Round 2 : Sale of the team

[The Dean]

The easiest one to believe is that they are still a possibility and that they have bid 1.2b so Pegula has to go to (or stay at 1.3b to ensure the win). He could, for all intents and purposes call their bluff, but he probably wouldn't.

 

Of course. What I meant was it's the easiest scenario to believe where "the nfl" was involved. I don't believe it's the case, I'm just trying to suggest a way the NFL might get involved that I could believe.

[Kelly the Dog]

Of course. What I meant was it's the easiest scenario to believe where "the nfl" was involved. I don't believe it's the case, I'm just trying to suggest a way the NFL might get involved that I could believe.

Right but that is how they get involved. Then the 32 owners, MS, and the Trust all make a little more money. If they weren't involved, there could be some kind of Dubai Prince bid for 2b that they wouldn't know about (not that it would ever happen). I imagine they are kept informed of what is going on and let their feelings known.

[ICanSleepWhenI'mDead]

Thanks for the rundown because I am unfamiliar with the process (sarcasm font). The bidders remaining (with the possible exception of the JBJ group) would be approved in about 2 seconds. In fact, I have heard that Golisano has already been vetted and approved. That is why he talked about taking control immediately. If you want to look at my 1,000+ posts on the sale and find something that I said would happen that didn't be my guest. Having been through the process twice I have a pretty good sense for what is going on. The guys left (ie Pegula) will be rubber stamped.

This isn't a personal attack. If you acknowledge that one of the remaining bidders (i.e., the JBJ group) might not be approved by the NFL, how can it be true that the "NFL has no say?" You made my point, which is merely that the NFL really does have a say in the outcome. The fact that Golisano or Pegula or anyone else has already been vetted an approved doesn't change that - - it just means that the NFL already HAD its say as to those bidders.

[Kirby Jackson]

 

This isn't a personal attack. If you acknowledge that one of the remaining bidders (i.e., the JBJ group) might not be approved by the NFL, how can it be true that the "NFL has no say?" You made my point, which is merely that the NFL really does have a say in the outcome. The fact that Golisano or Pegula or anyone else has already been vetted an approved doesn't change that - - it just means that the NFL already HAD its say as to those bidders.

If the trust wanted the JBJ group and they met the requirements financially they would be approved. It's the trust's job to vet them. That was the point. The ONLY way that they won't approve someone is if the trust (or Morgan Stanley) fails to make sure that they meet the requirements. The league (or any league) will not get in the way of a new owner unless he violates their rules. It's the sellers job to make sure of this; the league simply signs off. The reason that I said JBJ may not get approved is because he may not meet the minimums. The trust knows that (and won't select him) but want him around to keep the price up.

[Reed83HOF]

If the trust wanted the JBJ group and they met the requirements financially they would be approved. It's the trust's job to vet them. That was the point. The ONLY way that they won't approve someone is if the trust (or Morgan Stanley) fails to make sure that they meet the requirements. The league (or any league) will not get in the way of a new owner unless he violates their rules. It's the sellers job to make sure of this; the league simply signs off. The reason that I said JBJ may not get approved is because he may not meet the minimums. The trust knows that (and won't select him) but want him around to keep the price up.

 

Although I don't think Trump will win - would the owners really approve him??

[Kirby Jackson]

 

 

Although I don't think Trump will win - would the owners really approve him??

I would think so. They REALLY try to avoid making decisions for how someone else runs their business. They may not like him as a person (seems like most don't) and may hold some ill will from the lawsuit but I doubt that they would get in the way. I'm sure that there are people that they would prefer (ie Pegula) but they will ultimately "stay in their lane."

[THE GUY YELLING BEHIND YOU]

Price Check on aisle 14. Mr. and Mrs. Pegula, your football team is ready for pick up out front.

[ICanSleepWhenI'mDead]

I would think so. They REALLY try to avoid making decisions for how someone else runs their business. They may not like him as a person (seems like most don't) and may hold some ill will from the lawsuit but I doubt that they would get in the way. I'm sure that there are people that they would prefer (ie Pegula) but they will ultimately "stay in their lane."

When Rush Limbaugh was kicked out of a potential Rams ownership group in 2009, do you think that happened without any involvement by the NFL or owners of the other teams?

 

http://sports.espn.go.com/nfl/news/story?id=4559454

 

Three-quarters of the league's 32 owners would have had to approve any sale to Limbaugh and his group. Earlier this week, Indianapolis Colts owner Jim Irsay predicted that Limbaugh's potential bid would be met by significant opposition.

[Kirby Jackson]

When Rush Limbaugh was kicked out of a potential Rams ownership group in 2009, do you think that happened without any involvement by the NFL or owners of the other teams?

 

http://sports.espn.go.com/nfl/news/story?id=4559454

Ok, I agree that they may prevent a racist. Donald Sterling wouldn't be approved. What does them not wanting a racist have to do with any of the bidders currently bidding on the team? I get that you are trying to prove a point but the league will have ZERO to do with the Bills transaction. You can choose to believe it or not that's up to you. Edited August 17, 2014 by Kirby Jackson

[The Dean]

Ok, I agree that they may prevent a racist. Donald Sterling wouldn't be approved. What does them not wanting a racist have to do with any of the bidders currently bidding on the team? I get that you are trying to prove a point but the league will has ZERO to do with the Bills transaction. You can choose to believe it or not that's up to you.

 

I believe I heard a prospective Bills bidder had previously attempted to buy an NFL franchise, but wasn't approved. Can't recall which one, though.

 

Edit: And the owners to actually vote on this, right? They don't have all the prospective new owner's financially data, so isn't there a chance they don't like what they see once they get into the nitty gritty of looking through the books? Why bother to have an approval vote, is it's already known. With that said, I suspect if there are no surprises, then it's a rubber stamp.

Edited August 17, 2014 by The Dean

[Kelly the Dog]

If the trust wanted the JBJ group and they met the requirements financially they would be approved. It's the trust's job to vet them. That was the point. The ONLY way that they won't approve someone is if the trust (or Morgan Stanley) fails to make sure that they meet the requirements. The league (or any league) will not get in the way of a new owner unless he violates their rules. It's the sellers job to make sure of this; the league simply signs off. The reason that I said JBJ may not get approved is because he may not meet the minimums. The trust knows that (and won't select him) but want him around to keep the price up.

You know more about this than I do but, this is just my opinion, that the NFL would not approve the Toronto group. They know the team is going to be tried to be moved to Toronto, and you saw the reaction from the Bills fans. The league would know it had an absolute nightmare on their hands even if the JBJ group could somehow convince the Trust they weren't moving the team. No one in Buffalo would believe them, and there is no way IMO the NFL would agree to a eight year lame duck team where the owner couldn't even show up for the games.

 

Now, granted, you can say that the Trust will not sell to anyone that is not firmly committed but, hypothetically, what if they did. To me, the NFL owners would get together and decide we just cannot approve them. This is an absolute public relations disaster. For eight years.

[Reed83HOF]

I would think so. They REALLY try to avoid making decisions for how someone else runs their business. They may not like him as a person (seems like most don't) and may hold some ill will from the lawsuit but I doubt that they would get in the way. I'm sure that there are people that they would prefer (ie Pegula) but they will ultimately "stay in their lane."

 

I have always figured his personality and mouth would make it very difficult for him to be confirmed. My feeling is that a lawsuit from the 80s is most likely water under the bridge....

[Kirby Jackson]

 

You know more about this than I do but, this is just my opinion, that the NFL would not approve the Toronto group. They know the team is going to be tried to be moved to Toronto, and you saw the reaction from the Bills fans. The league would know it had an absolute nightmare on their hands even if the JBJ group could somehow convince the Trust they weren't moving the team. No one in Buffalo would believe them, and there is no way IMO the NFL would agree to a eight year lame duck team where the owner couldn't even show up for the games.

 

Now, granted, you can say that the Trust will not sell to anyone that is not firmly committed but, hypothetically, what if they did. To me, the NFL owners would get together and decide we just cannot approve them. This is an absolute public relations disaster. For eight years.

I don't disagree but more because I don't think that as structured they can meet the financial requirements. In addition the trust isn't putting through anyone that will have an issue (at least as I am hearing). I asked a couple of months back "will the owners vote take place in October?" The response (with a wry smile) "no the confirmation will take place in October."

[ICanSleepWhenI'mDead]

Ok, I agree that they may prevent a racist. Donald Sterling wouldn't be approved. What does them not wanting a racist have to do with any of the bidders currently bidding on the team? I get that you are trying to prove a point but the league will has ZERO to do with the Bills transaction. You can choose to believe it or not that's up to you.

I suspect we probably agree about more issues than those on which we disagree. If you had originally said something along the lines of - - "None of the known round 2 bidders have any warts big enough for the NFL owners to veto them, and Pegula and Golisano have either already been approved or will be rubber stamped by the NFL" - - I would have agreed with you.

[The Dean]

Well, here is something:

"Has a prospective owner been rejected• Yes. Several times," said NFL spokesman Greg Aiello, pointing to the failed 1998 bid for the Vikings led by novelist Tom Clancy and the 1999 pursuit of the Redskins by New York developer Howard Milstein.

"Often the rejection is somewhat informal. In other words, it becomes clear that there will not be sufficient support or that there are insurmountable hurdles to approval, and the prospective owner withdraws prior to a formal vote being taken."

http://triblive.com/x/pittsburghtrib/sports/steelers/s_581142.html

[Kirby Jackson]

I suspect we probably agree about more issues than those on which we disagree. If you had originally said something along the lines of - - "None of the known round 2 bidders have any warts big enough for the NFL owners to veto them, and Pegula and Golisano have either already been approved or will be rubber stamped by the NFL" - - I would have agreed with you.

Fair enough, the point that I was trying to make is that league approval isn't an issue. I guess that it could have been but the group (or person) that the trust ultimately selects will have no issues. There are some on here (not you) that believe the league will veto everyone until a group comes in with the intention of moving the team to Toronto and then they give them the okay. Obviously that's not the case. The league won't be an issue. If you bring owners with minimal red flags they will leave you alone. If you brought Donald Sterling well.... Edited August 17, 2014 by Kirby Jackson

[ICanSleepWhenI'mDead]

. . . And the owners to actually vote on this, right? They don't have all the prospective new owner's financially data, so isn't there a chance they don't like what they see once they get into the nitty gritty of looking through the books? Why bother to have an approval vote, is it's already known. With that said, I suspect if there are no surprises, then it's a rubber stamp.

The ownership transfer procedure is spelled out in detail in the NFL Constitution & Bylaws. The most recent version I've been able to find is from 2006, but I have no reason to think it's been changed (although it's possible):

 

[Note to mods - - the document is not copyrighted, so lengthy excerpts aren't a problem for TBD]

 

http://static.nfl.com/static/content/public/static/html/careers/pdf/co_.pdf

 

Transfer of Membership

3.5 No membership, or any interest therein, may be sold, assigned, or otherwise transferred in whole or in part except in accordance with and subject to the following provisions:

 

(A) Application for the sale, transfer, or assignment of a membership, or of any interest therein, must be made in writing to the Commissioner. Upon receipt of such application, the Commissioner is empowered to require from applicant and applicant shall furnish such information as the Commissioner deems appropriate, including:

 

(1) The names and addresses of each of the buyers, transferees, or assignees thereof;

 

(2) The price to be paid for such sale, transfer, or assignment, and the terms of payment, including a description of the security for the unpaid balance, if any;

 

(3) A banking reference for each buyer, transferee, or assignee; and

 

(4) If the buyer, transferee, or assignee is a corporation, a copy of the Articles of Incorporation and Bylaws thereof, together with a copy of the share certificates of each class of stock to be outstanding, the names and addresses of the directors and officers thereof, the names and the addresses of the stockholders therein, and the price paid or to be paid and the time of payment for said stock, a copy of any proposed voting trust agreement and of any voting trust certificates.

 

(B) Upon receipt thereof, the Commissioner shall conduct such investigation as he deems appropriate. Upon completion thereof, the Commissioner shall submit the proposed transfer to the members for approval, together with his recommendation thereon, and all information in respect thereto that the Commissioner deems pertinent. All sales, transfers, or assignments, except a transfer referred to in Section 3.5© hereof, shall only become effective if approved by the affirmative vote of not less than three-fourths or 20, whichever is greater, of the members of the League.

 

© If any person owning or holding a membership, or an interest therein, by stock ownership or otherwise, dies, such membership or interest therein may be transferred to a member of the "immediate family" of the deceased without requiring the consent or approval of the members of the League or the Commissioner. Similarly, if any person owning or holding a membership or an interest therein, by stock ownership or otherwise, seeks to transfer such membership or any interest therein by gift, such membership or the interest therein may be transferred to the donee if the donee is a member of the "immediate family" of the donor. In such event, no consent or approval of the members of the League or the Commissioner shall be required to complete such transfer. The "immediate family" for the purpose of this paragraph shall mean the wife, child, mother, father, brothers and sisters, or any other lineal descendant of the deceased or donor. In all other cases involving death or transfers by gift, any person succeeding to a membership or an interest therein, whether by gift, will, intestacy, or otherwise, must be first investigated by the Commissioner in such manner as the Commissioner deems appropriate. Upon the completion thereof, the Commissioner shall submit such succession or transfer to the membership for approval and shall accompany the same with his recommendation thereon. No such succession or transfer shall be effective unless first approved by the affirmative vote of not less than three-fourths or 20, whichever is greater, of the members of the League.

Edited August 17, 2014 by ICanSleepWhenI'mDead

[Buffalo_Stampede]

Fans that are worried, please dont be. This will be over soon. Only 2 possible owners, Golisano group or the Pegula's. Golisano is the easy sale, Pegula the trust has to vet thoroughly. I will guess that after the vetting process Pegula passes with flying colors and the sale to Pegula goes very quickly.

[The Dean]

And there is this, from an article about the confirmation of a potential foreign owner of an NBA team (remember, there are Canadians involved in the process---and you know those Canadians!)

 

"Leagues do not reject many prospective buyers in a vote by owners. They prefer to eliminate those who fail to meet their requirements in early stages of consideration. Last week, Rush Limbaugh was ousted from a group seeking ownership of the St. Louis Ramsbefore his name made it to N.F.L. owners.

But not everyone whose bid reaches a vote by a league’s owners gets through. The N.B.A. rejected a group of investors led by the boxing promoter Bob Arum that sought theMinnesota Timberwolves in 1994, a decision that led each side to sue the other.

Last summer, the chairman of the N.H.L.’s board of governors, Jeremy Jacobs, said James L. Balsillie “lacked the good character and integrity” to own the bankrupt Phoenix Coyotes.

http://www.nytimes.com/2009/10/19/sports/basketball/19owner.html?_r=0

[Buffalo_Stampede]

NFL hand picked the Browns owner and it turns out that guy wasnt clean. NFL is not perfect. I think they stay out of this and let the trust pick their guy, which is Golisano or Pegula.