quite some time, including life insurance and other tools to handle the tax on death...