The NFL has rules that state anyone or entity buying a team has to have 30 percent liquidity in their account – meaning that, if Brian Davis’ $7 billion bid to buy the team is legit and ends up the winner, he will need at least $2.1 billion on hand to get to that point.
Davis explained to the Sports Junkies on Wednesday where his wealth is coming from and how he got to his valuation of a $50 billion net worth, and later, when Bish brought up this NFL rule, Davis said he plans to have more than the requirement.
“Yeah. What I hope to do is have acceptance from Mr. Snyder, and what I plan to show is that my partners allow me to have $10.5 billion in my account - $7b for the team, $2b for the liquidity requirement, and $1b to begin restoration of the stadium,” Davis said. “Our plan is to add a translucent retractable roof to give it a 12-month life cycle, and then we want to develop a smart city in and around the stadium with a riverwalk and a man-made beach, and create a destination.”
When it comes to that stadium idea, Davis, who grew up a fan of the team – “unlike Magic Johnson, I disagree with that” – admitted he’s walked back from RFK Stadium to his home just over the border in Capitol Heights, Maryland, after games, so he wants to stay as close to the District as possible. It seems to him that keeping FedEx Field in Landover, with a bit of an overhaul, is the best strategy there.
“I do not want to see the team move. The other guys are planning to buy the team and move to Virginia or leave the area,” Davis said. “I love Prince George’s County and DC more than anything, so I wanted to make sure we had some sustainability and viability, and make this contribution so we all could be together.”
Davis has been working with leaders in PG County on various efforts, possibly this included, and that’s because he believes that his offer, submitted on March 21, was the first and every one since has been reactionary.
“I think Mr. Snyder has been really respectful and taken my offer seriously, but what I haven’t done is gone to the media like some other guys to make it a respectful process,” Davis said. “My offer was the first offer, on March 21, and these guys only made their offers when they realized mine was real. I wouldn’t assume anyone would take my offer seriously day one, but at this point, they should, because I have the money and I’ve been trying to get an agreement to be able to invest this capital back to the community and the people.”
One of the problems with taking the bid seriously, however, seems to stem from a number of lawsuits Davis has had filed against him for past business deals gone awry. Shawne Merriman Tweeted about one recently, claiming Davis owes him millions of dollars, but Davis denied that and actually had kind words for Merriman.
“I haven’t taken an investment from an athlete in 15 years, and I sold the Durham asset and didn’t file bankruptcy,” Davis said. “Shawne Merriman is a very good man and a great person, but I unfortunately brought too many partners into my business. But, what I did do, like a man, is sell the business versus filing bankruptcy. I sold the units, and they just sold again for $275 million six months ago. I created a settlement agreement with all the athletes, including Scottie Pippen, but there was a non-disclosure gag order, so I’ve never talked about it, because I’m not supposed to and I won’t, but we did settle.”
One of the other hang-ups was a snafu where he apparently attempted to buy Six Flags America in Bowie, Maryland, as part of a “Blue Line Initiative” he’s been working on in PG County along that Metro line that currently ends just past the Beltway in Largo. That was his plan, but based on incorrect information that the theme park had been sold back to someone or some entity affiliated with Snyder.
“I thought I had good info that the site was sold to someone affiliated with him, and I wanted to invest more capital in the Central avenue corridor,” Davis said. “I grew up in Capitol Heights, so the idea is investing in the Addison Road Metro station area and Morgan Boulevard, which is the stadium.
We wanted to take that whole Blue Line investment up Central Avenue, so the thought was to buy Six Flags, but I decided instead we’ll bring Six Flags into the stadium and do our own destination with an indoor/outdoor waterpark, and the riverwalk, and everything else. I really wanted Six Flags because we wanted connectivity between the two sites so we could make a bigger investment.”
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JP flat out said it sounded like Davis wanted to build up PG County and the stadium area similar to how the neighborhood near Nationals Park, where our studios are, has grown in recent years, and he hit that nail right on the head.
“Yes, that’s exactly right, and I’m glad you brought that up, because that was our intention when we bought into DC United,” Davis said. “This isn’t the first time I’ve wanted to invest in my community, we bought into DC United to do the same thing on the Anacostia River back in 2006. DC United was a fantastic experience I learned a lot from – including that I needed to have the ability to make some sound decisions and have a focus that we had the capital in place before we began. So, over the last seven years, that’s what I’ve been doing.”
This was just part of a nearly 40-minute interview with Davis about everything surrounding the Commanders sale, so take a listen to this part above and stick with 106.7 The Fan and The Team 980 on the web and social media for more throughout the day!
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