From Michael Jordan’s success story with the Charlotte Hornets to Tom Brady’s ongoing escapades with the Las Vegas Raiders, there’s never been more motivation for former athletes to reinvest their time and interest into the business they once participated in. For Eli Manning, the idea initially seemed like a no-brainer when he was met with the opportunity to become a minority owner in his beloved New York Giants.
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Unfortunately, Manning wasn’t prepared for the sizable dollar amounts that are associated with the business side of the National Football League.
“A 1% stake valued at $10 billion turns into a very big number,” he explained during a recent interview.
“It’s too expensive for me. These numbers are getting very big… I love the Giants. I think they are deserving of that valuation… I was kind of along for the ride, but really it was just a matter of some complications with the fact that I’m doing broadcasting.”
While the upfront cost alone was likely enough to dissuade him, the two-time Super Bowl champion suggested that he simply loves his current obligations too much to make a change in exchange for profit. At the end of the day, he’s able to call games, access the Giants’ facilities, and interact with players of all ages — that’s more than enough for Manning.
“I wouldn’t be able to talk to the players. I coached in the Pro Bowl. I do a high school football camp where college guys come. There was going to be a lot of conflicts and it was going to affect my day job, so I kind of had to pull out,” he told CNBC.
For what it’s worth, even Brady himself entered his dealings for the Raiders as a co-investor, even though he was already the recipient of a sweetheart deal. The former New England Patriot, along with American financier Tom Wagner, shelled out a reported $200 million for their stake in the Raiders, which received a valuation of $3.5 billion.
Ironically enough, Brady’s status as both an owner and broadcaster received no cries of ‘conflict of interest’ from the higher-ups, while Manning was seemingly forced to contend with those decisions.
Per CNBC’s Scott Wapner, figures such as billionaire Marc Lasry and another fellow Giants legend, Michael Strahan, were also looking to buy a stake in the Giants. Simply put, there’s an infinitely small group of individuals who are even remotely capable of covering the cost of an NFL ownership.
The New York Giants are currently the fourth most valuable NFL team on the Forbes list with a total value of $7.3 billion, and until recent history, were exclusively owned by the Mara family. Not only will a minority stake come with the inherent costs associated with the NFL, but it will also come with the value and prestige of being a rare title in football history, which is sure to increase the price.
