A number of NFL owners are "nervously watching" the
status of a bill which would repeal the estate tax, which
currently collects revenue from the richest Americans by
taxing estates up to 55% "upon the death of the business
owner," according to Mike Freeman of the N.Y. TIMES. Due to
the estate tax, some of the "most respected men in" the NFL
such as Giants co-Owner Wellington Mara and Steelers
President Dan Rooney "face the real prospect of losing their
teams." Giants Exec VP & General Counsel John Mara:
"Obviously, we would like to keep the team. But I just
don't know. At this point, I just don't know if we will be
able to do that." President Clinton has threatened a veto
of the estate tax legislation which has passed both the
House and Senate, but NFL owners and league officials
"maintain that it is a big issue." Ravens Owner Art Modell:
"The estate tax may be the most important issue facing our
league in a long, long time." NFL owners interviewed
estimated "at least one dozen owners face the loss of their
teams in the coming years." Owners "probably closely
watching the happenings" include Bills Owner Ralph Wilson
and Bucs Owner Malcolm Glazier. Some owners like the
Raiders' Al Davis, "maintain they are prepared for the
estate taxes and will be able to keep the team in the
family" (N.Y. TIMES, 7/23).
