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Browns owner's company 4 billion in debt


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"The company's debt nearly doubled to $4 billion in a two-year period through last year, as its owners paid themselves two payments totaling $1.7 billion from it, according to Moody's.

"Last year, Pilot issued $1.1 billion of the debt -- largely to fund the second one, a dividend for $700 million, according to S&P. That was partly so Jimmy could buy the Cleveland Browns."

 

 

That's Nasty Right there.    

 

This guy better get liquid soon or the Cleveland Browns may have a new owner soon. 

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  • 2 months later...

Forbes Magazine is speculating that the Richardson-to-Indy deal may be due to Haslam's Flying-J/Pilot legal problems and was to stockpile cash.

 

Linky: http://www.forbes.com/sites/mikeozanian/2013/09/18/did-browns-trade-trent-richardson-because-of-haslams-legal-problems-at-pilot-flying-j/

 

Did Browns Trade Trent Richardson Because Of Haslam's Legal Problems At Pilot Flying J?
 
The Cleveland Browns are 0-2 and their season has just become much more daunting even before they play their third game.
 
The Browns have traded their 2012 overall number three draft pick, running back Trent Richardson, to the Indianapolis Colts for Indy’s first pick in 2014. Richardson played for the University of Alabama and was the star back on the Crimson Tide’s 2011 national championship team.
 
Richardson had played well given the how pathetic the Browns are and is among the few, if perhaps only, up and coming stars on the team. But he but commands a high wage. Richardson’s fully-guaranteed four-year deal is worth $20.5 million over the four years, with a $13.3 signing bonus (which has been paid). He also has no offset language, which means he’ll receive the whole $20.5 million even if he signs with another team before the four years are up. According to Rotoworld, Richardson was due $1.3 million this year, $2.3 million in 2014 and $3.2 million in 2015, and becomes a free agent in 2016.
 
Which begs the question: Was the trade the result of the legal mess majority owner Jimmy Haslam’s truck stop company, Pilot Flying J , is entangled in? Some estimates the law suits Pilot Flying J faces could be quite expensive, and despite Haslam vowing he will not lose control of the team, plans have already been put in place for his 82 year old father to run the Browns should his son not be able to as a result of his company’s legal problems.
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His company is in the billions, what is 20 million in the grand scheme of things? Maybe I'm wrong but it just seems like a reach.

Yeah, but that company can be facing a LOT of money lost not only to litigation if this price fixing scheme proves true, but also future revenue from truckers...whom are likely all Browns or Steelers fans anyway.

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His company is in the billions, what is 20 million in the grand scheme of things? Maybe I'm wrong but it just seems like a reach.

 

Tieing it to the individual transaction of Trent Richardson is a big reach.

 

 

The underlining point is very legit, IMO.    Bengal fans sat through horrible years and lack of investment by the team due to IRS lawsuits and unsure future in Riverfront.

 

One of the reasons the Browns moved was Art's financial problems.     

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