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WILL BIDDERS PUT STOCK IN NEW PROPOSAL TO BUY THE REDSKINS?
Published November 2, 1998
The Redskins could be sold in the form of stock to "shield the estate [of the late Jack Kent Cooke] from having to pay millions in capital gains taxes if the team was sold as an asset," according to Thomas Heath of the WASHINGTON POST. A source told Heath that in a stock purchase, the estate would sell the stock in Jack Kent Cooke Inc. -- which owns the stadium, team and training facility -- without "incurring any tax under current estate law," but the buyer "cannot depreciate the player contracts," which reduces tax benefits. According to another source, this possibility "bothers some prospective buyers," who are "concerned that purchasing the team through a stock sale could deprive them of significant tax advantages." A source said that Orioles Owner Peter Angelos "will go ahead with a bid if the team is sold as an asset, but will decline to participate" if the team is sold through stock (WASHINGTON POST, 10/31). ANGELOS EYEING MORE? In Boston, Peter Gammons wrote that Angelos has spent two years "courting" Wizards/Capitals Owner Abe Pollin, and wants to "put together his own" RSN with the Orioles, Redskins, Capitals and Wizards, "to hammer Home Team Sports into the dust" (BOSTON GLOBE, 11/1).