Blank plans to use the proceeds from the sale for his foundation, which has gifted $400M since its foundingGETTY IMAGES
Falcons Owner Arthur Blank has sold a 10% share of the team to "two current limited partners and one new limited partner" in a deal that is estimated to be worth $300M, according to D. Orlando Ledbetter of the ATLANTA JOURNAL-CONSTITUTION. NFL owners approved the transaction yesterday that "transfers a minority percentage of the Falcons’ ownership" to one new limited partner, Canadian mining magnate Alan Kestenbaum, and to two existing limited partners: Doug Hertz and Ron Canakaris. The Falcons' other limited partners include Warrick Dunn, Derek Smith, Ed Mendel and Brian Barker. John Williams, a Georgia developer "who was a limited partner of the franchise" since '08, "died suddenly" in April '18. The three limited partners are "purchasing all of Williams’ former shares in the team" (ATLANTA JOURNAL-CONSTITUTION, 3/26). Blank said of the transaction, "We got a very acceptable valuation based on the trends in the league, sales of teams, sales of ownership and what have you. There is no discount for being a minority owner.” Asked if that means the valuation was $3B, Blank replied, “Yeah, I would say.” Blank plans to use the proceeds from the sale for his Arthur M. Blank Foundation, which he said has gifted $400M since its founding in '95. He said, “My (six) kids all want me to do more during my lifetime. So, they are encouraging me to do more in terms of philanthropy. We hope to get to a significantly higher level in the next four, five years" (Daniel Kaplan, THE DAILY).
