NFL transactions.xls by dandanhuanghuang

VIEWS: 9 PAGES: 16

									       Draft -- Unaudited




                                                                                                                Transactions Used to Support 20 Percent/Year Growth Rate Assumptions



TEAM                        TEAM                      Beginning   Franchise        Beginning      Franchise     Ending   Franchise      End Year        End Price     Fraction of       Implied Team    Number of                 Comments                     Avg. Annual   Avg. Rate of    Number of Weighted Avg. Weighted Avg.
                                                        Year        Price          Year (first      Price        Year      Price                                       the Team            Price          years                                                    Rate       Increase          Years     Annual Rate Annual Rate
                                                                                     sale)                                                                                                                                                                     of Increase                  Between Sales of Increase of Increase

 Arizona Cardinals          Chicago/St.Louis/Phoeni     1929          $12,500         1929         $12,500       1972     $13,000,000     1972           $6,500,000              41%      $16,049,383      43       41%=90%*45%                                  16.16%        16.65%            43            6.9470        7.1577
 Atlanta Falcons            x                                                         1965        $8,500,000                              1991             --                    12%     $118,000,000
 Baltimore Ravens           old Cleveland Browns                                      1953         $600,000                               1992          $32,000,000             9.0%                       39       The figure includes a 50% stake in the
                                                                                                                                                                                                                    Ravens stadium
 Buffalo Bills                                                                        1959         $25,000                                 --                                                                        original owners
 Carolina Panthers                                                                    1995       $140,000,000                                                                                                        expansion team?
 Chicago Bears                                                                        1931         $80,000                                1990                                   20%                       59       George Hallas dies leaving the team to
                                                                                                                                                                                                                    his daughter. 1990 20% of the team is
                                                                                                                                                                                                                    sold for unknown amount
 Cincinnati Bengals                                                                   1967        $7,500,000                              1985              $35,000            0.17%      $20,510,000               Paul Brown dies (1991)
 Cleveland Browns           new                         1953         $600,000         1998       $476,000,000
 Dallas Cowboys             Dallas                      1960         $600,000         1960         $600,000      1988     $95,000,000     1989         $150,000,000             100%     $150,000,000      29                                                    18.09%        19.04%            28            5.0647        5.5215
 Denver Broncos                                                                       1959         $25,000                                1984          $70,000,000             100%      $70,000,000      25                                                                  31.75%                                        7.9374
 Detroit Lions              Portsmouth/Detroit          1934          $21,500         1930         $25,000       1964      $6,500,000     1963           $4,500,000             100%       $4,500,000      33                                                    19.04%        15.74%            30            5.7115        5.1930
 Green Bay Packers                                                                    1922           $250                                 1950                                                             28        community owned stock; Phillip Morris
                                                                                                                                                                                                                    owns $2 million shares
 Indianapolis Colts         Baltimore/Indianapolis      1948         $180,000         1948         $180,000      1972     $15,500,000     1972          $19,000,000              51%      $37,254,902      24                                                    18.57%        22.22%            24            4.4556        5.3326
 Jacksonville Jaguars                                                                 1993       $140,000,000                             new
 Kansas City Chiefs                                                                   1959         $25,000                                                                                                          original owners
 Miami Dolphins                                                                       1965        $7,500,000                              1994         $109,000,000                                        29        Joe Robbie dies leaving the team to his
                                                                                                                                                                                                                    family. The children sell 15 % of the
                                                                                                                                                                                                                    team
 Minnesota Vikings          Minnesota                   1960         $600,000         1960         $600,000      1985     $54,300,000     1998         $206,000,000             100%     $206,000,000      38                                                    18.02%        15.37%            25            4.5053        5.8387
 New England Patriots                                                                 1959         $25,000                                1994         $153,000,000             100%     $153,000,000      35                                                                  24.91%                                        8.7193
 New Orleans Saints         New Orleans                 1966       $8,500,000         1966        $8,000,000     1985     $70,200,000     1985          $70,200,000             100%      $70,200,000      19                                                    11.11%        11.43%            19            2.1113        2.1719
 New York Giants            NY Giants                   1925             $500         1925           $500        1991    $150,000,000     1991          $75,000,000              50%     $150,000,000      66                                                    19.11%        19.11%            66           12.6115       12.6115
 New York Jets                                                                        1959         $25,000                                1984                                                             25
 Oakland Raiders                                                                      1959         $25,000                                1963              $18,000              10%         $180,000       4                                                                  49.35%                                        1.9741
 Philadelphia Eagles        Frankford/Philadelphia      1933           $2,500         1933          $2,800       1985     $67,500,000     1994         $185,000,000             100%     $185,000,000      61                                                    19.62%        18.19%            52           10.2036       11.0985
 Pittsburgh Steelers        Pittsburgh                  1933           $2,500         1933          $2,500       1940        $165,000     1988                                                             55       Art Rooney dies and leaves the team to       59.85%                           7            4.1897
                                                                                                                                                                                                                    his son
 San Diego Chargers         San Diego                   1982      $40,000,000         1959         $25,000       1984     $80,000,000     1984          $40,000,000              56%      $71,428,571      25                                                    34.66%        31.83%            2             0.6931        7.9576
 San Francisco 49ers                                                                  1947        $100,000                                1977         $117,000,000              90%     $130,000,000      30                                                                  23.90%                                        7.1701
 Seattle Seahawks           Seattle                     1974      $16,000,000         1974       $16,000,000     1988     $80,000,000     1997         $200,000,000              75%     $266,666,667      23                                                    11.50%        12.23%            14            1.6094        2.8134
 St. Louis Rams             Cleveland/LA Rams           1937          $10,000         1937         $10,000       1972     $19,000,000     1998          $80,000,000              40%     $200,000,000      61                                                    21.57%        16.24%            35            7.5496        9.9035
 Tampa Bay Buccaneers                                                                 1974       $16,000,000                              1995         $192,000,000             100%     $192,000,000      21       unknown (less than majority)                               11.83%                                        2.4849

 Tennessee Titans           Houston Oilers                                            1959         $25,000
 Washington Redskins        Washington                  1926                  $1      1923          $1,000       1974     $17,820,000     1997         $800,000,000            100.0%    $800,000,000      74        Jack Cooke is sole owner (bought            34.78%        18.37%            48           16.6958       13.5924
                                                                                                                                                                                                                    shares over time)
                                                                                                                                                                                                                        Weighted Avg. Annual Rate of                20.95%                               Weighted Avg.      13.89%
                                                                                                                                                                                                                                  Increase                                                               Annual Rate




                                                                                                                                                 Privileged and Confidential
                                                                                                                                                    Prepared for Counsel
Draft -- Unaudited




                           1991 FW
                           Franchise
                           Value

                               120000000
                               112000000
                               145000000

                               126000000

                               126000000



                               125000000

                               180000000



                               200000000




                               122000000
                               205000000




                               100000000
                               124000000
                               150000000
                               125000000
                               135000000
                               141000000
                               112000000



                               150000000
                               130000000
                               135000000




                               125000000




                     Privileged and Confidential
                        Prepared for Counsel
                                   All Data Points Used (2)


TEAM        First Sale Date   Franchise Price Final Sale Date   Final Sale Price Avg. Annual Rate of Increase
San Diego                1982       40,000,000             1984        80,000,000         34.70%
Seattle                  1974       16,000,000             1988        80,000,000         11.50%




                                           Page 3
                All Data Points Used (2)


e of Increase




                        Page 4
    312.5
       35      88.83
8.928571
 1.22021       88.83

 183125     75611.25

  76180
                                                    All Data Points Used (3)


TEAM                       Sale Date          Franchise Price      Avg. Annual Rate of Increase to Final Sale
Atlanta                                1965           7,723,000                      N/A
Cleveland                              1961           3,925,000                    19.10%
Cleveland                              1965           6,000,000                      N/A
Dallas                                 1960             600,000                    18.10%
Dallas                                 1984         60,000,000                     11.50%
Dallas                                 1988         95,000,000                       N/A
Denver                                 1984         70,500,000                       N/A
Portsmouth/Detroit                     1963           6,000,000                     8.00%
Portsmouth/Detroit                     1964           6,500,000                      N/A
Baltimore/Indianapolis                 1964           3,226,000                    19.60%
Baltimore/Indianapolis                 1972         15,500,000                       N/A
Cleveland/LA Rams                      1962           7,100,000                     9.80%
Cleveland/LA Rams                      1972         19,000,000                       N/A
Minnesota                              1960             600,000                    18.00%
Minnesota                              1985         54,300,000                       N/A
New England                            1988         85,000,000                       N/A
New Orleans                            1966           8,500,000                    11.10%
New Orleans                            1985         70,200,000                       N/A
NY Giants                              1991        150,000,000                       N/A
Frankford/Philadelphia                 1963           5,050,000                    11.80%
Frankford/Philadelphia                 1969         16,155,000                      8.90%
Frankford/Philadelphia                 1985         67,500,000                       N/A
Chicago/St.Louis/Phoenix               1972         13,000,000                       N/A
San Diego                              1982         40,000,000                     34.70%
San Diego                              1984         80,000,000                       N/A
Seattle                                1974         16,000,000                     11.50%
Seattle                                1988         80,000,000                       N/A
Tampa Bay                              1974         16,000,000                       N/A
Washington                             1960           1,400,000                    18.20%
Washington                             1972         12,350,000                     18.40%
Washington                             1974         17,820,000                       N/A




                                                            Page 6
TEAM                    Beginning   Franchise    Beginning     Franchise     Ending   Franchise     End Year
                          Year        Price      Year (first     Price        Year      Price
                                                   sale)



 Atlanta Falcons                                    1965       $8,500,000                             1991
 Baltimore Ravens                                   1953        $600,000                              1992
 Carolina Panthers                                  1995       ##########
 Chicago Bears                                      1931         $80,000                              1990
 Cincinnati Bengals                                 1967       $7,500,000                             1985
 Cleveland Browns         1953        $600,000      1998       ##########
 Dallas Cowboys           1960        $600,000      1960        $600,000      1988    $95,000,000     1989
 Jacksonville Jaguars                               1993       ##########
 Miami Dolphins                                     1965       $7,500,000                             1994
 Minnesota Vikings        1960        $600,000      1960        $600,000      1985    $54,300,000     1998
 New England Patriots                               1959         $25,000                              1994
 New York Giants          1925            $500      1925           $500       1991    ##########      1991
 Philadelphia Eagles      1933          $2,500      1933          $2,800      1985    $67,500,000     1994
 Seattle Seahawks         1974      #########       1974       $16,000,000    1988    $80,000,000     1997
 St. Louis Rams           1937         $10,000      1937         $10,000      1972    $19,000,000     1998
 Tampa Bay Buccaneers                               1974       $16,000,000                            1995
 Washington Redskins      1926             $1       1923         $1,000       1974    $17,820,000     1997
End Price     Fraction of    Implied         FW       Number of                   Comments
               the Team     Team Price    Valuation     years
                                           (year of
                                         transaction)

    --                12% ########## ##########
$32,000,000          9.0%                                39       The figure includes a 50% stake in the
                                                                  Ravens stadium
                                                                  expansion team?
                     20%                                 59       George Hallas dies leaving the team to his
    $35,000         0.17% $20,510,000                             daughter. 1990 (1991)
                                                                  Paul Brown dies20% of the team is sold for
                          ##########
##########           100% ########## ##########          29

##########                  ########## ##########        29        Joe Robbie dies leaving the team to his
##########          100%    ##########   ##########      38       family. The children sell 15 % of the team
##########          100%    ##########   ##########      35
$75,000,000          50%    ##########   ##########      66
##########          100%    ##########   ##########      61
##########           75%    ##########   ##########      23
$80,000,000          40%    ##########   ##########      61
##########          100%    ##########   ##########      21       unknown (less than majority)
##########        100.0% ########## ##########           74       Jack Cooke is sole owner (bought shares
                                                                  over time) Avg. Annual Rate of Increase
                                                                   Weighted
Avg. Annual   Avg. Rate of   Number of   Weighted Avg. Annual Rate of Increase    Weighted 1991 FW
    Rate       Increase        Years                                             Avg. Annual Franchise
of Increase                   Between                                              Rate of   Value
                               Sales                                              Increase

                                                                                                1.12E+08
                                                                                                1.45E+08

                                                                                                1.26E+08
                                                                                                1.25E+08

  18.09%        19.04%          28                                      5.0647         5.5215    1.8E+08

                                                                                                2.05E+08
  18.02%        15.37%          25                                      4.5053         5.8387
                24.91%                                                                 8.7193    1E+08
  19.11%        19.11%          66                                     12.6115        12.6115 1.5E+08
  19.62%        18.19%          52                                     10.2036        11.0985 1.41E+08
  11.50%        12.23%          14                                      1.6094         2.8134 1.3E+08
  21.57%        16.24%          35                                      7.5496         9.9035 1.35E+08
                11.83%                                                                 2.4849
  34.78%        18.37%          48                                     16.6958        13.5924 1.25E+08
     21.73%                                                                           13.57%
TEAM                    Beginning Franchise Beginning     Franchise     Ending   Franchise     End Year Announcement Transaction   FW date    End Price    Fraction    Implied          FW        Number     Comments       Avg.     Avg. Rate   Number     Weighted   Weighted 1991 FW
                          Year      Price   Year (first     Price        Year      Price                    Date        Date                                of the    Team Price    Valuation     of years                 Annual       of       of Years     Avg.       Avg.   Franchise
                                              sale)                                                                                                         Team                      (year of                              Rate     Increase    Between    Annual     Annual Value
                                                                                                                                                                                   transaction)                              of                   Sales      Rate of    Rate of
                                                                                                                                                                                                                          Increase                          Increase   Increase
 Dallas Cowboys           1960      $600,000    1960       $600,000      1988    $95,000,000    1989      unclear -->   Jun-89               ##########        100% ########## $180,000,000          29                   18.09%      19.04%        28        5.0647      5.5215 180000000
 Atlanta Falcons                                1965      $8,500,000                            1991                    Mar-91      Jul-92        --            12% ########## $120,000,000                                                                                      112000000
 New York Giants          1925          $500    1925         $500        1991    ##########     1991                    Mar-91      Jul-92   $75,000,000        50% ########## $150,000,000          66                   19.11%      19.11%        66       12.6115     12.6115 150000000
 Miami Dolphins                                 1965       $7,500,000                           1994                    Jan-94     May-95    ##########               ##########   $186,000,000      29      Joe                                                                   205000000
 Philadelphia Eagles      1933         $2,500   1933         $2,800      1985    $67,500,000    1994                    Apr-94     May-95    ##########       100%    ##########   $182,000,000      61      Robbie       19.62%      18.19%        52       10.2036     11.0985   141000000
 New England Patriots                           1959        $25,000                             1994                    Jun-94     May-95    ##########       100%    ##########   $151,000,000      35                               24.91%                              8.7193   100000000
 Tampa Bay Buccaneers                           1974      $16,000,000                           1995                    Jan-95     May-96    ##########       100%    ##########   $164,000,000      21       unknown                 11.83%                              2.4849
 Seattle Seahawks         1974     #########    1974      $16,000,000    1988    $80,000,000    1997                    Jun-97               ##########        75%    ##########   $247,500,000      23      (less than   11.50%      12.23%        14        1.6094      2.8134   130000000
 Washington Redskins      1926             $1   1923         $1,000      1974    $17,820,000    1997                    Sep-97               ##########      100.0%   ##########   $301,500,000      74      Jack         34.78%      18.37%        48       16.6958     13.5924   125000000
 St. Louis Rams           1937        $10,000   1937        $10,000      1972    $19,000,000    1998                    Mar-98               $80,000,000       40%    ##########   $322,000,000      61      Cooke is     21.57%      16.24%        35        7.5496      9.9035   135000000
 Minnesota Vikings        1960      $600,000    1960       $600,000      1985    $54,300,000    1998                    Jul-98               ##########        100% ########## $233,000,000          38                   18.02%      15.37%        25        4.5053      5.8387

                                                                                                                                             corr all                 0.6162515
                                                                                                                                             corr minus Redskins      0.6320125

                                                                                                                                             TV Deal announcement date is:
                                                                         Actual vs. Estimate
                                                                          correlation = 0.62


                           $900,000,000


                           $800,000,000


                           $700,000,000


                           $600,000,000
Financial World Estimate




                           $500,000,000
                                                                                                                               Actual vs. Estimate
                           $400,000,000


                           $300,000,000


                           $200,000,000


                           $100,000,000


                                    $0
                                          $0   $200,000,000   $400,000,000      $600,000,000   $800,000,000   $1,000,000,000


                                                                 Actual Transaction Price
                                                                 Actual vs. Estimate Minus Redskins
                                                                          correlation = 0.70


                            $350,000,000



                            $300,000,000



                            $250,000,000
Financial World Estimate




                            $200,000,000

                                                                                                                     Actual vs. Estimate Minus Redskins

                            $150,000,000



                            $100,000,000



                             $50,000,000



                                      $0
                           -$50,000,000    $50,000,000        $150,000,000          $250,000,000      $350,000,000


                                                         Actual Transaction Price
                                                                              Estimate vs. Actual Transaction


                                   $900,000,000


                                   $800,000,000


                                   $700,000,000
Value of Transaction or Estimate




                                   $600,000,000


                                   $500,000,000
                                                                                                                                 Actual Transaction Price
                                                                                                                                 FW Estimate of Team Value
                                   $400,000,000


                                   $300,000,000


                                   $200,000,000


                                   $100,000,000


                                            $0
                                                  1989   1991   1991   1994   1994   1994    1995    1997   1997   1998   1998
                                                                               Date of Transaction
                                                                  Estimate vs. Actual Transaction Minus Redskins


                                   $350,000,000




                                   $300,000,000




                                   $250,000,000
Value of Transaction or Estimate




                                   $200,000,000
                                                                                                                                Actual Transaction Price
                                                                                                                                FW Estimate of Team Value
                                   $150,000,000




                                   $100,000,000




                                    $50,000,000




                                            $0
                                                  1989   1991   1991   1994     1994     1994       1995   1997   1997   1998
                                                                              Date of Transaction
                                                 Sheet2


Team                Year Sold          Price
NY Giants                       1991   150 M
SF 49ers                        1977   18.2 M
Washington Redskins             1974   17.82 M             early 1980s Jack Kent Cooke is the sole owner
Minnesota Vikings               1984   54.3 M
NY Jets                         1976   ?
Detroit Lions                   1963   6M
Sand Diego Chargers             1984   80 M
Tampa Bay Bucaneers             1974   16 M
Seattle Seahawks                1988   80 M
Philadelphia Eagles             1985   67.5 M


Chicago Bears                   1983 daughter inherits the team
NY Giants            when?           family
Lois Cardinals       when?           family
Pittsburg Steelers   when?           family
Miami                when?           family
Cleveland Rams       when?           family




Dallas Cowboys       1988 (sold?)      95 M




                                                 Page 15
                                            Sheet3


         Team              Year sold      How much?
Arizona Cardinals                  1972        6,500,000 for 45%
Atlanta Falcons        1965, expansion         8,500,000 fee
Baltimore Ravens       ???
Buffalo Bills                      1959 original owners?
Carolina Panthers                 1987? expansion team
Chicago Bears                      1983 George Hallas dies leaving the team to his daughter.
                                        1990 20% of the team is sold for unknown amount
Cincinnati Bengals                 1991 Paul Brown dies
Cleveland Browns                   1982 $661,000 offer for 4.3% of stock
Dallas Cowboys                     1988       95,000,000 plus                45,000,000 lease
Denver Broncos                     1984       70,500,000
Detroit Lions                      1964        6,500,000
Green Bay Packers                  1950 community owned stock
Indianapolis Colts                 1972       22,000,000
Jacksonville Jaguars                new expansion team
Kansas City Chiefs                 1959
Miami Dolphins                     1990 Joe Robbie dies leaving the team to his family.
                                         The children sell 15 % of the team
Minnesota Vikings                  1992 10% sold, price unknown             (1984, 54.3 million)
New England Patriots               1992 51% is sold, price unknown
New Orleans Saints                 1985       70,200,000
New York Giants                    1991       75,000,000 for 50 %
New York Jets                      1984
Oakland Raiders                    1963           18,000 for 10%            Al Davis
Philadelphia Eagles                1985       67,500,000
Pittsburgh Steelers                1988 Art Rooney dies and leaves the team to his son
San Diego Chargers                 1984       50,000,000 implicit value is            80,000,000
San Francisco 49ers                1977       18,200,000 for 80% ownership
Seattle Seahawks                   1988       80,000,000 but leave 17,000,000 in liabilities
St. Louis Rams                           original owners, inherited
Tampa Bay Buccaneers               1976 unknown (less than majority)        1974, 16 million
Tennessee Titans
Washington Redskins                1988 Jack Cooke is sole owner (bought shares over time)




                                           Page 16

								
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