BIG D BRINGS BIG DOLLARS: Dallas Cowboys, the NFL’s two billion dollar ‘boys | Texas now has a billion-dollar MLB team | Former Microsoft CEO buys Clippers
The Los Angeles Times reported yesterday (Thursday) that the Los Angeles Clippers will be sold to former Microsoft CEO Steve Ballmer for $2 billion.
Embattled Clippers owner Donald Sterling had stated in a cover letter Tuesday responding to NBA charges that he had “received offers in excess of $2.5 billion” to purchase the team, which would have set a new record in U.S. pro sports.
The reported winning bid for the Clippers is a bit less than the Dallas Cowboys were valued at by Forbes in 2013. The business magazine appraised America’s Team’s value at $2.3 billion in 2013, up $200 million from the previous year, when it became the first American sports franchise to be worth more than $2 billion.
$2.3 billion Forbes appraisal keeps Dallas Cowboys ranked No. 1 among NFL teams
OXNARD, Calif. — Fresh off the announcement that the Dallas Cowboys will build a new headquarters and practice facility in Frisco with the expectation it will open in 2016, Forbes announced that America’s Team is the NFL’s most valuable.
FRISCO, Texas — The Dallas Cowboys formally announced Tuesday they are moving their headquarters from suburban Irving to suburban Frisco after winning overwhelming approval for a $115 million development that includes an indoor stadium for practice and use by area prep teams.
Accompanied by cheerleaders and city officials, Cowboys owner Jerry Jones and his son, executive vice president Stephen Jones, made a quick trip home from training camp in Oxnard, Calif., to celebrate Frisco officials. The multi-use sports facilities, which will be shared with Frisco Independent School District’s sports teams, are expected to open in 2016.
“Frisco is a city (that) they think big and they act bold. They have a vision and they act on it,” Stephen Jones said. “It gives us great comfort to do business with people who think like this.”
The stadium will be paid for mostly through a city sales tax, with the school district funding part of the construction. The deal, which was approved late Monday, calls for the Cowboys to manage the facilities and pay operating costs.
School district officials said they already were planning on building a football stadium before singing onto this private-public deal.
“We could in no way duplicate a stadium of this caliber on our own, spending the same amount for construction,” said Jeremy Lyon, Frisco ISD’s superintendent.
Lyon said the partnership will save taxpayers money in the long run by splitting costs after the stadium is open.
Frisco is already the home of the FC Dallas of Major League Soccer, a minor league affiliate of baseball’s Texas Rangers and the training facility for hockey’s Dallas Stars. It is about 30 miles north of Dallas and about 45 miles from AT&T Stadium in Arlington.
John Classe, a board member with the city who voted for the deal, said FC Dallas had a similar deal to what the Cowboys are getting, with the city funding its stadium but leaving leasing and management costs to the team.
“Just like that deal, it’s anticipated that the Cowboys will put more money into the facility above and beyond the city’s commitment,” Classe said. “Therefore we will end up with a nicer facility.”
The 91-acre development includes 25 acres for the Cowboys’ facilities, while the remaining 66 acres will be used for stores, restaurants and a luxury hotel. According to city officials, the development will generate $1.26 billion in tax revenue with an estimated economic impact of $23.4 billion over the next 30 years.
This deal ends a four-decade relationship between the Cowboys and the City of Irving.