The Redskins are "officially" up for sale and are now
"accepting" bids for the team and Jack Kent Cooke Stadium,
according to Thomas Heath of the WASHINGTON POST. Morgan
Stanley Dean Witter, which is "handling" the sale for the
estate of Jack Kent Cooke, waited until one day after the
sale of the Browns because "it wanted to use the selling
price for the Browns as a measure of what an NFL franchise
is worth." Sources said the trustees administering Cooke's
estate think that the team alone "should sell for a price
equal to or higher than that paid for the Browns" due to
their "rich" cash flow from the new stadium. The "process"
used to sell the team will be "similar" to the one used by
the Browns, with Morgan Stanley "evaluating potential buyers
and disseminating financial information about the team" to
potential buyers. No deadlines for bid submissions have
been set and sources say the entire process should last
until the end of the '98 season (WASHINGTON POST, 9/10).
HOW HIGH WILL THEY GO? The Bonham Group President Dean
Bonham "estimates" the Redskins will go for 75% of the
Browns tag. Bonham: "I don't think the fan enthusiasm in
Washington is what it is in Cleveland and I don't think the
stadium is going to be as nice as what Cleveland's is going
to be" (WASHINGTON POST, 9/10). SportsCorp. President Marc
Ganis feels the team is "worth more" than the $530M Al
Lerner paid for the Browns: "It's just a question of how
much more" (Eric Fisher, WASHINGTON TIMES, 9/10).
