Examining ownership succession plans for 13 NFL franchises

Discussion in 'Chicago Bears' started by JustAnotherBearsFan99, Jun 13, 2014.

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Would you like to see the Bears remain in the family, or be sold after Virginia passes away?

  1. Yes, I'd like it to remain a family owned franchise after Virginia passes away.

    13 vote(s)
    81.3%
  2. No, I'd like to see someone buy the Bears.

    3 vote(s)
    18.8%
  3. Other option (let us know what that option is)

    0 vote(s)
    0.0%
  1. JustAnotherBearsFan99

    JustAnotherBearsFan99 Assistant Head Coach
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    George just seems like a down-to-earth kind of guy. He also seems like a smart man who has a high football IQ in particular. He's made some brilliant moves, and he's positioned the Bears to have sustained success. He seems to be humble enough to not feel like he has to impress everyone and be in the limelight. Once a front office or owner gets to wanting the spotlight on their "brilliance" they usually end up doing stupid moves. I like the quiet thoughtful guys who carefully put the pieces in place for sustained excellence - and then just keep in the background like George has done.
     
  2. little bear

    little bear Head Coach

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  3. MarkBear

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    I am excited to see a different change in the front office and ownership. Hope this definitely will bring multiple championships over here. Also hope we do get Love. Don't he practice with Rose a lot? And to that GO WHITE SOX!!!! LOL
     
  4. Ski-Whiz

    Ski-Whiz George Halas
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    I remember reading about the Heir tax. Something about the McCaskey's will have to come up with major tax money just to keep the portion Virginia owns. I remember it saying you can skip the tax every other heir. Virginia didn't have to pay any tax, but whomever gets her portion will have to pay.

    I'm gonna try and find it.
     
  5. Ski-Whiz

    Ski-Whiz George Halas
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    Found a little clip from an article:

    So it looks like while she owns 80%, she gifted some shares to her 11 kids. Not sure how that will work out when she dies, but it could complicate who controls the team. According to the article, no one knows except that family how it will work out.

    That article was from 2006, hence they say she's in her 80s.
     
  6. soulman

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    Yeah IIRC the old man set up some form of a Generation Skipping Trust to avoid having the Estate Tax apply to the portions his grandchildren received but to comply with the NFL Rules in effect at the time Ginny had to receive and hold 20% of the ownership. That was before they changed it to 10% for the Rooney's. When Ginny passes that will go to her children and that's the amount that will be taxed.

    I'm not 100% sure if it's taxed based on the value at the time of his death or on it's current value Ski so whatever you can find on it would be helpful. I'm thinking it was the value in 1983 when he died but even at that value the potential tax would be huge for a family that isn't exactly cash rich from other investments.
     
  7. JJ-30

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    With all the trouble other teams are having with cheerleaders, I am kind of glad we don't have any right now. But like most of you I want the Honey Bears back.
     
  8. JJ-30

    JJ-30 Veteran

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    Funny how thing change a few years ago we all wanted the Bears out of the families hands and today we love how the family is handleing the Bears.
     
  9. Ski-Whiz

    Ski-Whiz George Halas
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    We aren't sure 100% what is the change, but they really changed the way they are running it. For starters, they are acting like they want to win. Aka they are spending money. Before most felt they were only cashing the checks, and not spending anything on the team.

    Maybe it's George McCaskey? Either way, they really changed the way they act, so I'm sold with today's changes.
     
  10. DaTreeBears

    DaTreeBears Pro-Bowler

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    Light in the loafer boys would never allow it I still contend he's working on the chippendales.
     

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