Carolina Quarterback Cam Newton said that he is cool if Diddy wants to buy his team. He talked about it during a media session today and seemed upbeat, even if Diddy stays true to his word and brings in Colin Kaepernick to compete for the starting QB gig.
But heres the real question, just what will it take for Diddy to become the leagues only African American majority owner. Well here’s what we can tell you.
First a price tag has to be established
According to Forbes the Panthers are worth a reported 2.3 billion dollars. Thats according to Forbes, but current owner Jerry Richardson could ask for more.
Raise the Money
With a price tag over 2 billion dollars, Diddy will likely need to form a coalition of owners to by the team. He could be the leader of that ownership group, but he would likely need others to pull this off. NBA Star and Charlotte native Steph Curry has already expressed interest. He is a huge fan of the team and he just signed a new contract with Golden State that will pay him in excess of $200 million dollars.
There May Be Competition for the Team
The Panthers already have several minority owners and I’m sure at least one of them will want a piece of the pie. There is the founder of Family Dollar stores, members of the Belk Family which owns the retail chain, Real Estate Magnates, and don’t forget Micheal Jordan, who owns the Hornets. So there could be other groups competing with Diddy to buy the team, which could ultimately drive up the price.
Then You Have To Get Approval From The NFL
The NFL has certain guidelines when it comes to who owns it’s franchises. Thats why the majority of the owners are very rich, old, white guys, who have hundreds of millions to play with. To get league approval there first is an extensive background check. Another quirk, the majority owner, must have at least a 30 percent stake in the franchise, which, if the team costs 2.5 billion, is $750 million dollars. And you have to be ready to cough up that cash on the day the team becomes yours. Another interesting rule is that the league does not want teams to have more then $150 million in debt when owners first take over. If thats the case, that still puts Diddy on the hook for $600 million.
So while we all love the idea of Diddy owning the Panthers, understand that it is still a long shot that he will get the team. But we can hope, cause the halftime shows and the Ciroc Club in the stadium will be off the chain.