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CHIEFS IN THE HUNT FOR GOOD: OWNER TRANSFERS STAKE TO KIDS
Published March 3, 1997
Chiefs Owner Lamar Hunt has transferred 80% ownership of the team to his children "to ensure that the team remains in his family," according to Kent Pulliam of the K.C. STAR. Hunt and his wife, Norma, still own 20% of the team, and he will continue to serve as team owner. Hunt's daughter and three sons each received 20% of the franchise, which was put into a trust. Hunt said "the children are the beneficiaries of those trusts over a long period of time." All four of Hunt's children live in Dallas, "but have ties" to K.C. Hunt said the move "does not change the Chiefs' status in Kansas City and is merely part of a long-range financial plan." The transfer of ownership "eases exorbitant estate taxes" Hunt's children would have had to pay upon inheriting the team. Pulliam notes that the move has "already saved the Hunt family more" than $35M in potential taxes." Hunt: "It's the smart thing to do ... If you wait until you die, there are some huge estate taxes that would come due. I don't want to have a situation where this large an asset would be hanging over my estate. ... It is more difficult for family ownership now because the prices have gotten larger and because of the estate taxes" (K.C. STAR, 3/1).