The will of late Redskins Owner Jack Kent Cooke is a
"messy document that could make it difficult for Cooke's
family to maintain control of the football team, according
to lawyers who have studied it," according to Sharon Walsh
in a front page piece in Sunday's WASHINGTON POST. Behind
the will is a "portrait of a mercurial man who, until the
very end of his life, kept changing his mind about those
closest to him. Among the questions that are puzzling
lawyers: Why did Cooke choose to leave the bulk of his
money and his prized football team to the foundation,
instead of his son, John Kent Cooke?" The "biggest problem"
with the will is a challenge from Cooke's widow, Marlene
Ramallo Cooke, which could make the premarital agreement she
signed with Cooke in '95 "unenforceable," and give her one-
third of the estate. Sources close to John Kent Cooke "said
he is worried that if Marlene gets one-third of the estate,
her lawyers would insist that the Redskins be sold on the
open market to the highest bidder so that she would get as
much money as possible. That might drive the price higher
than John Cooke could afford." Despite the will challenge,
the POST's Walsh added Cooke still has to raise the $200M
estimated value of the team. Walsh: "Bankers and sports
financiers say he'll have difficulty without help from
additional investors" (WASHINGTON POST, 7/27). In a sidebar
interview, Cooke "would not provide details about how he
would accomplish the purchase of the team and stadium, but
said he did not think it would be necessary to take on other
investors." Cooke: "Whatever the value ultimately becomes,
it is conceivable I can buy it" (WASHINGTON POST, 7/27).
A START: The Redskins will receive a property tax break
on the new stadium that could save the team as much as $10M
over five years, according to Abramowitz & Pierre in a front
page feature in Saturday's WASHINGTON POST. The team is
eligible for the tax break because the stadium is inside a
"special district" targeted for economic development by the
Prince George, MD, County government. But "critics of the
stadium deal asked whether the credit was another undeserved
public subsidy." Abramowitz & Pierre added that while the
team has not yet applied for the credit, officials
"indicated that they plan to do so" (WASHINGTON POST, 7/26).
