Trustees for the estate of Jack Kent Cooke spent over
two hours Thursday before the NFL's Finance Committee
"explaining how they sold" the Redskins and Jack Kent Cooke
Stadium to Islanders co-Owner Howard Milstein and MD
business exec Daniel Snyder, according to Thomas Heath of
the WASHINGTON POST. Both sides left the Miami meeting
"convinced the delicate process leading to league approval
remains on track." Though the committee did not vote on
whether to recommend the Milstein-Snyder bid for approval, a
vote could be taken at the league's next meeting on February
16 or in mid-March. Estate attorneys "explained" that
Redskins President John Kent Cooke "was unable to purchase
the team" because his bid was more than $75M less than the
Milstein-Snyder bid. However, they did not present Cooke's
bid to the committee "for consideration." A source
associated with Milstein and Snyder described the meeting's
tone as one of "cautious optimism," while a Finance
Committee source said, "It was not a bad day for Milstein."
The Finance Committee did want to find out if the trustees
"were bound by their fiduciary duties" to the estate to
accept the highest bid (WASHINGTON POST, 1/29).
