Soaring sports team values create new pressure for owners on taxes, succession
Succession and taxes have become especially important in the NFL, where the average age of team owners is now over 72 and team values are all surging.
https://www.cnbc.com/2024/09/03/soaring-sports-team-values-pressure-owners-on-taxes-succession.html
The article discusses the challenges faced by NFL team owners in planning for the future of their teams, including succession and taxes. With the average age of owners increasing and team values skyrocketing, owners are focusing on how to ensure smooth ownership transitions to the next generation. The article highlights the importance of estate planning, including the use of family limited partnerships, individual trusts, and irrevocable trusts to minimize tax impact. It also mentions the NFL's recent decision to allow private equity firms to buy minority stakes in teams, giving owners a chance to draw down cash and diversify their investments.