This Is What It Takes to Own an NFL Football Team
After facing allegations of workplace misconduct, Carolina Panthers owner Jerry Richardson announced he was selling his NFL team. Whoever buys it will be the owner of a franchise valued at $2.3 billion and one that earns $385 million in annual revenue.
NFL owners have to possess a certain temperament to be successful: Major connections, business savvy, shrewd business skills and, of course, a whole lot of money. It's not all fun, games and big payoffs.
Click through to find out what it takes to join the tiny group of elite business people who own the most valuable sports franchises in the United States.
(By Andrew Lisa)
You’ll need to come up with $2 billion or so to invest.
The team’s sticker price should be disposable income.
You’d better be business savvy.
It helps to keep management in the loop.
When Fox Sports recently ranked the best and worst front offices in football from No. 1 to No. 32, the Buffalo Bills came in near the bottom of the heap at No. 29. While giving examples of the team's management dysfunction, Fox Sports reported that the Bills' general manager -- normally in charge of personnel matters -- wasn't even aware that coach Rex Ryan had been fired until owner Terry Pegula told him so.
Know good people -- and know when to walk away from them.
A go-along-to-get-along personality can limit exposure and maximize profits.
Don’t overestimate the value your community places on your product.
You can’t support the cord-cutting movement.
Know how to build and maintain a leadership nucleus.
Be willing to share.
As far back as 2015, Rams owner Stan Kroenke made it clear that he was ready to share a stadium with another franchise if it meant bringing football back to Los Angeles, where three teams were vying for a spot in the NFL drought-stricken city. That flexibility was especially impressive considering Kroenke did most of the heavy lifting on bringing pro football back to L.A. Fast forward two years and Kroenke's willingness to compromise has resulted in Angelenos having two teams to choose from instead of none. The Chargers and Rams recently unveiled a model of their soon-to-be shared stadium, which is luxurious, modern and comes with a price tag of $2.6 billion.