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Fan Buyout of Snyder

Jon Mervis Oct 16, 2009
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  • message
    Jon Mervis started this discussion on Oct 16, 2009

    OK we all want Snyder out, but clearly no one on this petition has the 1.6 billion to actually make a reasonable offer.

    I think the best way to move forward is to try a fan buyout and have the team publicly owned, like the Green Bay Packers.

    Aside from Skins football, DC is known for power politics and high priced K street lawyers. Are there any on this list who can help craft a fan buyout?

    I’ve been informed that the way to do this is to create a Special Purpose Acquisition Company and then offer an IPO to raise the funds. (Thanks to @aperlis for the knowledge)

    Some numbers to think about: There’s about 6 million people in the DC area, according to wikipedia. If each person buys 1 share for $250, then that adds up to $1.5 billion. Now clearly not every person would buy into the plan, but some people would be eager to buy much more than 1 share.

    Who wants to help me make this happen?

    Hail to the Skins,

    Jon Mervis

  • Jason Griffith
    message
    Jason Griffith replied on Oct 16, 2009

    I would buy in, and I don’t live anywhere near DC. There are lot more than 6 Million Skins fans imo.

  • Ajay Gupta
    message
    Ajay Gupta replied on Oct 16, 2009

    You are talking about 6 million shares. You can put me down for 1000 shares.

    - Ajay

  • message
    Jeff Scattergood replied on Oct 16, 2009

    Count me in, cheaper then season tickets and a better return on investment. Has anyone reached out to Oprah? I am serious. She is friends with the First Family, it will give her more of an excuse to see them. Think about it? She owns just about everything else, why not a sports franchise?

  • message
    Jon Mervis replied on Oct 16, 2009

    I just got word that actually public ownership is in direct violation of league rules, which allow a max of 32 owners. Thank you extremeskins.com messageboard. (The Packers were grandfathered in)

    Even with that said, a good cause is worth a good fight. Let’s find a team of clever lawyers and see what kind of loophole they can find for us.

  • the mayor of all that is burgundy and gold
    message
    the mayor of all that is burgundy and gold replied on Oct 16, 2009

    Mr. Mervis,

    I am totally in on this idea. I have been a season ticket holder for 19 years and a Skins fan my entire life. It pains me to witness what OUR proud franchise is going through. We are a laughing stock from top to bottom. What ever I can do to help us get the franchise back on track please let me know.

    Reggie Tinson AKA The Mayor Of All That Is Burgundy and Gold

    Hail to the Redskins!!!!

  • message
    Erik Ramseth replied on Oct 16, 2009

    I was about to post that Jon. Anyways, for comparison’s sake, the packers have almost 112,000 shareholders (according to wikipedia).

    Assuming the skins have a larger fan base, say we called it 200,000 shareholders. Round up to 1.8bil for the team, and you’ve got $9000 investment per shareholder (avg). I’ve often heard the number 2.1bil thrown around so in that case you’re talking over $10,000.

    There really isn’t a legal loophole. Buying a team needs to be approved by a certain % of the current owners as well as the top level NFL people.

    You basically need to find 32 or less ‘Skins fans that can pull together probably around 2.1bil. That’s around 65mil per person (avg), but probably more because it will be tough to convince Snyder to sell, but money is persuasive.

  • Jason Griffith
    message
    Jason Griffith replied on Oct 16, 2009

    There is also a rule stating that the Majority owner must own 30% or more.

    On the other hand, the NFL regularly makes exceptions to it’s own ownership rules. What it really boils down to is that if we got it together we would just need to convince the right people to vote in our favor. No different really than any other bid to buy a team.

  • Ajay Gupta
    message
    Ajay Gupta replied on Oct 16, 2009

    It won’t be tough to convince Snyder to sell, as long as we bring the money. But the $1.8 billion, $2.1 billion figures are pipe dreams. The team’s worth is about $1.2 billion, including the stadium. At this point, we can begin to argue that Snyder is costing the team money, and not contributing to value over its assets. We should use a $1.35 billion dollar figure for a purchase price.

  • Lindsy Smith
    message
    Lindsy Smith replied on Oct 16, 2009

    well Snyder is all about the money…this may hust for awhile but lets start a boycott to not buy a thing with “REDSKINS” on it and and Danny will start to lose money like he did with six flags and would be forced out and to sell then we can have “OUR SKINS” back

  • ItsallSnydersFault
    message
    ItsallSnydersFault replied on Oct 18, 2009

    No surprise (Lindsay Smiths) idea is the best one on here… the last thing i wanna do is GIVE that fool any money for what he’s doing… TAKE IT AWAY… he needs to be spanked not thanked for it

    and seriously the more i read jons comments the more im convinced he doesnt have what it takes to run a football team either… seriously he just looks like another snyder clone …. we need an ORIGINAL thinker running the now deadskins… this dude seems real typical

  • Adam
    message
    Adam replied on Oct 30, 2009

    I suspect you could create something like Redskins, LLC that was public and owned say 30-70% of the team that would be fan owned (several sports teams are owned by public firms). Then the remaining 30-70% could be owned by one or more large investors. Then the NFL has it’s majority owner, and cuts the number of owners substantially. You could also play with the ownership to money committed (as some public companies do) so a few owners would control the team but fans would put up more of the money. Goldman Sachs loaned Danny boy some of the money to buy the team in 99, so I’d guess they could come up with a structure that would satisfy the NFL, today.

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