In the early 1980s, as Chicago Bears founder George Halas was nearing the end of his life, he dramatically reshaped the ownership of one the National Football Leagues oldest and most storied franchises. Bears VP Brian McCaskey sells Lake Bluff home A grandson of George Halas, he and his wife had owned the house since 2010. But the Bears could soon run into the very problem Halas sought to protect his family against. The documents, according to multiple people familiar with the process, lay out the current owners intentions for the team once he or she is no longer in control. To help owners navigate it all, the league is constantly discussing and adjusting its ownership rules. Our final Spring Training preview examines several Cubs' closer options for 2023. Michael joined the family business in 1983 as president and CEO . Chargers general manager Tom Telesco stressed once again at the NFL Combine that removing the veteran Allen from the roster isnt an option as L.A. tries to squeeze under the salary cap. While the NFL has grown into a multi-billion dollar industry with millions of fans worldwide, the early days weren't easy. I've always felt like she was family. [5] The franchise has been in the hands of the Halas-McCaskey family since George Halas acquired the then-Decatur Staleys from A. E. Staley and moved the team to Chicago in 1921, renaming the team the Bears the following year. He also holds the right-of-first-refusal as "primary investor" if any of the McCaskey stock. For more information, please read our Legal Disclaimer. The former site of Arlington Race Track keeps coming up as a possible future site of a Chicago Bears-owned and financed stadium project. One source told Sportico the Bears "have a plan to keep the team in the family when Virginia McCaskey dies." "Specifics of that plan weren't provided, but would require re-consolidating control of at least 30% of the team, which is now worth $5 billion, into a single wing of the McCaskey family. In 2010, the then St. Louis Rams were sold to Stan Kroenke so Georgia Frontieres children could satisfy their estate tax bill. The government claimed that the team was dramatically undervalued in the original Halas restructure, which put the teams value at roughly $16 million. Mrs. McCaskey revealed on the same show that another favorite memory came Jan. 21, 2007 at Soldier Field when she accepted the NFC championship trophy that's named after her father following a win over the Saints that sent the Bears to the Super Bowl. Its not uncommon for NBA teams (like the Chicago Bulls, for example) to have 20 or more minority partners, but its virtually unheard of in the NFL. Chicago Bears Schedule, News, Roster and Stats | Windy City Gridiron, Bears ownership strife may lead to team sale, 2023 Bears mock draft: Double trade-back edition. There are only a few surprises among the lengthy list. Money talks though and theres a lot of it out there. A Yale graduate and the oldest of Ed McCaskey and team matriarch Virginia McCaskey's 11 children, Michael joined the family business in 1983 as president and CEO following the death of Halas, a . Each successive generation also makes estate planning increasingly difficult, according to attorney Carolyn Caufield, partner and chair of Herricks private clients practice group. With Saturday's contest opening Spring Training games for the Cubs, manager David Ross has announced his starters while the front office has announced a plethora of promotions. A Yale graduate and the oldest of Ed and team matriarch Virginia McCaskeys 11 children, Michael joined the family business in 1983 as president and CEO following the death of Halas, a founding father of the NFL and the franchise. One of the purposes of doing the succession planning is to get these issues identified early to permit discussions, Frank Hawkins, a former NFL finance executive, said in a phone interview. General manager Ryan Poles is at the NFL Combine this week collecting information about prospects that could help crystalize what the Bears will do with the No. [7] It was part of a run of five consecutive NFC Central titles from 1984 to 1988. In short, the Bears would likely desire to navigate costly tax roads and NFL ownership rules to keep the team with the family. Odds & lines subject to change. Today, the average NFL team is worth $1.4 bill Virginia McCaskey's father George Halas founded the Chicago Bears and helped create the National Football League. There were no executive suites. . Bears ownership appears to have cleared the first two hurdles of NFL succession planningminimize tax impact and create a framework for the heirs. The content on this site is for entertainment and educational purposes only. "After dad died, at age 60 I started a whole new life," said McCaskey, in a wide-spanning interview with The Athletic in 2016. "We could go to the game and not be completely knotted up inside. She's the guiding force behind the Bears, and everybody at Halas Hallincluding the playersknows that and appreciates that. Chicago Sun-Times columnist Rick Morrisey described the absurdity of asking your competition for help perfectly. Agree and Continue. He presided over the only Super Bowl championship Chicago Bears team in 1985, and I know he is still smiling about that magical season., The best insights from the ultimate insiders, 2023 NYP Holdings, Inc. All Rights Reserved. Lets Examine. "I seek her counsel on a regular basis," George said. "It was pretty scary. But among those 11 or so potential heirs, is it really out of the realm that there could be strife? "I marvel every day and appreciate so much that she remains mentally sharp," George said. Bluhm makes the most sense in a bring the Bears to Arlington scenario. Sadly, Payton passed away Nov. 1, 1999 due to bile duct cancer at the age of 45. In fact, so complicated that most fans don't even understand the rules and regulations amongst ownership. Bears coach Matt Eberflus and general manager Ryan Poles discussed stability in the secondary, Justin Fields' development and finding players to fit the defense at the NFL Combine. In the case of the Chicago Bears, the franchise has remained in the Halas/McCaskey family for over 100 years. Pompei and co-author Don Pierson spent several hours interviewing Mrs. McCaskey in her home for the Centennial Scrapbook. Other NFL owners who have been less focused on passing down teams to heirs are likely facing significant tax burdens when they die. However, Virginia McCaskey, the primary owner, is approaching the century mark herself and proper estate planning needs to be accomplished. The Bears' greats view her in the same way. While the new structure didnt provide McCaskey directly with any more equity, Halas critically gave his daughter voting power over the shares now held by his 13 grandkids. The Halas arrangement has worked, albeit delicately, for 40 years. Mike was already successful in every sense of the word when he took over for George S. Halas after the passing of Papa Bear in 1983, the McCaskey family said in a statement. Analysis of the popular Formula One Nexflix series "Drive to Survive" Season Five on an episode-by-episode basis. Here are the best shows hitting Netflix this month. In 1990 there was also a noteworthy settlement with the IRS regarding the tax ramifications of the interlocking trusts. The NFL very much likes keeping families in ownership over decades if possible. They Dont Work Against The Latest American Mines. The Mandalorian's Season 3 premiere sets the stage for an adventurous third season of the hit Disney Plus Star Wars show. If the Bears are put up for sale, the negotiations will begin at $3 billion and the price will only go up from there. The founder and retired CEO of Aon Corporation, Pat Ryans net worth sits at an estimated $3.5 billion. All Rights Reserved. But, the NFL and league owners want to make it an easy transition for every NFL team to keep the family businesses. However, if settled cleanly, the McCaskey's may continue to rule over the Bears franchise. According to the report, the Bears have a plan in place for when Virginia eventually passes away. The issue is compounded by the leagues stated desire to keep franchises as family businesses, an aging cohort of owners, and soaring multibillion-dollar valuations, which makes teams both more desirable and harder to pass on to heirs. Our hearts go out to those who have lost loved ones to COVID-19, they said. Michael displayed a professorial presence that could be challenging, but was also inspiring. I will be forever grateful for the many opportunities for growth that he provided me, as well as for his trust and support. "We were both really impressed with her recall and her ability to communicate to us things that had happened 80 years ago," Pompei said. It never occurred to me to do that. The grandson of George Halas. RELATED:Chicago Bears fifth-most valuable team in the NFL via Forbes. Thus, it was Virginia who inherited the Bears when her father died four years later. and the Halas/McCaskey family, who bought the Bears in 1920 for $100. "I think back to the mid-'70s when we first came here and going to the luncheons, I just felt like she and I had a connection. All advice, including picks and predictions, is based on individual commentators opinions and not that of Minute Media or its related brands. The strength of the NFLs business can sometimes smooth over these conflicts, which Caufield called the Cain and Abel scenario. Every NFL team is profitable, most to the tune of $100 million-plus annually, which gives them the ability to return dividends to their shareholders. The problem is you cannot fire the owner. [brid autoplay=true video=788755 player=23231 title=5%20NFL%20head%20coaches%20with%20the%20most%20to%20prove%20in%202021 duration=101 description=These are among the five NFL head coaches with the most to prove head into 2021. uploaddate=2021-05-25 thumbnailurl=//cdn.brid.tv/live/partners/17660/thumb/788755_t_1621969211.png contentUrl=//cdn.brid.tv/live/partners/17660/sd/788755.mp4]. ", While George reveals that "the pandemic has really cramped her style because she likes to get out and doesn't want to be cooped up in the house all day," he's happy to report that his mother is back attending daily mass and exercising three times a week, "so she's in a good place. The threshold dropped to 30% after H.R. Or, if one is chosen in place of others to take primary control of the team. McCaskey is one of ten female NFL owners as of 2022, including Sheila Ford Hamp (Detroit Lions), Amy Adams Strunk (Tennessee Titans), Kim Pegula (Buffalo Bills), Carol Davis (Las Vegas Raiders), Denise DeBartolo York (San Francisco 49ers), Gayle Benson (New Orleans Saints), Janice McNair (Houston Texans), Jody Allen (Seattle Seahawks), and Dee Haslam (Cleveland Browns). "These days here for the centennial celebration, I'm still trying to find words for what they've meant to me and I hope to all of you," Mrs. McCaskey told an enthusiastic crowd. But again, who knows how realistic any or all of this is? Back in 1920, Halas sat down with the leaders of 12. Not saying this is the case with the Bears, but it's been an issue with other ownership families, like the Tennessee Titans with Bud Adams' daughters. Gambling problem? Here's how Pedro Grifol will deploy the Sox for their first Cactus League game. Last mentioned is Jeff Bezos, the Amazon founder and richest man in the world. https://t.co/IcDvBtZNRu via @sportico. [14], Virginia attended Drexel University, majoring in secretarial studies with the aspiration of serving as her father's secretary. When she dies, the voting trust expires, and the Bears ownership will be thinly spread over more than a dozen Halas heirs, without a single person or descendant anywhere close to that 30% threshold. George has had no problem firing head coaches and general managers only to get the same losing results. The Bears are a prime example. Michael & Virginia McCaskey accepting the George Halas Trophy following the Bears' NFC Championship game victory over the New Orleans Saints on Jan. 21, 2007. Virginia raised her 11 children to be Bears fanatics. There was so much confidence in everyone, and except for the game in Miami, everything turned out very well.". The average age for 31 primary NFL owners (excluding Green Bay) is 72 years old, and by October, there will be seven owners who are at least 80 after Blank and Cowboys owner Jerry Jones hit the mark. Before Snyder purchased the minority stocks in the WFT, Bezos was interested in acquiring the club. The rest of the plan is relatively unknown. TrafficZion Review can you really get 100% free traffic? He was also instrumental in the Bears moving their headquarters from the original Halas Hall at Lake Forest College to a state-of-the-art home nearby in 1997, giving them an indoor practice facility on their own campus. "On the other hand, the NFL wants family-controlled businesses that are protected from financial uncertainty and family in-fighting, which means it wants concentration of equity and voting shares.". And while it has been willing to loosen rules, it has recently also proven willing to enforce them. Chicago Bears chairman George McCaskey is not a football person, and needs some help. It was first reported by Steven R. Strahler of Crain's Chicago Business. LAKE FOREST, Ill. Michael McCaskey, who led the Chicago Bears for nearly three decades following the death of his grandfather George Halas, died Saturday after a lengthy battle with cancer, the team said. Send us a tip using our anonymous form. She and her late husband Ed have 11 children and more than 40 grandchildren and great-grandchildren. For decades, the NFL required one person to own at least 51% of the franchise. He is widely considered the favorite to purchase the team, if they become available. Dennis Rodkin Email Share Tweet Share Compass To continue reading.. Naturally, there are always loopholes. He needs someone to tell him that would be a bad idea. Y Virginia McCaskey, daughter of Papa Bear George Halas, is still the First Lady of Football, and has expressed time and time again that she has no plans to hand the Bears over to someone else. Makes me sick. Second, if the Chicago Bears go through with turning rumors of head coach Matt Nagy and general manager Ryan Pace being fired into a reality, someone is going to have to help George with the hiring. In the case of the McCaskey family, learning members intentions is going to be an obstacle in the entire process. Today, the average NFL team is worth $1.4 billion. He was chosen NFL Executive of the Year by his peers following the 1985 championship season. Which heir will take over? We are grateful to Mike for overseeing arguably the greatest team in NFL history, and for his many years of service to the Bears and to us. Decades from now long after Virginia and her husband, Edward McCaskey, have raised 11 children; after her father has been recognized as Chicago's "Papa Bear"; she will be called on to do more than her share in the service of her father's legacy. They stubbornly refuse to acknowledge that what everyone in the outside world sees is actually real. Mrs. McCaskey attended Drexel University in Philadelphia, where she studied business management. Ed & Virginia McCaskey present Walter Payton with a portrait prior to Payton's final regular-season game on Dec. 20, 1987. Devout Catholics, they raised 11 children. In addition, it seems that selling portions of the team's equity is also in play as long as the voting interest remains in the bloodline. Per NFL rules, she can bring her stake down to one percent. The complexity further grows when the value of the franchise has grown almost $1 billion in one calendar year. She can go as low as 1% under NFL rules, and its most likely that her stake has been whittled down to further reduce the tax hit when she passes. The principal owner of the team is 98-year-old Virginia Halas McCaskey, who is the daughter of Bears founder George Halas. The issue is compounded by the league's stated desire to keep franchises as family businesses, an aging cohort of owners, and soaring multibillion-dollar valuations, which makes teams both more desirable and harder to pass on to heirs. In addition to submission of plans, the league has a rule in place requiring 30% of ownership stake to maintain control of the franchise. That person said: There is some internal strife going on among family members to sell now.. (Virginia McCaskey maintained control of the 3.8% stakes those two grandkids were given separately as part of the original reorganization). The Bears are one of four franchises eligible for the 2023 season of Hard Knocks. "That part of it was really remarkable, and then of course she's just so charming and gracious and just nice to be around. Could George, Brian, Ed and Patrick become the sole heirs of some kind of trust? The question would then become what billionaire lands the club. The strife makes perfect sense. But theres existing board members that will have a say in any sale: Pat Ryan. But there seems to be increasing pressure within the family to sell the team, cashing out in a move that could be beneficial for all parties. "When people talk to me about things that they think should change, it's usually 'weneed to do this.' He succeeded Ed McCaskey as chairman in 1999 and remained in that role until brother George McCaskey took over in 2011. Although McCaskey never had any official share of ownership, he acted as co-owner alongside his wife before his death in 2003. The last one of those for the Bears came in the 1985 season, technically under McCaskey ownership but built by people who preceded the family's assumption of the franchise. The team gave health-related reasons for each player's absence. Schultz is slated to step down from his third run as CEO on April 1, amid an ongoing labor dispute between the company and hundreds of U.S. stores. McCaskey is a Roman Catholic and considers "faith, family, and football" indivisible in her life.[16]. The league loosely kept tabs on these plans for decades, but the process was formalized in 2015, the people said, amid a series of high-profile NFL family feuds. 2023 Minute Media - All Rights Reserved. If the Bears are put up for sale, Ryan must be given a chance to purchase any stock that is put up for bid. The Bears have been owned by the same family for longer than any other family has owned an NFL team. The McCaskeys were married for 60 years until Ed passed away April 8, 2003 at the age of 83. In 2015, the NFL requested succession plans every year from every team in the league to avoid any surprises in an ownership change. In one of the most stunning family business dramas ever to unfold on the public stage in Chicago, Virginia McCaskey, the daughter of George Halas, announced last January that she was. There have been rumors in recent years about the Bears potentially being put up for sale, but McCaskey has refused. . With Virginia McCaskey approaching the century mark, the McCaskey family has a succession plan in place to keep the Bears in the family. Michael joined the family business in 1983, when he succeeded his grandfather, George S. Halas, as President & CEO and held that position until 1999 when he became the team's chairman. Those are the current McCaskeys on the board, however, Virginia and her late husband Ed had 11 children and Virginia has 40+ grandchildren. 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