Impact of Benson’s death on the Saints (1 Viewer)

[stevend]

Just my hunch, but I do think there is no short term change. Dennis Lauscha and Loomis (but mostly Lauscha) will run the organization.

I expect the team to go up for sale after this season (maybe after 2), and I hope the Manning's put together the group that buys the team.

 

[Cajun Chat]

On what grounds? They played their hand and lost. Once Tom was found competent, and the Texas trust was transferred to Rene, any legitimate claim to the sports franchises was lost. It's over for them.

I know we have some estate attorneys on this board. Can you guys or ladies comment?

 

[PayOrPlay]

Here's the La Canfora tweet that some are talking about:

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Early rumblings out of New Orleans is Gayle Benson likely to sell Pelicans in next year or so to pay for taxes on Saints</p>&mdash; Jason La Canfora (@JasonLaCanfora) <a href="https://twitter.com/JasonLaCanfora/status/974435049390125056?ref_src=twsrc%5Etfw">March 15, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

A tax professional can interrupt here and give a more definitive answer, but my understanding is that there shouldn't be any estate taxes at this time because it's a transfer to a surviving spouse.

Many responders are similarly refuting what La Canfora wrote, notably Fletcher Mackel, who says:

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">I am told from a senior <a href="https://twitter.com/Saints?ref_src=twsrc%5Etfw">@Saints</a> /<a href="https://twitter.com/PelicansNBA?ref_src=twsrc%5Etfw">@PelicansNBA</a> source this is &#8220;unequivocal untrue.&#8221;<br>My source, who&#8217;s as high up as it gets, describes this tweet as:<br>&#8220;wonderfully misinformed&#8221; <a href="https://t.co/nut3pKQvib">https://t.co/nut3pKQvib</a></p>&mdash; Fletcher Mackel (@FletcherWDSU) <a href="https://twitter.com/FletcherWDSU/status/974453240174608385?ref_src=twsrc%5Etfw">March 16, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Now, to be fair, she will eventually have to have her own succession strategy, whether that may be to sell the teams to a (presumably very rich) third party or to commit to some kind of financing structure that allows it to remain as an ongoing enterprise. It's not obvious who would be a next-generation successor but it's possible that this has already been structured.

 

[Goatman Saint]

My guess is the next step past Gayle has already been structured into the plan. Benson’s business plan and companies are all well run and things will continue seemlessly. Benson seemed to plan his legacy well by ditching Rita and the kids who may or may not run something into the ground for a plan where the businesses will be run by professionals making those decisions. We will see, but I would wonder if Gayle could even sell them.


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[Thunderchild]

Jason La Canfora
&#8207;
Verified account

@JasonLaCanfora
17m17 minutes ago
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Early rumblings out of New Orleans is Gayle Benson likely to sell Pelicans in next year or so to pay for taxes on Saints

I hope this isn't true

Actually, this is most likely nonsense. Wealthy people build tax payments for thei inherited assets into their will. I have no knowledge, but no doubt that Benson did the same. Saw my in-laws go through something similar (albeit in Texas) and estate taxes were already provided for.

For soeone of Benson's legal and finacial means to leave taxes unaccounted for would be silly. Just more LaCanfora insider poo-poo designed to get clicks.

 

[tomwaits]

Jason La Canfora
&#8207;
Verified account

@JasonLaCanfora
17m17 minutes ago
More
Early rumblings out of New Orleans is Gayle Benson likely to sell Pelicans in next year or so to pay for taxes on Saints

I hope this isn't true

An unreliable source told me that Flo from Progressive is going to buy the Pelicans.

 

[crosswatt]

My guess is the next step past Gayle has already been structured into the plan. Benson&#8217;s business plan and companies are all well run and things will continue seemlessly. Benson seemed to plan his legacy well by ditching Rita and the kids who may or may not run something into the ground for a plan where the businesses will be run by professionals making those decisions. We will see, but I would wonder if Gayle could even sell them.

The Titans are owned by a family group (KSA Industries), and have been in the crosshairs of the league since Bud Adams died. Mainly, because there's no one person that the league feels is the person of record for team decisions. (Adams left each heir 33% stake in the team, and one of the siblings is in the process of trying to sell her shares).

Assuming the "face" of the franchise is clear, the Saints could easily go on in perpetuity with whatever family members Gayle chooses to bring in, and with Dennis Lauscha continuing on as the President and manager of all things franchise related. I would like to think that Dawn Benson Jones would be included somehow to help maintain the familial connection.

 

[Saint_Ward]

My only question would be about cash flow in the short term. Everything moves to her, but is there a delay in moving ownership of accounts and all that or is it seemless?

It's Free Agency, they need the check book for bonuses.

I don't know what type of operational budget the team has vs going to Mr. B to free up cash for big signings.

 

[Saint_Ward]

Here's the La Canfora tweet that some are talking about:

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Early rumblings out of New Orleans is Gayle Benson likely to sell Pelicans in next year or so to pay for taxes on Saints</p>— Jason La Canfora (@JasonLaCanfora) <a href="https://twitter.com/JasonLaCanfora/status/974435049390125056?ref_src=twsrc%5Etfw">March 15, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

A tax professional can interrupt here and give a more definitive answer, but my understanding is that there shouldn't be any estate taxes at this time because it's a transfer to a surviving spouse.

Many responders are similarly refuting what La Canfora wrote, notably Fletcher Mackel, who says:

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">I am told from a senior <a href="https://twitter.com/Saints?ref_src=twsrc%5Etfw">@Saints</a> /<a href="https://twitter.com/PelicansNBA?ref_src=twsrc%5Etfw">@PelicansNBA</a> source this is “unequivocal untrue.”<br>My source, who’s as high up as it gets, describes this tweet as:<br>“wonderfully misinformed” <a href="https://t.co/nut3pKQvib">https://t.co/nut3pKQvib</a></p>— Fletcher Mackel (@FletcherWDSU) <a href="https://twitter.com/FletcherWDSU/status/974453240174608385?ref_src=twsrc%5Etfw">March 16, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Now, to be fair, she will eventually have to have her own succession strategy, whether that may be to sell the teams to a (presumably very rich) third party or to commit to some kind of financing structure that allows it to remain as an ongoing enterprise. It's not obvious who would be a next-generation successor but it's possible that this has already been structured.

Yeah, LieConfora is at it again and taking heat for that stupidity.

 

[NeverGiveUP2]

What is line of succession after Gayle? Does it pass to her kids, if she has any?

That has been my question all along.... I think Gayle will not do anything drastic but what happens after she joins Tom?

 

[Soundwave]

LOUISIANA STATE INHERITANCE TAX

For all deaths that occur after June 30, 2004, the State of Louisiana has repealed all state inheritance taxes. Thus, there is no requirement to file a return with the State and no state inheritance taxes are owed.

http://neworleansestatelaw.com/lawyer/ESTATE-TAXES_cp4277.htm

 

[NeverGiveUP2]

You don't sell an asset like an NFL team just to pocket the cash. There has to be a reason, like another investment opportunity. It's much riskier and a stupid financial move to cash out. The Saints are an investment that not only pays here a ton in cash a year, but it grows in value while protecting her money.

Unless she needs a random $1B for something, there's no logic in her selling.

I wonder how great an investment a NFL Franchise really is right now. With the lagging ratings (yes still more than any other sport), I'm thinking the days of non-stop double digit growth in value is over.

So if you have a $1.5 billion asset (out of the realm for 99.9% to even fathom) a "profit" of $100 million is like 7%... I'm not sure teams are even profiting $100 million... so you look at long term value growth (Tom's original $35 million investment grew quite nicely).

At some point Gayle will sit down with her financial advisors and say where can I put my $1.5 billion that might grow better? Does she have the loyalty to the region that Tom did?

Just some thoughts

 

[Goatman Saint]

I wonder how great an investment a NFL Franchise really is right now. With the lagging ratings (yes still more than any other sport), I'm thinking the days of non-stop double digit growth in value is over.



So if you have a $1.5 billion asset (out of the realm for 99.9% to even fathom) a "profit" of $100 million is like 7%... I'm not sure teams are even profiting $100 million... so you look at long term value growth (Tom's original $35 million investment grew quite nicely).



At some point Gayle will sit down with her financial advisors and say where can I put my $1.5 billion that might grow better? Does she have the loyalty to the region that Tom did?



Just some thoughts

While the NFL had seen a ratings dip, it’s less than the dip all media has had. It is still the single most popular entity.

To think an nfl team doesn’t make a huge chunk of cash a year is nonsense. Green Bay does very well financially and they are more limited than most. You may balk at say 100 million, but it’s a year after year investment. There are only 32 of them. Prestige goes far beyond the income stream.

Also, I wish I could find the posting about how there is common ownership stock and decision making stock for the saints and who owned what from a couple years ago. Makes me think that Benson put the future of the franchise together in such a way that no one person has complete control anyway.

The face and overall owner is Gayle. However, as far as the saints corporation who knows. Lots of ways to put that together. The NFL has put a lot into the Saints post Katrina. They want the stability and I’m sure all the lawyers involved accomplished that.

It would be as simple as giving Gayle all the common non voting stock so she owns the team and corporation. Then the voting stock gets split between Gayle, Lauscha, whoever is running the legal arm of Benson’s corporation, Loomis, whoever. Make those stocks only transferable to the next person in the position by merit so they really hold no value, but total value. Therefore, whoever owns the team couldn’t sell it anyway without agreement of the controlling stock, which would be charged with whatever mission statement Benson set forth. That way there is an owner for the NFL, a stable power structure and a well run team that is pretty solid in the New Orleans area.

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[Swimmer]

At the team owner her net worth is already in the Billions (3 Billion per Fox8). The only reason she would sell the team is if she doesn't want to be an NFL owner.

As for the impact, it all depends on Gayle's relationship with the Saints staff. This has been in the planning for years, so its not a surprise or unprepared for. We have not heard of any bad blood between Gayle or the Staff, as we did hear there was some between the staff and Rita.

As a functioning NFL franchise, I don't expect much to change for the foreseeable future other then they will probably honor Mr. Benson at every chance they get.

I would love to have an active NFL owner who is a female with sound business practices. It could do wonders for changing the Good Ole Boy power mentality of the arrogant owners. Right now, it sounds like Galye and that's the way Tom wanted it and trusted his pride and joy. I have confidence in Tom's business decisions, even beyond his passing

 

[Quid Pro Quo]

A VERY credible source tells me the Mannings are buying the team.

Better change your sources Bro, especially the credible ones. Let me know when the Mannings come up with $2,000,000,000.