The Josh Harris-led group buying the Washington Commanders put together a 43-page prospectus for potential investors to join their group and it predicted a massive cash windfall for the franchise with the removal of Dan Snyder as owner, as uncovered by an ESPN report this week.
One of the big takeaways from the prospectus, according to one of the writers of that report, Seth Wickersham, is the mere existence of such a document, he told Craig Hoffman.
"The main thing that sticks out... is No. 1 that it exists. Usually, when NFL teams come up for sale, there is no need to produce a prospectus for prospective limited partners," Wickersham said, "it's because the people buying these teams are so unbelievably wealthy they don't need help. They don't need to bring in other investors. And, so, the fact that this exists and you're able to get this sort of unfiltered window into raw data and numbers and revenue, I thought was fascinating."
The No. 2 main takeaway was that Virginia might be willing to give up to $1.5 billion in incentives to help the team build a stadium in the Commonwealth. "I would love to know where about where the team got that $1.5 billion figure from because its multiple times more than the package that was vetoed last year in the Virginia state legislature," he added.
Wickersham added that the 2031 figure in the prospectus for the new stadium was a "rosy figure," according to sources he spoke with because they have "no land, no deal, and no financing and that stuff takes time and it's hard. And unless you're like [Los Angeles Rams owner] Stan Kroenke" and can write a check yourself to buy the land for a new stadium "these things take a while" and that it might "take close to a decade."
One of the signs that the new owners recognize that this could take a while is the prospectus putting in $88 million into FedEx Field and $100 million for "immediate structural repairs, he said.
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