SBD/2/Franchises

WILL BIDDERS PUT STOCK IN NEW PROPOSAL TO BUY THE REDSKINS?

          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).

Return to top
Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug