It appears that another bidder has expressed interest in buying the Carolina Panthers. ESPN.com’s Darren Rovell reports that Fanatics owner Michael Rubin is “considered a serious bidder in the race to buy” the organization.
Rubin, who owns a stake in the Philadelphia 76ers, New Jersey Devils and Premier League team Crystal Palace, is estimated to be worth $3 billion. As Rovell notes, NFL owners are already familiar with Rubin, as Fanatics runs the NFL’s online store and sells more licensed gear than any other business. Last year, NFL owners paid $95MM for a three-percent stake in the company.
Rubin would be required to sell his stake in the 76ers, according to Rovell. The reporter notes that the part-owner has been popular among players in Philly due to his hands-on approach. At 45-years-old, Rubin would be the second-youngest owner behind Jed York of the 49ers (37 years old).
Rovell writes that Rubin is primarily competing with two other serious candidates: hedge fund billionaire David Tepper and debt collector Ben Navarro. However, NFL.com’s Ian Rapoport tweets that there have been six to eight “viable bidders” for the team.
Formal bids are expected to be due in a couple of weeks, as the NFL would like to get a deal approved before the owners meetings in May. According to Rovell, Forbes previously valued the franchise at $2.3 billion. Following allegations of work misconduct, owner Jerry Richardson announced that he was selling the organization back in December.
Navarro-debt collector? Really?
Why would he be required to sell his stake in the Sixers but not the Devils?
I was wondering why he wold have to sell his shares at all! They are different leagues.
You’re not allowed to own a team in a seperate sport that plays in a market/town as another NFL team if I’m not mistaken. Stan Kroenke (owner of the Rams) loopholed this by giving control of his Denver based teams (the Colorado Avalanche and Denver Nuggets) to his son. So if Rubin were to get the Panthers, he’d have to sell (or transfer to another family member) his shares in the 76ers since the Eagles play in the same market. I’m also confused as to why he wouldn’t have to sell his shares in the Devils but maybe since they are the New Jersey Devils and the Jets and Giants are considered New York teams evens though they play in New Jersey.
That would be my assumption. Because the Devils play in Jersey and have New Jersey in their name, New Jersey is their market. The jets and giants however, are “New York” teams, therefore New York market
David Tepper is worth $11.4 billion according to Forbes. Hard to compete with that kind of guy at the head of a group.
Ah, watching rich men work their rules to make themselves richer… Has anyone ever lost money buying a professional sports team? It’s the best investment in the US today, and one only a handful of elites can get into.