New Redskins co-Owners Howard Milstein and Daniel
Snyder said yesterday in their first public appearance since
their acquisition of the franchise that they "would do
everything in their power" to return championship football
to DC, according to Thomas Heath of the WASHINGTON POST.
Milstein said he bought the team for "emotional" reasons:
"Basically, we're good guys here to carry on a great
tradition. We're of course responsible businessmen. [But]
this is primarily about sports. ... We want to do everything
we can to nurture the relationship between the team and the
fans." Milstein is expected to head up the ownership group
and he "did not rule out" selling the naming rights to Jack
Kent Cooke Stadium, saying, "We think the name is part of a
great tradition. But we'll look at it." Along with
Milstein and Snyder, the ownership group also includes
Milstein's brother, Ed, with the three having "roughly" one-
third shares in the pending agreement. In addition, Mort
Zuckerman and former N.Y. Deputy Mayor John Zuccotti will
split the remaining shares. The group had "approached"
Redskins President John Kent Cooke about joining the bid,
but he declined. Cooke, in a statement yesterday, said, "I
had the desire and the will -- even the ingenuity -- but not
enough money to keep the Redskins in my family. In the end,
my family could not pay the price of our success and others
could in these affluent times" (WASHINGTON POST, 1/12).
SELDIN IS BACK: Milstein and Snyder received bid
assistance from former Jaguars President and current Isles
President David Seldin, and could hire him to "play a key
management role" with the team (WASHINGTON POST, 1/12). In
DC, Liz Clarke reports that the Redskins' new management
group is "expected" to include Seldin, and that former coach
Joe Gibbs could possibly become a consultant (WASHINGTON
POST, 1/12). Also in DC, Eric Fisher writes that it is
still unclear whether Milstein will move to DC. Milstein:
"We will spend a lot of time here, and whatever makes sense
is what we'll do." Snyder lives in the area (WASHINGTON
TIMES, 1/12). Sources said that the Milstein-Snyder offer
"likely won't be considered" until the February 16 NFL
owners' meeting in Atlanta (WASHINGTON TIMES, 1/12).
Milstein is also in the news in Toronto today, see (#16).
OWNING UP: In DC, Thomas Boswell writes that Howard
Milstein "is known for a social conscience" and "already has
made preliminary inquiries about ways for the Redskins to
become more involved" in the community (WASHINGTON POST,
1/12). In DC, Peter Behr writes that as the bidding went to
$600M, it was Snyder "who was most determined to prevail"
(WASHINGTON POST, 1/12). John Kent Cooke "made the rounds"
to talk with sympathetic employees yesterday, and told one
group, "We came close, if you can consider $30 (million) or
$40 million close" (WASHINGTON POST, 1/12).
IS THE PRICE RIGHT? The Bonham Group President Dean
Bonham said that the average NFL franchise's value has risen
"roughly" 13% a year since '90, a rate "comparable to the
return on the stock market." He "projects" the Redskins
will be worth $1.6B by 2008. Milstein: "When you make an
investment in a sports team of this magnitude, you have to
have what I call `patient money,' to achieve a return"
(WASHINGTON POST, 1/12). Univ. of Chicago economist Allen
Sanderson said the resale prices of existing teams and the
entrance fees to get into the leagues "are really the
Achilles' heels of owners who claim they are losing money"
(Jon Morgan, Baltimore SUN, 1/12). USA TODAY's Michael
Hiestand, in a USA TODAY Cover Story, writes that the sports
team market is "running wild" (USA TODAY, 1/12).
ARE MORE ON THE HORIZON? In the WALL STREET JOURNAL,
Sam Walker reports that the record-sale of the Redskins
"could hasten a wave of franchise sales" in the NFL.
Analysts "cite" the Falcons, Ravens, Rams and Eagles as
"possible candidates" (WALL STREET JOURNAL, 1/12).
