Investors are far more common than I realized. The “owner” is only required to control 30% but can start sharing slowly with family after a period of ownership. The inheritance taxes are a critical reason owners had to find a solution, otherwise they’d be forced out of control. They are even considering letting private equity join the party to give some liquidity to minority investors and provide flexibility for the principal owner.
This is a great article, if a bit long. It mentions the Bills specifically. In it they point out inheritance tax on a few hundred million dollar asset is one thing, a 5 BILLION dollar asset is something else. This is a complex world few of us can begin to imagine. Taxation and liquidity.
https://www.crainsnewyork.com/sports-recreation/nfl-owners-face-huge-real-estate-taxes-keep-teams-family
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