Goodell says league thinks there’s sufficient funding for concussion settlement

AP

Judge Anita Brody is concerned that the settlement of the concussion lawsuit won’t have enough funding to cover retired players who develop severe cognitive impairment decades from now.  And so she has declined to approve the global settlement pending further information that shows the funding will be sufficient.

Appearing Friday morning on CNBC’s Squawk Box, Commissioner Roger Goodell expressed confidence that the settlement will be approved.

“We think that there is sufficient funding,” Goodell said.  “That’s why we reached the agreement that we did.  And the plaintiffs are standing behind it, we’re standing behind it.  We have to convince the judge that there are sufficient funds there to meet the demands going forward.”

There’s a very easy way to do that, as we’ve mentioned a time or two this week.  If the league believes the $675 million pool of money (of the total $765 million settlement) will cover all claims that could be made over the next 65 years, then the league should commit to providing any extra money that will be needed if the pool of money runs out.

Sometimes, it’s that simple.  Which of course means it never will happen.

19 responses to “Goodell says league thinks there’s sufficient funding for concussion settlement

  1. Is the league contributing the money immediately to a fund that will be managed and grown? A 12% annual return compounded doubles the amount of money in 20 years.

    It sounds like the judge believes the money is set aside and never managed. That won’t happen.

  2. wow someone said NO to Goodell, you know he had to go home and throw a fit after that happened after all he’s the Commish LOL. Seriously if you take the amount of money the league is offering and divide it among all the former players it equals out to around $16,000 per player and unless your going to be using backwood home doctors not sure how much that’s gonna pay for in todays medical world.

  3. Does anyone believe anything Goodell says about anything? Pete Rozelle was a great salesman who grew the sport and Tagliabue seemed to have integrity (see not allowing Benson to move the Saints) but Goodell seems to be on the wrong side of every issue. They’re printing money at the NFL and he wants to nickel and dime the players who’ve made it possible for him to earn 30mil a year? He’s hidden information on concussions. Vilma’s suit proved in court that he overreached on bountygate. The NFL is so popular that even he can’t screw it up, but he is a terrible representative of the sport and I look forward to his retirement.

  4. Wow 65 years? So that’s like 10 million a year to cover possibly hundreds if not thousands of players a year who have serious mental and physical issues? I have a feeling it won’t be anywhere near enough, but I’m no mathematician.

  5. Now there’s a big surprise; Gee, I forgot, who pays good ole Rogers salary…..I mean its tough to live on that measly 33 million a year and still have some integrity .

  6. “A 12% annual return compounded doubles the amount of money in 20 years.”

    Those assumptions are why every pension plan everywhere is underfunded. Nobody makes that for 20 years straight. I am not a huge fan of ERISA stuff, but the implied growth rates are what cause a lot of the underfunding.

  7. Well, the League has sufficient funding to pay Goodell $30,000,000.00 a year – so it seems adequately “funded.”

  8. “A 12% annual return compounded doubles the amount of money in 20 years.”

    Has anyone even asked Warren Buffet if he’s willing to manage the funds because he’s about the only person in history who turns up those kinds of returns year after year. 12% return rate would double the money every six years. It’s nearly impossible.

  9. I don’t like the idea of guys getting money if they have no symptoms in a desperate money grab, but I definitely would like to see help for the poor guys who have dementia at 50.

    And I don’t trust Goodell or the NFL to just do the right thing, manage the fund well, etc. It was under Goodell’s direct predecessor, Paul Tagliabue, that the NFL basically paid doctors to say that not only did football players seldom get concussions, but that there were no long-term effects even if they did. And now we’re supposed to believe that these same guys only want what’s best for the players?

  10. Tickets and beers just went up.

    My TV is paid for. Enjoy paying for this 20 somethings that still think it is worth it to attend games.

  11. The Judge should have just said they haven’t learned anything during the first round. Maybe they need to go for 2? Two $765’s sounds certainly sufficient, and hey if there’s any change left over then you can keep it!

  12. Of course Roger thinks it’s sufficient. Anyone expect him to say, “No, it’s a paltry sum and the NFL got off with a wrist tap and we’re laughing about it over brandy and Havanas.”

  13. “A 12% annual return compounded doubles the amount of money in 20 years.”
    _____________

    Assuming you could guarantee a 12% return (which you can’t) it would only take 6 years to double the money. But this fund will be used on an ongoing basis for payouts, so much of it will need to remain liquid, and they’re not going to be able to risk losing the principle and telling the players and courts “oops, lost it all in the market crash.”

  14. LOL!!! Of course Goodell thinks the offer is fair.

    Goodell should be beaten & tortured for days & then thrown to a pack of hungry wolves. Not sure if he’s the devil or just a puppet for owners who are even more evil than he is. Either way he makes me sick to my stomach.

  15. “We think that there is sufficient funding,” Goodell said. “That’s why we reached the agreement that we did.

    Translation: “We got off easy over the plaintiffs. Now, excuse me while my lawyers running the league think of new ridiculous fines on players to help fund the settlement and to justify my $30 million salary.”

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