Cha-Ching! (UPDATED)

For Reggie Fowler, every month is African American Heritage Month; or at least it will be for his heirs if he continues to play his cards right.

Poised and proud to become the NFL's first black owner, Reggie Fowler is ready to buy the Minnesota Vikings from Red McCombs.[SNIP]

A survey of franchise values by Forbes magazine last fall estimated the Vikings worth at about $604 million. The Arizona Republic reported Saturday that Fowler's net worth is estimated at more than $400 million--far less than Taylor's $1.9 billion. Fowler's group includes three limited partners whom he declined to identify, other than that they're based on the East Coast.

As the general partner, Fowler is required by NFL rules to put down 30 percent of the cash portion of the purchase--though he could borrow up to $125 million from the league's credit consortium. [SNIP]

A former University of Wyoming football linebacker who played briefly with the Cincinnati Bengals, Fowler said he will live in the Twin Cities area--something the San Antonio-based McCombs didn't do. He rejected any thought of moving the team.

I’m not one of those “first black this, first black that,” but I have to congratulate Mr. Fowler for this achievement and for doing the *right* things that have lead to it. Who says all athletes are dumb? (Question: have there been any other black owners/general partners of a major league sports team?)

And you gotta love this line:

Asked about becoming the league's first black owner, Fowler said he thought it was "a great thing…--but also not that big a deal. [SNIP]

"He [McCombs] did not discount the price because of that," Fowler said, laughing.

Ah, the beautiful, green bottom line.

(Thanks to Booker Rising)

UPDATE: (Found at Wizbang) Uh-oh.

In his official biography, distributed Monday by his Twin Cities public relations firm, Reggie Fowler declared that he played in the Little League World Series, implied that he earned a business administration and finance degree from the University of Wyoming and said that he played for the Cincinnati Bengals of the NFL and the Calgary Stampeders of the Canadian Football League.

According to officials with all of the sports organizations and official records at the NFL, CFL and University of Wyoming, none of those claims is exactly true. [SNIP]

One of Kevin's commenters asks whether Mr. Fowler's money is green or not. Most certainly it is. However, Mr. Fowler must get the approval of the other NFL owners for the transaction. Reading the article, Mr. Fowler attempts to explain some of the discrepancies. But I wonder if there is a point at which too many items from his biography require too many explanations.

We shall see.

Comments

[Glenmore]

re. "any other black owners/general partners...?"
It's a question I never thought about, but as a UNC alum I followed Michael Jordan's career and I believe I recall he was part owner of the Washington Wizards until he made his comeback, when league rules required he be either owner or player, not both.
I don't think the accomplishment is in becoming a team owner, but getting to the financial point where one is able to become one.

[Veeshir]

Wasn't or isn't Magic Johnson involved with the ownership of the Lakers?

[BigFire]

I used to work next to a linebacker who played for Miami Dolphins. One of the best Systems Administrator I've ever have the pleasure to work with.

As for Magic Johnson, I believe he has about 12% of Lakers, though his financial interest is quite large and wide.

[baldilocks]

Magic's not a general partner, if I understand the term correctly.

[tvd]

Doesn't the BET billionaire own a big chunk of the Charlotte Bobcats?

[Bill Johnson]

Does anyone ever really check out these people to see if they are who and what they say they are? NFL - Newspapers - Television News - Bloggers ??????????????/

[baldilocks]

Bill:

It's not my money, so why should I do a background check on this guy?