Colin Cowherd recently shared his two cents on the report of Warren Buffett’s Berkshire Hathaway filing a counter-lawsuit against Browns’ owner Jimmy Haslam. The multinational holding company accused Haslam of using foul means in order to inflate the price it had to pay the Haslams for their remaining stake in the Pilot.
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This countersuit follows the complaints that the Haslams made last month and accused the company of changing its account to depress the reported profit. The recent filing was made at the same court, Delaware Chancery Court, where the Haslams made their accusation last month. Berkshire alleges that ‘massive side payments’ were made to senior executives, which would influence them to make short-term decisions and inflate Pilot’s profit, as reported by Reuters.
Sports media personality Colin Cowherd recently retweeted this report on his X (formerly Twitter) page. His seven-word reply effortlessly threw shade at the Browns’ owner. He said, “Cleveland Browns owner. Shocking, I tell ya.”
Cleveland Browns owner. Shocking, I tell ya. https://t.co/Q99w4oAMnN
— Colin Cowherd (@ColinCowherd) November 29, 2023
Although it has only been a month since Jimmy entangled himself in this lawsuit, he has been accused of scrutiny from all corners of the sports world. His star quarterback of the team, Deshaun Watson, was accused of sexual assault by 26 women, but the owner’s decision to sign the biggest guaranteed deal in the league’s history only sparked a more intense backlash.
Jimmy Haslam’s Family Accused Berkshire of Underpayment
At the end of last month, the Haslams sued Warren Buffett’s Berkshire Hathaway for artificially depressing Pilot’s reported profit, which would have led to underpayments. The deal was set forth back in 2017 and Berkshire has paid a total of $11 billion since then, 80% of Pilot. The remaining 20% comes down to $3.2 billion if there are no changes in the reported profit.
However, Berkshire has made serious changes to Pilot this year and even changed its CEO recently. It was their first major move since 2017. According to an article by Knox News, Berkshire has initiated ‘Pushdown Accounting’, which will force Pilot to take on higher depreciation and amortization costs. This will lead to lower income, the Haslams allege.
This recent development has sent a shockwave throughout the NFL world, and it didn’t take long for the Browns Backers to vent their frustration. In Colin Cowherd’s post, several fans expressed that Haslam has neglected the Browns season after season. Some even added that he doesn’t deserve an NFL team.
The team is currently standing at 7-4 and has a strong chance of making the playoffs, even though Deshaun Watson is sidelined for the remainder of the season.
