Jon Richardson’s stake in Panthers ownership to be sold

A stake in Panthers ownership will be on the market, as per terms of the will of owner Jerry Richardson’s late son Jon.

According to Rick Rothacker of the Charlotte Observer, Jon Richardson’s will stated that he wanted his share of the team sold after his death. Jon Richardson died in July after a long battle with cancer.

The younger Richardson held approximately 7 percent of the family shares, in a structure in which the family holds 47 percent of the team.

The rest is divided up among a group of area partners.

Jon Richardson served as president of Bank of America Stadium, working alongside his brother Mark before Jerry Richardson fired the pair of them in 2009.

The will which called for the sale of his shares was signed in 2006. The team did not comment on the report.

Jerry Richardson, 77, has similar provisions in his own will, saying the tax burden on his family would be too great to keep it in the family after his death.

That came up during a recent negotiation with the city for public money to refurbish the stadium, in exchange for a short-term tether to the Charlotte market.

4 responses to “Jon Richardson’s stake in Panthers ownership to be sold

  1. The old man fires both of his sons in 2009? Looks like Jerry can take over for Old Man Potter in “It’s a Wonderful Life” as the warped, frustrated old man.

  2. There was a lot of turmoil in the family back then. The old man was having heart trouble and eventually needed a heart transplant. The sons were trying to position themselves at the front of the inheritance line in case the old man didn’t make it much longer. They were more concerned about inheriting the “owner” title than they were in doing their jobs, so the old man told them to get lost. The heart transplant was a success, and he doesn’t appear to be ready for the grave any tme soon, but the transplant provided enough motivation for the Richardsons to put in writing what to do with their shares when they do pass. We know about Jerry and Jon having the orders to sell their shares upon their deaths, and I’m guessing Mark has a similar directive in his will.

  3. Fun fact about sports & the estate tax. People often speculated that the Steinbrenners would have to sell the Yankees in the event that George would pass, since the vast majority of their wealth originated with the growth in the value of the franchise. He was a yacht builder from Cleveland who bought the franchise, heavily leveraged, for about $8 million.

    But that turned out to be a moot point, because George passed in 2010. And thanks to a congressional oversight, the estate or “death” tax did not have it’s sunset clause extended at the end of 2009, and wasn’t reinstated until 2011. Meaning that anyone who inherited property through a death in 2010 was not subject to this tax. Steinbrenner’s heirs received the franchise without having to pay Uncle Sam millions.

  4. Finally, something that I can invest all the money I saved over the season by not buying tickets. First, thing I will do as a minority owner…demand that ticket prices rises so I can get paid off my 7%.

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