As more comes out about Josh Harris’ now-accepted bid to buy the Commanders, we found out this week he put out a 43-page prospectus to potential limited partners – but apparently, none of the Junkies were among those who got it.
“Should we be offended that Josh Harris and his group put together a 43-page prospectus called 'Commanders Investment Opportunity.' Why were we not approached?” JP laughed.
“I like good investment opportunities as much as or more than the next guy!” Cakes laughed back. “Send a copy to my house!”
Prospectuses like these are rarer than you think, as the last few buyers of sports franchises have taken on much of the debt themselves, but there were a few things that stood out to the Junks, including this one:
“It’s a prediction in there that the removal of Dan Snyder as owner will boost attendance, ticket sales, and sponsorship revenues, as well as the prospect of a new stadium,” JP said. “Last year the Commanders made $173 million in local revenue, but Harris projects that will more than double to $380 million by 2031-32 and hit $466 million if the team builds a new stadium.”
“The number that jumped out on me is that apparently, the team gets $7.6 million a year from FedEx for naming rights – but Harris is projecting at least $30 million annually once a name is put on the new stadium,” Cakes replied. “Does that seem insane to anyone else? It seems like an overreach to me.”
EB thought it was reasonable, and Valdez jumped in to say that Allegiant is apparently paying $20-$25 million for naming rights to the Raiders’ new digs in Vegas, so maybe so.
See what else the Junks had to say about the contents of the prospectus above!
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