If Seahawks sell, it likely won’t happen before May 2024

San Francisco 49ers v Seattle Seahawks
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Rumors continue to circulate regarding the possibility that the Seahawks will be sold. A specific provision of Washington law helps explain why that’s happening now, and it provides a road map as to when a transaction could occur.

Via Ben Fischer of Sports Business Journal, the 1997 law that funded the construction of the team’s stadium in Seattle provides that the State of Washington would be entitled to 10 percent of the gross proceeds, if the team is sold before May 2024.

This gives the trust that holds the team nearly two years to plan for a sale and to finalize it. Our guess is that leaks of a potential sale are trickling out now, in order to put the possibility (or perhaps inevitability) of a sale on the radar screen of potential purchasers. Over the next year or so, interested parties can begin to lay the foundation for their eventual bids. By next fall, the process can accelerate to a full-blown auction.

Perhaps this was the plan all along, from the moment Paul Allen passed. His sister, Jody, would own the team until May 2024, at which time the team could be sold without 10 percent coming off the top.

If/when it’s time to sell, look no farther than the folks who pursued the Broncos. As PFT reported last week, 76ers co-owner Josh Harris was ready to bid $5 billion, if he knew that would deliver the franchise for him. This means he’d likely pay something in that same neighborhood for the Seahawks, as of May 2024. Others who may be interested in an NFL team are now on notice to start breaking open piggybanks and otherwise raising cash and lining up partners for a push to acquire the Seahawks.

15 responses to “If Seahawks sell, it likely won’t happen before May 2024

  1. Now THATS a team I would like to buy! I hope the get a STRONG Buyer.

  2. Phil knight needs to buy and move to Portland and have both of Paul’s teams in Oregon. Seattle doesn’t deserve professional sports.

  3. I hope they get a LOCAL buyer. We had enough of outside owners when used car salesman Ken Behring owned the club. What a disaster that was.

  4. It not a matter of ‘IF’

    Jody Allen may very well retain the team, but it will be at her expense.

  5. So in plain language, they’re doing all they can to avoid the taxpayers getting any of the money back that they spent to provide the team a nice place to play.

  6. Is Bezos too obvious? (Heck, there’s an amazon add on the right of my screen as I type this.)

  7. now is the perfect time to sell. they are in the start of a slump and by next year it will be like the 80′ and 90’s where the stadium is half empty. i bought tickets in the 90’s from my company for $10.00 and gave them away as stocking stuffers. im sure all the 12’s will say they are die hard fans but wait till they are only winning 3 games and see how many people will show up then. this is not a traditional fan base. this is a fair weather fan base. in all sports. kracken is new so they will sell out but you will see if the fan base is there in 5 years.

  8. So in plain language, they’re doing all they can to avoid the taxpayers getting any of the money back that they spent to provide the team a nice place to play.
    ==========

    Why is government giving handouts to billionaires?

  9. this is a fair weather fan base. in all sports. kracken is new so they will sell out but you will see if the fan base is there in 5 years.
    ============

    The Seahawks have sold out their last 162 home games, all the way back to 2002.

    The Mariners typically draw at least 2,000,000 fans despite being the worst team in all of sports.

  10. If Jody Allen is interested in preserving her brother’s legacy the new owner will need to be committed to keeping the Seahawks in Seattle. Paul Allen bought the team for that very reason. He got a new stadium as part of the package but that had to happen or the Seahawks would have left town. The Kingdome was literally falling apart.

    It will be interesting if Jeff Bezos and Steve Ballmer decide to trade bids for the right to be the new “Richest Owner in the NFL.”

  11. From a pure business perspective, the Seahawks are not nearly as valuable as the Broncos and all interested potential buyers know this. They get to look at the books, ya know.

  12. The Least Interesting Man Alive says:
    June 16, 2022 at 3:24 pm

    Why is government giving handouts to billionaires?

    ————-

    The Washington State Legislature voted in April 1997 to put the deal to build the stadium to a vote of the people of the state, as Washington Referendum 48. A special election was held in June 1997, and the election was paid for by the Seahawks. The referendum passed 51.15 percent to 48.85 percent. I voted No.

  13. Why is government involved in sports period? The buffoons on Seattle’s city council cost Seattle a fully funded and built Arena for the sonics and kracken in 2012.

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