Bears reveal plan for the future when Virginia McCaskey dies
It's no secret that current bears majority owner Virginia McCaskey does not have that much time left. She is and will always be a pioneer in the industry and she will always be known as the one and only "Mama Bear".
With that being said, here is what EBEN NOVY-WILLIAMS, KURT BADENHAUSEN mentioned on Sportico about what will happen when she does in fact pass away.
The Bears, whose owners declined to comment for this story, have a plan to keep the team in the family when Virginia McCaskey dies, according to multiple people familiar with the matter. Specifics of that plan weren't provided, but would require re-consolidating control of at least 30% of the team, which is now worth $5 billion, into a single wing of the McCaskey family. It could also involve the sale of some equity.
Bears ownership appears to have cleared the first two hurdles of NFL succession planning�minimize tax impact and create a framework for the heirs. The final, and often most complex, step is successfully executing that plan when the time comes.
«Things can get really complicated with passing them to the next generation,» Sean Clemens, a principal at Park Lane investment bank, said in a phone interview. «[Teams] also need to get their governance lined up so they aren't too fragmented from a league standpoint, and sometimes that creates friction, creates lawsuits, and creates a need to exit.»
Bears ownership appears to have cleared the first two hurdles of NFL succession planning�minimize tax impact and create a framework for the heirs. The final, and often most complex, step is successfully executing that plan when the time comes.
«Things can get really complicated with passing them to the next generation,» Sean Clemens, a principal at Park Lane investment bank, said in a phone interview. «[Teams] also need to get their governance lined up so they aren't too fragmented from a league standpoint, and sometimes that creates friction, creates lawsuits, and creates a need to exit.»
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