KD in CA Posted April 25, 2014 Share Posted April 25, 2014 Money is overrated. Anyone want to buy my house for $1? Do you require a pre-approval letter from a mortgage co? Link to comment Share on other sites More sharing options...
klos63 Posted April 25, 2014 Share Posted April 25, 2014 Just like most powerful and influential enormous corporations, rules can and will be bent and changed for them in the courts. Not to mention that they can tie up opponents in court costing them millions if necessary, which is chump change for the NFL. I anticipate that this whole notion that the Bills can't leave Buffalo until 2020 will play out quite differently for exactly that reason. Despite the fact that we all want the team to remain here, the fact is that the region simply is no longer capable of sustaining an NFL team, by the NFL's corporate-driven standards along with PSL licensing, whether we are honest enough to admit that to ourselves or not being irrelevant. Buffalo is a blue collar "lunch pail" kinda town, not one that fits the current NFL model for teams. I personally can't stand where the NFL has taken itself, but unfortunately that doesn't matter either. It wasn't that long ago that the Bills were competitive, only 20 years or so ago, and during the Kelly/Bruce/Thurman/Reed era, it was still very much a blue-collar kinda gig. For us Buffalonians it still is, but for the NFL it is not. I see this pushing north of the border and much more quickly than we all assume. $400M is really not all that much, and all it's going to take is a new owner telling the county, behind closed doors of course, that he/she/they will simply let the team "rot" in Buffalo for its last few years, or they can take the grease money and feign something like that the county gets nothing if the team simply leaves and that "this way" the county would at least get a buyout at a fraction of that $400M, which of course they'll sell to the public as a good deal. Entirely lost will be the irony that having and NFL team is supposed to have a net positive impact on the economy, including getting all those taxpayer dollars back, a false notion, but one that will be stood on its head nonetheless if/when that happens, likely without anyone challenging it like that. This entire thing, including where the NFL has taken itself, could not be a whole lot more tragic, particularly for WNY-ers. And frankly, if we cannot have a "blue collar" team/stadium etc., then I'm not sure that I'm all that interested. I've seen what this does, as many of us have, to football in other cities, like D.C. for example. What the hell is a blue collar team? Stadium? I know the phrase blue collar, it does not apply to a multi billion dollar sport where it's lowest paid players make close to $1 Million per year. This is a phrase I really can't stand in reference to sports teams, also 'lunch pail' players - who brings a 'lunch pail' to work anymore ? Nobody since Archie Bunker. Link to comment Share on other sites More sharing options...
KDIGGZ Posted April 25, 2014 Share Posted April 25, 2014 How many walls does it have? The front door and back door are on the same hinge Do you require a pre-approval letter from a mortgage co? Yes, no dead beats with bad credit. Thx Link to comment Share on other sites More sharing options...
Ed_Formerly_of_Roch Posted April 25, 2014 Share Posted April 25, 2014 Conversly if the trust specified it should be donated to a charity or sold at at any cost to a group pledged to keep the team in Buffalo. the other owners owuld have a hard time going against that. They could keep declining ownership, but in doing so, that would keep the team here longer since no new owner. Plus someone would get fed up and sue the other NFL owners and win. Look at how many times the NFL had told Al Davis No, he does it anyway and wins in court. I think many sports leagues have constitutions wit hmany illegal practices, but get away with it as the yall agree to it, until someone sues. It would depend on what the Trust says. That's the legally binding document you'd have to follow here first. Generally speaking, if you own something, regardless of how valuable it is, and you want to give it away for free or for much less than it is worth, you can do it. This is America after all. Link to comment Share on other sites More sharing options...
Dragonborn10 Posted April 25, 2014 Share Posted April 25, 2014 I think the IRS would have something to say about it as it would be seen as an attempt to avoid estate and capital gains taxes. Link to comment Share on other sites More sharing options...
RyanC883 Posted April 25, 2014 Share Posted April 25, 2014 I think the IRS would have something to say about it as it would be seen as an attempt to avoid estate and capital gains taxes. oh, the IRS would be all over this. Prob in the form of a tax from fair market value to actual paid value, as someone alluded to earlier. IN essence, that amount is a gift, which the IRS taxes under certain circumstances. Link to comment Share on other sites More sharing options...
Mr. WEO Posted April 25, 2014 Share Posted April 25, 2014 I thought this too but do they have the power to agree on the money aspect of the sale? I think they have a say (vote) on the approval of the potential new owner and things like that but my guess is they can't say boo about the money. By rejecting the owner getting the $1 bargain sale, it's effectively the same thing. They would quickly reject Kelly and that scheme or anything like it. As for the legality, it seems legal, but the sale would likey not be regarded as an "arm's length transaction" (two disinterested parties actiing independently) by the IRS, since Mary would be specifically and solely making this deal for Jim Kelly. There would likely be a gift tax to be paid, maybe capital gains also. Link to comment Share on other sites More sharing options...
Canadian Bills Fan Posted April 25, 2014 Share Posted April 25, 2014 I would like a home expection first. If there is none then I will only pay 75% of your asking price CBF Link to comment Share on other sites More sharing options...
White Linen Posted April 25, 2014 Share Posted April 25, 2014 By rejecting the owner getting the $1 bargain sale, it's effectively the same thing. They would quickly reject Kelly and that scheme or anything like it. As for the legality, it seems legal, but the sale would likey not be regarded as an "arm's length transaction" (two disinterested parties actiing independently) by the IRS, since Mary would be specifically and solely making this deal for Jim Kelly. There would likely be a gift tax to be paid, maybe capital gains also. I think they'd have a very difficult time rejecting an owner with the only behind the scene motivator being they don't like the sale price. Link to comment Share on other sites More sharing options...
KollegeStudnet Posted April 25, 2014 Share Posted April 25, 2014 Money is overrated. Anyone want to buy my house for $1? You live in Detroit? http://m.nydailynews.com/1.1415014 Link to comment Share on other sites More sharing options...
jumbalaya Posted April 25, 2014 Share Posted April 25, 2014 Mary can Quit Claim it to me anytime. Link to comment Share on other sites More sharing options...
CountryCletus Posted April 25, 2014 Share Posted April 25, 2014 MARKYMANNN!!!! You are the only person outside of my family that knows what Dyngus Day is!!!! Not a whole lot of Polish fellers down here!! Link to comment Share on other sites More sharing options...
DC Tom Posted April 25, 2014 Share Posted April 25, 2014 May as well ask if the county can seize the Bills under eminent domain.\ Watching THAT legal battle might be more fun that football. Link to comment Share on other sites More sharing options...
oman128 Posted April 26, 2014 Share Posted April 26, 2014 Think about this,just in another way. Ok the Bills get sold and the owner keeps them in Buffalo where let's face it people aren't exactly swimming in loot, and can't afford huge ticket prices, like they can and Chicago, Los Angeles, New York City etc. in a city like Buffalo which is economically challenged and poverty ranks among the top 5 in the country it's hard to get $100 a ticket for a family of 4 to come to a Bills game on Sunday, it's even harder in November and December when the holidays roll around. The Fat Cat NFL Owners by keeping the bills in Buffalo almost force the bills into a losing posture simply because of economics. Whereas if the bills went to a city like Los Angeles or Toronto where there's more population, more money, fortune 500 companies etc you can get those higher ticket prices and in turn sign marque players for big money. Link to comment Share on other sites More sharing options...
bowery4 Posted April 26, 2014 Share Posted April 26, 2014 Think about this,just in another way. Ok the Bills get sold and the owner keeps them in Buffalo where let's face it people aren't exactly swimming in loot, and can't afford huge ticket prices, like they can and Chicago, Los Angeles, New York City etc. in a city like Buffalo which is economically challenged and poverty ranks among the top 5 in the country it's hard to get $100 a ticket for a family of 4 to come to a Bills game on Sunday, it's even harder in November and December when the holidays roll around. The Fat Cat NFL Owners by keeping the bills in Buffalo almost force the bills into a losing posture simply because of economics. Whereas if the bills went to a city like Los Angeles or Toronto where there's more population, more money, fortune 500 companies etc you can get those higher ticket prices and in turn sign marque players for big money. Um TO right now, is within Bflo's market....so is Roch. And the immediate suburbs to the city....not sure what your point is exactly. Is the 100million dollar man a marque player? Link to comment Share on other sites More sharing options...
hondo in seattle Posted April 26, 2014 Share Posted April 26, 2014 My understanding is that the trustee (Mary) has a fiduciary responsibility to the other members of the trust. Mary is legally required to make a good deal for the trust - and therefore couldn't sell to JK at a huge discount. Link to comment Share on other sites More sharing options...
Mr. WEO Posted April 26, 2014 Share Posted April 26, 2014 I think they'd have a very difficult time rejecting an owner with the only behind the scene motivator being they don't like the sale price. It would be very easy for them to reject it on that basis alone. Why would they ever agree to this? This whole concept makes no sense anyway. Obviously the Wilson family has been preparing for a windfall. Why else would RW have held onto it until his death--so the family could make a single dollar off of this golden goose? Link to comment Share on other sites More sharing options...
snafu Posted April 26, 2014 Share Posted April 26, 2014 Let's disregard the motive for a minute and simply consider the legality. What if Mary Wilson decides to sell the Bills, to say Jim Kelly for what her late husband paid to start the franchise, or alternatively deed it to the Erie County or the city of Buffalo for $1. Are any of these options even legal? I simply ask because it is unclear to me to extent what the NFL has legal jurisdication in a business transaction involving a private sale. Any experts care to weigh in? My understanding is that the trustee (Mary) has a fiduciary responsibility to the other members of the trust. Mary is legally required to make a good deal for the trust - and therefore couldn't sell to JK at a huge discount. The question is whether the trust does not want to OWN the team vs. not wanting to RUN the team. If the trust does not want to run the team, then it could enter into a license agreement with a group who would have day-to-day say over operations. The annual license fee could be an average of that past few years' net income, with increases year over year. The trust makes money and still owns the asset. The group comes in and tries to make as much money over the license fee as they can. That setup would keep the team in town and probably would not need to be scrutinized by the other owners, but in the long run it most likely would not be best for the fans' wallets. Link to comment Share on other sites More sharing options...
Ed_Formerly_of_Roch Posted April 27, 2014 Share Posted April 27, 2014 Agreed, But if there were instructions from RW that the trust is to sell to a Buffalo based group at any cost, then that is what she is legally required to do and that would be making a good deal for the trust per its instructions, Based on everything stated publicly in past few years by people like Kelly, Thurman, etc, about not to worry, I'm would not be at all surprised if there is not some type of instructions along those lines to keep the team here or some other type of poison pill created by RW that would make moving the team extremely difficult to do MW is not necessarily required ot take the best deal for the trust, but she is required to follow the request of the trust. My understanding is that the trustee (Mary) has a fiduciary responsibility to the other members of the trust. Mary is legally required to make a good deal for the trust - and therefore couldn't sell to JK at a huge discount. Link to comment Share on other sites More sharing options...
hondo in seattle Posted April 27, 2014 Share Posted April 27, 2014 Agreed, But if there were instructions from RW that the trust is to sell to a Buffalo based group at any cost, then that is what she is legally required to do and that would be making a good deal for the trust per its instructions, Based on everything stated publicly in past few years by people like Kelly, Thurman, etc, about not to worry, I'm would not be at all surprised if there is not some type of instructions along those lines to keep the team here or some other type of poison pill created by RW that would make moving the team extremely difficult to do MW is not necessarily required ot take the best deal for the trust, but she is required to follow the request of the trust. Ralph showed a lot of loyalty to Buffalo in his lifetime. I'm really hoping he was consistent and left some kind of instructions like this after his death. Link to comment Share on other sites More sharing options...
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