70% of NFL players are Black, it’s about time for a Black man to be an owner.
Sunday, Carolina Panthers owner Jerry Richardson put out a press release saying he would be selling the team following the 2017 season. This statement comes on the heels of an investigation by Sports Illustrated about sexual harassment within the Carolina Panthers organization.
Naturally, this leaves three significant questions that need to be answered:
1. What the hell did Jerry Richardson do?
Whatever he did was bad enough that he would voluntarily sell his team and pay “significant” monetary settlements to keep people quiet. Logically, you would only give up one of your most prized possessions when there is little to no alternative. We saw what happened with former Clippers’ owner Donald Sterling. Richardson must have known that fighting would not be a good move for anyone around.
· SI has learned that at least four former Panthers employees have received ‘significant’ monetary settlements due to inappropriate workplace comments and conduct by owner Jerry Richardson, including sexually suggestive language and behavior, and on at least one occasion directing a racial slur at an African-American Panthers scout
· The settlements came with non-disclosure requirements forbidding the parties from discussing the details
· The Panthers declined to comment to SI beyond reiterating their statement issued on Friday that the team had commenced an internal investigation into allegations of workplace misconduct by Richardson. The NFL has reportedly taken over the investigation
2. Who will be the next owner? Could it be a Black man or woman?
There are a lot of people who will want to become the next owner of the Panthers. According to Forbes, there are 565 billionaires in the U.S. and 1,500 plus overseas. So, the NFL will have no shortage of people who want to own a team. You might think it would go to the highest bidder, wrong. The other owners must vote to approve any additional owner despite the price he/she is willing to pay. It is hard to crack the “good ole boy’s club”. The NFL has never had a Black majority owner. In fact, Jaguars owner Shahid Khan (2011) was the first and only minority ever approved as a majority NFL owner.
Could that change with rap mogul Sean “P.Diddy” Combs? Combs and Steph Curry made it publicly known they would like would like to be the new Panthers owners.
I would like to buy the @Panthers. Spread the word. Retweet!— Diddy (@Diddy) December 18, 2017
I️ want in! https://t.co/XvvC1vo7xI— Stephen Curry (@StephenCurry30) December 18, 2017
History says they have no chance. However, some factors are working both for and against them. Colin Kaepernick has been a lightning rod for owners for the last two seasons. Owners have mad a concerted effort to keep him out of the league. Might the owners be afraid of Combs and Curry? Both have been very outspoken about political issues and against President Trump. But that may work in their favor being that Trump is persona non grata with the NFL owners right now. There are also the rumors that many NFL owners are secretly racists, who view their players as well paid slaves. If true, they definitely don’t want some young “urban” flavor in their meetings. On the other hand, the owners may view this as an opportunity. What better way to shut down any negative racial issues surrounding the league by allowing a qualified, capable, and popular new owner? Combs and Curry represent hip-hop, which is a culture that transcends race. That culture is full of millennials. Millenials don’t watch football with the same diehard tenacity as their elders do. Wouldn’t the NFL love to find a way to get them invested in the league?
If not them, what other notable Black people could be on the list? Oprah, Michael Jordan, Dr. Dre, and Robert E. Smith are also possibilities. In fact, there is a real possibility where Oprah, Jordan, or Smith could be the majority owner with the likes of P. Diddy, Steph Curry, Jay-z, or LeBron James as minority owners.
I do believe that it would greatly help the NFL by having a woman or another person of color in ownership. There would be fresh ideas and new energy at the table. The NFL is desperate for that right now. The league is losing viewership because its product has become oversaturated and lost its “can’t miss this nature.”
Do you remember the old movie rental company Blockbuster? Well, a few years before they went out of business their average age of their board of directors was over 65, all male, and all white. Many young people in the company warned of new streaming technology coming that could threaten their business. Did they listen? No. They incorrectly assumed that the industry couldn’t change. The NFL is in the exact same spot right now. If the league doesn’t reinvent itself soon, their cash cow may turn into a hog ready for slaughter.
3. How much will the team sell for?
Richardson bought the Panthers in 1993 for $206 million. Forbes recently valued the franchise at $2.3 billion. Let us backpedal to 2014 when the Los Angeles Clippers went up for sale. Forbes had them valued at a little over $1 Billion at the time, but they sold for $2 Billion. The Buffalo Bills, which are the NFL’s least valuable franchise recently sold for $1.4 billion. So, the Panthers which are a very visible team due to Cam Newton could fetch more than the $2.3 Billion estimate.
NFL rules state that any new ownership must have a single majority owner who must own at least 30% of the team. This prevents groups like the one led by Magic Johnson from buying NFL franchises. There is a huge cash outlay for any potential owner. If the team sells for the estimated $2.3 billion the new buyer much come up with nearly $700 million themselves. Richardson made a brilliant strategical move by waiting until the end of the season to listen to offers. This allows time for more potential buyers to arise. It takes a lot of doing to come up with that cash, even when you are a multi-billionaire.
Right now the Panthers ownership looks something like this: Jerry Richardson 49%, Belk Family 5%, Levine Family around 10%, Steve and Jerry Wordsworth around 16%, and about 8 other minority owners make up the rest.
I understand that some people will draw offense to my desire to see a Black man as an NFL owner above anyone else. To that I say, so what, get over it! There is nothing wrong with my desire to see diversity created in the NFL ownership by way of qualified businessmen and women. Hip-Hop culture transcends age, race, and nationality. The game I love would grow, and kids everywhere would have another thing they can be when they grow up. Don’t you agree that the owner’s table needs a little more color?
Wouldn’t it be ironic if the first black majority owner in the NFL was of the Panthers. Black guys owns the Panthers. My new favorite team.
1 Comment
OMG!!!Black owners of a team of black players… I won't watch anymore!! I'll have to take a knee. Wonder if Diddy can choreograph some better TD celebrations??