Tuesday, October 5, 2021
According to the Times-Picayune series detailing the plan, "proceeds from the sale of both the New Orleans Saints and New Orleans Pelicans will go to local charities and all purchase negotiations will seek to ensure both teams remain in the city."
Apparently, the NFL has already approved the deal, and the NBA is expected to do so as well. Both leagues would have to approve any new ownership groups.
As expected, New Orleans will see a humongous windfall—$5 billion or more—once the Saints and Pelicans are sold. The inly problem this brings is the New Orleans doesn't have extra billionaires lying around to purchase the teams.
Tom Benson bought the Saints for $70 million in 1985, but are now the 46th most valuable sporting team in the world, valued at $3 billion. In the current market, the Pelicans would likely sell for approximately $1.5 to $1.8 billion.
The Saints and Pelicans may be in need for a savior to swoop in the way Tom Benson did years ago. The Saints are "one of the most beloved brands in sports," which may be the very reason why they may face steep challenges in finding a new, reliable owner.
Tom Benson left the teams to Gayle Benson, who will leave them to New Orleans, who will—hopefully—be prepared to take on the challenge.
See Christoper Dodson, Breaking Down Gayle Benson’s Plan To Keep New Orleans Saints, Pelicans Local, Forbes, October 3, 2021.
Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.