York Family, 49ers Minority Owners Dispute Value Of The Franchise
The family of late former Warriors Owner Franklin Mieuli said that 49ers Owners John and Denise DeBartolo York and their son, President & CEO Jed York, are "trying to cheat them out of millions of dollars," according to Matier & Ross of the S.F. CHRONICLE. At issue is the Mieuli family's desire to "sell their piece of the Niners, and they say the Yorks are lowballing them on the value of the team." The accusations are "part of a breach of contract lawsuit filed against the 49ers" by an attorney for Mieuli’s estate. The suit claims the Yorks have done “anything and everything to deny Mieuli’s heirs the full and fair value” of their 5% ownership stake. Forbes has placed the 49ers’ value "in the neighborhood of $990 million -- meaning the Mieuli family’s share would be worth about $49.5 million." Using the 49ers’ "math, however, the team is worth only about $360 million -- so the Yorks are offering Mieuli’s heirs no more than $18 million." Matier & Ross noted whatever the "outcome, the lawsuit is certain to put spotlight on the team’s finances at an awkward time -- as the Yorks are asking season-ticket holders to fork over five-figure sums for seat licenses at the planned $1 billion Santa Clara stadium" (SFGATE.com, 2/5).