Al Davis, the longtime owner of the Oakland Raiders, passed away on October 8 at his Oakland residence at the age of 82. The Raiders have fallen on difficult times of late, but Al Davis crafted a tradition of winning over his 40 years as Raiders owner. The Raiders won an American Football League championship back prior to the merger, and after the NFL and AFL combined they captured three Super Bowl titles.
Davis ended up being famous for the catchphrase “Just win, baby,” and he was inducted into the Pro Football Hall of Fame in 1992.
The Raiders worth is estimated at around $760 million according to Forbes. Davis sold 20% of his interest in the Raiders a number of years back, and the profits from the sale are presumably part of his estate. When he died his ownership share was believed to be 47%. There is a 35% estate tax to contend with, and with an exclusion of just $5 million you are looking at a good deal of prospective estate tax direct exposure when you examine the Davis situation.
Oftentimes the heirs to such a big ownership percentage need to sell the group in order to pay the estate tax. According to NBC Sports and the San Francisco Chronicle the Davis family will keep ownership of the Raiders and continue to direct the group next season. Davis’ better half, Carol, and his son, Mark, will take the helm and the Davis name will continue to be inextricably intertwined with that of the Oakland Raiders.
Pro football franchise ownership puts one in rarefied monetary business to be sure. Many regular Americans own companies that they would like to pass along to being successful generations. If you are interested in establishing a plan for your own Fayette county business, simply contact a Fayette County estate planning lawyer to put a reliable company succession strategy into location.