Who Will GetThe Carolina Panthers And For How Much?
18 Dec, 2017
Carolina Panthers owner Jerry Richardson will step away from the day-to-day operations of the franchise, the team announced Monday.
Richardson said Sunday he would sell the team at the end of the regular season. Earlier on Sunday, a Sports Illustrated report found that Richardson and the Panthers had reached confidential settlements with at least four ex-employees for workplace misconduct, for which the owner was being investigated.
The NFL said on Monday it would continue its investigation into Richardson despite his intention to sell the team.
Tina Becker, an executive who has been with the team for 20 years, takes over as chief operating officer with full control of the team’s day-to-day management.
“These have been some of the most difficult days of my 19 years with the Panthers, but I am lifted up by the strong resolve and the commitment our employees have shown to this organization,” Becker said in a statement. “Our team on the field is performing at a very high level, and I believe is bound for the Super Bowl. My immediate focus will be to ensure the corporate side of the organization performs at the same high level, while addressing the real concerns that have been raised in recent days.”
Richardson has been the Panthers’ sole majority owner since the franchise’s inception in 1993.
Richardson owns 48 percent of the team, and his ownership group paid $206 million in expansion fees in 1993 for the team that officially joined the league in 1995.
It’s not entirely clear whether Richardson will be selling only his stake in the team, or whether he has the right under the relevant agreements to put the full 100 percent of the equity up for sale. Regardless, the perceived value of the full franchise will determine what Richardson gets for his 48 percent.
So what will be the value of the full franchise? Terry and Kim Pegula paid $1.4 billion for the Bills in 2014. Forbes has valued the Panthers at $2.3 billion, but without full access to information that is not publicly available, Forbes can’t properly and accurately generate a valuation of the Panthers or any team.
Adam Schefter of ESPN essentially speculates that “Richardson will get in the range of $2.5 billion.” Obviously, he won’t get that, because he doesn’t own 100 percent of the team; at 48 percent, a $2.5 billion valuation would put his take at exactly $1.2 billion.
But this assumes that someone will pay $2.5 billion for 100 percent of the team, or $1.2 billion for Richardson’s 48 percent.
USA Today/Pro Football Talk
Image movietvtechgeek/ The Root twitter
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