Per Tim Graham a stake of 25% of the Buffalo Bills is for sale

[Buffalonill]

Let's put this as a nothing burger for the 4th straight year

[#freejame]

10 hours ago, Captain Caveman said:

If they're forced to come up with 2-3 billion dollars on inheriting the team to pay the estate tax?

My rough math for worst case scenarios based on purchase price and estimated current value is a tax bill of $920M on a profit of $2.3B. Selling 25% at the same prices nets a tax bill of $550M.

The below article details our tax implications for owning sports franchises. I think it’s safe to say nobody needs to feel any sympathy for the Pegula’s tax bills.

https://minnesotareformer.com/2021/07/15/the-billionaire-playbook-how-sports-owners-use-their-teams-to-avoid-millions-in-taxes/

 

[Captain Caveman]

1 hour ago, #freejame said:

My rough math for worst case scenarios based on purchase price and estimated current value is a tax bill of $920M on a profit of $2.3B. Selling 25% at the same prices nets a tax bill of $550M.

The below article details our tax implications for owning sports franchises. I think it’s safe to say nobody needs to feel any sympathy for the Pegula’s tax bills.

https://minnesotareformer.com/2021/07/15/the-billionaire-playbook-how-sports-owners-use-their-teams-to-avoid-millions-in-taxes/

 

I'm not saying anyone needs to feel sympathy.  I am 100% on board with estate tax (especially for anyone inheriting over let's say a million dollars.)

Just explaining that he may be doing this as part of estate planning to help his kids cover the cost of retaining the team(s).

Edited April 20 by Captain Caveman

[Brawndo]

 

[That Aud Smell]

Thanks for the link. No pay wall, which was great.

That's sad, but not surprising, to learn that Kim's been ruled legally incapacitated.

Also - I saw that Laura's heavily involved in that JKLM venture - named for Jessica, Kelly, Laura, and Matthew.

Is Terry's son Michael (Laura's fully biological sibling) not in the picture at all? I seem to recall him being around when the Pegulas became the owners of the Bills ...?

[That Aud Smell]

Or maybe Michael was more around when the Pegulas became owners of the Sabres.

Compare with

[Goldseatsaud]

I shake my head, Kim had life by the balls sad

[Buffalo Super Fan]

This is one of the saddest things I have witnessed in my lifetime of 50 years of being a Buffalo sports fan. Terry Pegula is out of bounds for myself personally to comment on anymore. I didn’t know how bad Kim Pegula’s health issues were and Buffalo sports is just a game this is real life. God bless Terry Pegula that he even wants to still own the Buffalo Bills and Buffalo Sabres after what he has gone through I had no idea. I want to personally apologize to Terry Pegula from Buffalo Super Fan I was wrong. I feel terrible even though I had no idea God forgive me in my opinion. Go Bills! Go Sabres! Let’s Go Buffalo 

[Flashsabre]

 

[ska-T Palmtown]

Man, that really sucks to hear about Kim - she was young and had such an amazing trajectory. I don't even know what else to say.

[That Aud Smell]

8 hours ago, Flashsabre said:

 

I mean this with no respect whatsoever when I say f*ck Austin Egri.

[Porous Five Hole]

8 hours ago, Flashsabre said:

 

That is one angle. The other might be that Jess has a pro tennis career to dedicate herself to for a while longer.  And her hubby being let go doesn’t necessarily mean there’s any bad blood.  

[Flashsabre]

9 hours ago, That Aud Smell said:

I mean this with no respect whatsoever when I say f*ck Austin Egri.

Who is he? I just saw the tweet and thought it was interesting but I have no idea who that guy is.

[Brawndo]

20 minutes ago, Flashsabre said:

Who is he? I just saw the tweet and thought it was interesting but I have no idea who that guy is.

I thought it was interesting that Tim Graham re tweeted the post. 

[Stoner]

11 hours ago, That Aud Smell said:

I mean this with no respect whatsoever when I say f*ck Austin Egri.

Thumbs down pending further explanation.

[That Aud Smell]

2 hours ago, Flashsabre said:

Who is he? I just saw the tweet and thought it was interesting but I have no idea who that guy is.

No idea.

i was reacting to a few things.

He had some of his facts wrong or stated misleadingly.

When I read through the replies where he was active, his vibe was prurient and gossip page-ish.

He seems to be engaged here for clicks (for profit).

2 hours ago, Brawndo said:

I thought it was interesting that Tim Graham re tweeted the post. 

Hmmm.

Graham does know stuff. Graham is also a d1ck.

But, I mean, the theory about Jessica having written that story against her Dad’s wishes would be an atomic bomb game changer. Yikes.

43 minutes ago, PASabreFan said:

Thumbs down pending further explanation.

Fair.

You may recall that I was sort of on the other side of this matter when I argued that Bills and Sabre fans (and WNYers generally) had a right (arguably) to some information regarding Kim’s medical condition back around when the news first came out that she had suffered some kind of medical incident.

So I’m far from being a prude about getting the skinny on Pegula Land.

This guy’s vibes just seemed off.

[That Aud Smell]

On further examination, Austin has some internet bona fides.

We’ll see, I guess.

I’ll ask again: Where is Michael Pegula? If Mario Puzo taught us anything it’s that you always choose your Michael as successor to the family business.

[Stoner]

For profit tho? How much would someone make even with millions of clicks on a tweet? Is that even how Twitter works?

[Stoner]

1 hour ago, That Aud Smell said:

On further examination, Austin has some internet bona fides.

We’ll see, I guess.

I’ll ask again: Where is Michael Pegula? If Mario Puzo taught us anything it’s that you always choose your Michael as successor to the family business.

The intro presser was interesting. Terry said he wasn't sure who Mike's favorite team was. He also had to awkwardly urge his son to stand up and be acknowledged. "I know," his dad said.

I am not proud that I recall these details.

Edited May 4 by PASabreFan

[That Aud Smell]

1 hour ago, PASabreFan said:

The intro presser was interesting. Terry said he wasn't sure who Mike's favorite team was. He also had to awkwardly urge his son to stand up and be acknowledged. "I know," his dad said.

I am not proud that I recall these details.

What’s the context and implication of the bolded?

I also did some Googling. It would appear that there’s some distancing, at best, and estrangement, at worst.

And I’ll allow it: It’s notable that Jessica was on record as saying that her mom had plans for her in the sports ownership/management realm, but that her tennis career would come first.

Maybe that’s still the plan. It will bear watching, I suppose.

I’ll add: Are there ways for a wealth of this magnitude to be gifted or bequeathed to the family’s next generation? There are family ownerships acrosst the NFL. But the Bills were sold out of Ralph’s estate, yeah?

[Night Train]

Looks like Laura won the favorite kid contest.

More details on The View Monday. 

[That Aud Smell]

 

And remember how Terry dissolved PSE, which was Kim’s vision?

[JustOneParade]

19 hours ago, That Aud Smell said:

What’s the context and implication of the bolded?

I also did some Googling. It would appear that there’s some distancing, at best, and estrangement, at worst.

And I’ll allow it: It’s notable that Jessica was on record as saying that her mom had plans for her in the sports ownership/management realm, but that her tennis career would come first.

Maybe that’s still the plan. It will bear watching, I suppose.

I’ll add: Are there ways for a wealth of this magnitude to be gifted or bequeathed to the family’s next generation? There are family ownerships acrosst the NFL. But the Bills were sold out of Ralph’s estate, yeah?

There are certainly ways to transfer assets with varying tax ramifications. The tricky part is developing a strategy that still complies with NFL and NHL ownership rules (in this case).

Regarding the Bills sale, I don’t know for certain, but all signs point to the Bills having been placed in a charitable remainder trust years prior. (Different entity than the estate). Negated the capital gains tax upon the sale of the team making those dollars available to the recipient charity (mostly, if not all, the Ralph C. Wilson Foundation).

TMI?

[Doohicksie]

On 4/20/2024 at 7:21 AM, Captain Caveman said:

I'm not saying anyone needs to feel sympathy.  I am 100% on board with estate tax (especially for anyone inheriting over let's say a million dollars.)

Just explaining that he may be doing this as part of estate planning to help his kids cover the cost of retaining the team(s).

It's way over a million dollars.  It's currently $13.61 million under an act that expires next year; if not extended it will revert back to "only" $5.6 million.  The $13.61 million figure, incidentally, is keyed to inflation, which may well be yet another factor why corporations are pushing up prices:  Not only are they pocketing more, but their kids get to keep more when they die.

[Stoner]

Rich people avoiding taxes. Shocker.

My tax burden is almost 20% and that doesn't include sales tax and property tax and more.

Edited May 5 by PASabreFan