Lawsuits and fraud probe might force Browns owner to sell

[IlluminatusUIUC]

http://www.cbssports.com/nfl/blog/mike-freeman/22217956/nfl-team-officials-fear-federal-probe-could-drain-haslam-undermine-browns

When it was first discovered the company owned by Cleveland Browns owner Jimmy Haslam had been accused by the FBI of massive fraud, many across the NFL publicly said little and just waited. That may have quickly changed.Several team officials are saying they believe it may be extremely difficult for Haslam to keep the Browns, because he may be ensnared by a myriad of lawsuits and legal actions that could drain his finances and prevent him from keeping the club.
“This is more worrisome than people know,” said one team official who has familiarized himself with Haslam's situation.
The FBI has been probing Haslam's truck-stop company, Pilot Flying J, and has alleged massive impropriety.
NFL sources say they are concerned about the long-term viability of the Browns under Haslam's control and believe it may be only a matter of time before Haslam is forced to sell the Browns.

That city just can not catch a break.

[Mr. Miyagi]

Re: Lawsuits and fraud probe might force Browns owner to sell

And we thought we were cursed. Man it couldn't happen to a more dedicated fanbase.

[Skooby]

Re: Lawsuits and fraud probe might force Browns owner to sell

It's hard to have sympathy for a Billionaire who cheated people to get there, peace to the fans.

[OLDSRIP]

Re: Lawsuits and fraud probe might force Browns owner to sell

I guess he is our version of the Regis family. The crooks who owned the Sabres for awhile, or those who don't know. Why do these rich people cheat to get richer and risk it all?

i have read a few stories about the Haslam mess. If what I read is true, they are in deep. Maybe they can share a cell with the Regis clan. Are they still in jail?

Poor Cleveland.

[Night Train]

Re: Lawsuits and fraud probe might force Browns owner to sell

Once you saw the Feds were involved, he was toast.

[OpIv37]

Re: Lawsuits and fraud probe might force Browns owner to sell

Once you saw the Feds were involved, he was toast.

yup. The feds aren't going to go public against a high profile figure like an NFL owner until they are damn sure they have enough to convict.

[trapezeus]

Re: Lawsuits and fraud probe might force Browns owner to sell

is this really an issue for the NFL at all? they have a new stadium in cleveland. they could easily step in and assume control of the browns and make a huge profit. then sell to whoever else wants the team at a bigger profit.

my only question is does the nfl have to buy this guy out or do they just get the team due to language in the docs.

[Johnny Bugmenot]

Re: Lawsuits and fraud probe might force Browns owner to sell

is this really an issue for the NFL at all? they have a new stadium in cleveland. they could easily step in and assume control of the browns and make a huge profit. then sell to whoever else wants the team at a bigger profit.

my only question is does the nfl have to buy this guy out or do they just get the team due to language in the docs.

The problem is that Cleveland is still one of the lowest-revenue teams in the NFL, on par with the Bills and Jaguars, and they have the burden of that new stadium. In the long term, it does not make financial sense; it would not be a huge profit, especially spread out among the other 31 teams.