Why is the sale of the team taking so long?

[Carl Spackler]

Just now, Eazy-E said:

So pretty much they are looking for a very large investor. 

well the world is full of fat rich guys

[Mr. Scot]

3 hours ago, Eazy-E said:

Let me just clarify I know that the actual “sale” will take time. It’s not like some guy is going to waltz in, throw some money down, shake hands and bam, new owner.

I should have made it more clear that I am just wondering why it is so quite. The sale of a sports franchise is usually a pretty big deal and often times publicly reported. Maybe the NBA is different but I am basing my opinion around that since way more NBA teams have been sold in the past 5 to 10 years than the NFL. Something like 10 to 3.

Take the bills for example. Trump wanted to buy the Bills but was out bid by the eventual new owners. This was very public and trump would often tweet about it. (What a surprise) I would say P Diddy is a close comparison to this but Diddy doesn’t have anywhere near the money to be taken seriously. The only other person to come out and say anything is Felix Sebates and he won’t say who the actual buyer is who heads his group.

tldr: Yes I know this will take time I am just wondering why it is being kept a secret. Shouldn’t we at least have some statements or something from legit people who want to make a bid?

Everybody that's interested in buying the team is supposed to have signed a confidentiality agreement. Given that, you'd expect nobody to be talking, but Sabates has shot his mouth off several times.

As Jordan Rodrigue has pointed out, billionaires tend to operate in secret.

[rainwater]

I said a while ago that it is not a given that it would even happen before the upcoming season starts. Of course I was told here on the Huddle that it was a simple process that will be done quickly. 

[GRWatcher]

There are rules! At least a dozen groups will initially be interested. They'll all sign NDA's with the lawyers which give the potential owner groups time to go over the Panthers' books, assets, etc and the lawyers time to do full (and I mean full) background checks on every member of each group. So a group of 25 requires 25 background checks. It's like a full WH security clearance check should be. That gives both sides information and time to decide if a group and NFL are both seriously interested and if there are any conflicts. You won't hear anything about most of the potential buyers at this point. Any "adjustment" to a group will require new NDA's be signed and the process starts again, albeit hopefully faster.

Then comes the 1st round of sealed bids. Most will drop out at this point and you still won't hear anything about most of the potential buyers. Then at least 2 more rounds of sealed bids until a winner emerges. These are the bidders you will hear about. The Pegula's submitted a "final" bid 3 times for the Bills. And they were the dark horses in the race. And it took a special dispensation from the NFL because they already owned the Buffalo Sabres.

Finally, the NFL owners group votes them in to the "secret society" lol. It should be a slam dunk at this point because of all the upfront work done. I don't expect anything before the Spring League Meeting in Atlanta on May 21st.

So far all we have is rumors, media speculation, and self-grandstanding Sebates. I wouldn't put too much weight on anything you hear until the bidding period begins.

[Squirrel]

1 hour ago, GRWatcher said:

There are rules! At least a dozen groups will initially be interested. They'll all sign NDA's with the lawyers which give the potential owner groups time to go over the Panthers' books, assets, etc and the lawyers time to do full (and I mean full) background checks on every member of each group. So a group of 25 requires 25 background checks. It's like a full WH security clearance check should be. That gives both sides information and time to decide if a group and NFL are both seriously interested and if there are any conflicts. You won't hear anything about most of the potential buyers at this point. Any "adjustment" to a group will require new NDA's be signed and the process starts again, albeit hopefully faster.

Then comes the 1st round of sealed bids. Most will drop out at this point and you still won't hear anything about most of the potential buyers. Then at least 2 more rounds of sealed bids until a winner emerges. These are the bidders you will hear about. The Pegula's submitted a "final" bid 3 times for the Bills. And they were the dark horses in the race. And it took a special dispensation from the NFL because they already owned the Buffalo Sabres.

Finally, the NFL owners group votes them in to the "secret society" lol. It should be a slam dunk at this point because of all the upfront work done. I don't expect anything before the Spring League Meeting in Atlanta on May 21st.

So far all we have is rumors, media speculation, and self-grandstanding Sebates. I wouldn't put too much weight on anything you hear until the bidding period begins.

Great post

 

But I think we are already in the sealed bid process. Wouldn't be surprised if we are in the 2nd round going into the third round. 

[heel31ok]

10 hours ago, RumHam said:

JR wants the perfect puppet so he could still run the team as Kerry Glitterson.

Yeah, ok...

[heel31ok]

6 hours ago, tondi said:

Multi billion dollar deals take time. Its not like selling your lawnmower on Craigslist. 

It only takes a minute on "Let go"...once again  incompetence raises its ugly head... 

[Mr. Scot]

6 minutes ago, Squirrel said:

Great post

But I think we are already in the sealed bid process. Wouldn't be surprised if we are in the 2nd round going into the third round. 

Hard to say.

Some of the recent reports on guys like Navarro and Tepper have listed them only as "exploring" bids, but the guys on NFL Network had Tepper as a "front runner" (which, given that he's already part of the NFL, makes some sense).

The Observer article mentioned that they might wanna have this all set up for league approval by the time the next league meetings were scheduled (late March, mid-May as a backup).  That sounds plausible.

Guess we'll see.  For now, I'm still expecting it to come down to Navarro vs Tepper.

[PantherGuy]

18 hours ago, Eazy-E said:

The only situation that I can think of similar to this was the Clippers. I know details of the accusations are unknown and JR decided the sell the team before the NFL stepped in so it isn't exactly the same. (no one is sure that the NFL would force him to sell anyways) It has been what, 3 months now? We pretty much know nothing. Steve Balmer was in place to buy the Clippers within 30 days of the news breaking but the sale wasn't finalized because Sterling refused to sell the team.

Am I missing something? I would think a sports franchise is a hot commodity since they are so limited and people would be lining up to bid on it.

What's the hold up?

I think the Clippers were an exception. It generally takes a long time to do something like this. Imagine the paperwork involved in transferring the team and how many things the negotiations could encompass. 

[toldozer]

8 hours ago, Moo Daeng said:

It takes longer to sell a house than this has so far.

 Have you seen the housing market in Charlotte lately.  Houses are selling the day they are listed.  And at or over full asking price. 

[Moo Daeng]

3 minutes ago, toldozer said:

 Have you seen the housing market in Charlotte lately.  Houses are selling the day they are listed.  And at or over full asking price. 

I think you are missing the point. Every house sale doesn't occur in Charlotte and right now.

[toldozer]

1 minute ago, Moo Daeng said:

I think you are missing the point. Every house sale doesn't occur in Charlotte and right now.

 The team is in Charlotte.  Seems applicable.  

[Moo Daeng]

and the Median Days on Market for Charlotte is 60 days.

https://www.realtor.com/local/Charlotte_NC

[NcPsa10]

Billionaire hedge fund manager David Tepper has made a bid to buy the NFL’s Carolina Panthers for more than $2 billion.

Frank and Lorenzo Fertitta, the owners of Station Casinos and Red Rock Resorts, are also considering a Panthers bid, and they have hired the Raine Group to explore selling the casinos, as the NFL prohibits team owners from owning gambling interests.

 

https://en.wikipedia.org/wiki/David_Tepper   {Team owner ?}

 

David Alan Tepper (born September 11, 1957) is an American investor, {NFL}Carolina Panthers owner ,hedge fund manager, and philanthropist. He is the founder and president of Appaloosa Management, a global hedge fund based in Miami Beach, Florida.