N/S While Owner Cried Hardship, Carolina Panthers Had $112 Million Profit Over Two Years (1 Viewer)

[BobE]

In 2010 and 2011, as the NFL prepared for and staged a lockout of its players, Carolina Panthers owner Jerry Richardson was among the hardest of the hardliners, urging his fellow owners to "take back our league" by demanding a more management-friendly collective-bargaining agreement. Meanwhile, according to an audited financial statement obtained by Deadspin, Richardson's Panthers were making more than $100 million in profit over the fiscal years covering those two seasons.


The statement is for the years ending March 31, 2011, and March 31, 2012. Over the first period, as Richardson argued that the NFL's business model was hopelessly broken and steered the owners toward a showdown to extract more money from the players, the Panthers recorded an operating profit of $78.7 million. The team had gone 2-14 on the field, but Richardson and his partners were able to pay themselves $12 million.


Over the following year, after the owners had won their lockout and reduced the players' share of league revenue from 50 percent to 47 percent, the Panthers brought in $33.3 million in operating profit. Richardson began lobbying for public subsidies to renovate his 17-year-old stadium. The team went 6-10.

Leaked NFL Documents: While Owner Cried Hardship, Carolina Panthers Had $112 Million Profit Over Two Years

Sorry if already posted sometimes I search wrong. Just thought this was a very interesting read

 

[SweetT]

I live here in Charlotte and believe me, Richardson is a complete putz! Greedy *** *******!

 

[bornnraisedwhodat]

Thats why i just giggle when people complain about those "greedy players"

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[KikkomanSauce]

Thats why i just giggle when people complain about those "greedy players"

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I definitely agree, but, everyone in the NFL is greedy. It's one of the most lucrative brands in the world and everyone from owners, to management, to coaches, and players wants a piece. I mean look at what happened with rookie contracts before the CBA, and now players are being paid ridiculous amounts of money. I'm not saying it's a bad ting, just the way it is.

The reason I agree is because players have more of a right to be greedy, especially considering this document. For one, owners have the ability to profit for a much longer amount of time. While a player maxes out football profit at about 15 years, ownership can go on for decades, or even generations. And, the owners will, for now, as long as the NFL holds it's popularity, make more than any given player.

 

[SweetT]

I definitely agree, but, everyone in the NFL is greedy. It's one of the most lucrative brands in the world and everyone from owners, to management, to coaches, and players wants a piece. I mean look at what happened with rookie contracts before the CBA, and now players are being paid ridiculous amounts of money. I'm not saying it's a bad ting, just the way it is.

The reason I agree is because players have more of a right to be greedy, especially considering this document. For one, owners have the ability to profit for a much longer amount of time. While a player maxes out football profit at about 15 years, ownership can go on for decades, or even generations. And, the owners will, for now, as long as the NFL holds it's popularity, make more than any given player.

Understood, but you can't cry hardship and ask the city for stadium funding, when you are making crazy profit. As a resident, I would have NEVER believed that the Panthers were making that much profit. I am extremely happy that his dirty laundry was aired.

 

[jimrip]

If they made a profit of 78.7 million in 2010 and a profit of 33.3 million in 2011.. I dunno, but that seems to be a very bad progression to me.
If I owned a company and the figures came in like that, I'd be very worried what the next year would be like.

 

[SweetT]

If they made a profit of 78.7 million in 2010 and a profit of 33.3 million in 2011.. I dunno, but that seems to be a very bad progression to me.
If I owned a company and the figures came in like that, I'd be very worried what the next year would be like.

Good point. However, (being a resident of Charlotte) I may get taxed to fund a stadium that I give a rat's *** about. In fact, 65% of Charlotte's population is made up of transplants. Who also, probably don't give a rat's *** about the Panthers either. He is a wealthy man who still manages to turn a profit, despite churning out a crappy product (Panthers). I have no sympathy for him.

 

[bornnraisedwhodat]

I definitely agree, but, everyone in the NFL is greedy. It's one of the most lucrative brands in the world and everyone from owners, to management, to coaches, and players wants a piece. I mean look at what happened with rookie contracts before the CBA, and now players are being paid ridiculous amounts of money. I'm not saying it's a bad ting, just the way it is.

The reason I agree is because players have more of a right to be greedy, especially considering this document. For one, owners have the ability to profit for a much longer amount of time. While a player maxes out football profit at about 15 years, ownership can go on for decades, or even generations. And, the owners will, for now, as long as the NFL holds it's popularity, make more than any given player.

Agreed

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[bornnraisedwhodat]

If they made a profit of 78.7 million in 2010 and a profit of 33.3 million in 2011.. I dunno, but that seems to be a very bad progression to me.
If I owned a company and the figures came in like that, I'd be very worried what the next year would be like.

Thats ridiculously good profits.

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[atceagle]

If they made a profit of 78.7 million in 2010 and a profit of 33.3 million in 2011.. I dunno, but that seems to be a very bad progression to me.
If I owned a company and the figures came in like that, I'd be very worried what the next year would be like.

From what I read, the higher 2010 profit was due to the uncapped yr where they cut back on player salary. Not sure how accurate.

 

[texasjefe]

In 2010 and 2011, as the NFL prepared for and staged a lockout of its players, Carolina Panthers owner Jerry Richardson was among the hardest of the hardliners, urging his fellow owners to "take back our league" by demanding a more management-friendly collective-bargaining agreement.

That was before Judge Doty ruled that the owners could not receive TV money with no games being shown. After that happened, Richardson was not so much the hardliner anymore.

The he ordered Cam to have no tattoos or piercings, because y'know, it might hurt the fee fees of the aristocracy.

 

[wowatkin]

I definitely agree, but, everyone in the NFL is greedy. It's one of the most lucrative brands in the world and everyone from owners, to management, to coaches, and players wants a piece. I mean look at what happened with rookie contracts before the CBA, and now players are being paid ridiculous amounts of money. I'm not saying it's a bad ting, just the way it is.

The reason I agree is because players have more of a right to be greedy, especially considering this document. For one, owners have the ability to profit for a much longer amount of time. While a player maxes out football profit at about 15 years, ownership can go on for decades, or even generations. And, the owners will, for now, as long as the NFL holds it's popularity, make more than any given player.

Or the average player's career is 3-4 years, and if they are lucky, they get to play 10+ years. At the conclusion of said career, they are more than likely to be in less than ideal physical condition.

I do understand that the players understand the inherent risks of football and they are compensated accordingly. However, there is something morally wrong when the owners make the real money without so much as putting on a cleat- all while claiming that they deserve a bigger percentage of revenue AND the public to finance their billion dollar stadiums.

My

 

[Proximo]

It's a business and it made a profit-- I'm SHOCKED and outraged!

 

[jokerface]

It's a business and it made a profit-- I'm SHOCKED and outraged!

Are you that dumb? The point is he made $112 million profit and he lied to the public saying his team was struggling financially and he wants a welfare check from taxpayers. How ironic that someone who complains about welfare recipients is actually begging the public for his welfare stadium check. What a cockroach...

 

[SaintsJunkie]

billion dollar investment, thats only 10%