{"id":268653,"date":"2023-04-13T08:50:05","date_gmt":"2023-04-13T13:50:05","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=268653"},"modified":"2023-04-13T09:30:28","modified_gmt":"2023-04-13T14:30:28","slug":"fertitta-5-6b-bid-for-commanders-not-enough-to-get-deal-done","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/fertitta-5-6b-bid-for-commanders-not-enough-to-get-deal-done\/","title":{"rendered":"Fertitta Balks at $6B Commanders Price Tag, Out of Contention for NFL Team"},"content":{"rendered":"

Golden Nugget boss Tilman Fertitta says he bid $5.6 billion for the NFL\u2019s Washington Commanders, but he doesn\u2019t believe $6 billion is the appropriate price point for the franchise. That likely means he\u2019s out of the running to own the team.<\/p>\n

\"Fertitta
Tilman Fertitta in a 2020 interview. He’s likely out of the running to own the Washington Commanders. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

Reports surfaced in February<\/a> that Fertitta offered slightly more than $5.5 billion for the Commanders, well below the $6 billion current owners Dan Snyder and his wife Tanya are hoping to fetch. At that time, his offer was viewed as credible because it was widely believed the only suitor that could afford $6 billion was Amazon founder Jeff Bezos to whom the Snyders would be unlikely to sell the team.<\/p>\n

Bezos owns the Washington Post<\/em>, which along with an array of other media outlets, has published articles painting an unflattering picture of Commanders’ culture under Snyder\u2019s ownership.<\/strong><\/p>\n

In a Wednesday interview with CNBC<\/em>, Fertitta confirmed he offered $5.6 billion for the NFL franchise, the value Forbes<\/em> lists the team at.<\/p>\n

At some point you\u2019ve got to draw a line in the sand on everything and that\u2019s where we are. If they can get somebody to pay them more than that, good luck to them,\u201d he said in the interview. \u201cThat\u2019s all I can say. I own a franchise, so I love them selling for a lot. But at some point, I don\u2019t think $6 billion is the right number.\u201d<\/p><\/blockquote>\n

Fertitta owns the NBA\u2019s Houston Rockets. His Fertitta Entertainment Inc. (FEI) controls the Landry\u2019s restaurant empire and the Golden Nugget casinos. The group owns more than 600<\/a> restaurants across the Bubba Gump\u2019s, Chart House, Del Frisco\u2019s, Mastro\u2019s, and Morton\u2019s brands, among others.<\/p>\n

It\u2019s Not the List Price, It\u2019s What a Buyer Will Pay<\/h2>\n

Fertitta is no stranger to mergers and acquisitions in the gaming and restaurant industries. As such, he\u2019s undoubtedly familiar with the notion that an asset\u2019s listed value often differs — higher or lower — from what a buyer is willing to pay<\/a>.<\/p>\n

\n

The 2022 Forbes <\/em>listing of the world\u2019s 50 most valuable sports franchises ranks the Commanders eighth, tied with the NBA\u2019s Golden State Warriors at $5.6 billion. If someone other than Bezos ponies up $6 billion for the Commanders, the Snyders could be compelled to make a deal happen. It\u2019s unlikely to be with Feritta.<\/p>\n<\/div>\n

\u201cEverybody that\u2019s watched me do business for the last 40 years knows when I draw a line in the sand, I\u2019m done. So, I\u2019m here, you know I can close and that\u2019s the way it is,\u201d he told CNBC<\/em>.<\/p>\n

With Fertitta out of the running and the Snyders not keen on working with Bezos, a group led by Josh Harris, who owns the NBA\u2019s Philadelphia 76ers<\/a> and the NHL\u2019s New Jersey Devils, and Canadian real estate billion Steve Apostolpoulos appear to be the front runners to win the NFL team.<\/p>\n

Scarcity Premium is a Factor<\/h2>\n

As a current owner of a team, Fertitta knows that the scarcity premium factors into the equation for buyers and sellers of these assets. There are only so many teams to go around and they rarely come to market, leading to elevated prices.<\/p>\n

That’s to say, if the Commanders sell for $6 billion, the next NFL team to be put up for sale is likely to garner a significantly higher price tag.<\/strong><\/p>\n

As it stands today, if the Snyders get the desired $6 billion for the team formerly known as the Redskins, the price would represent a 33% premium over the $4.5 billion that was paid for the Denver Broncos last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Golden Nugget boss Tilman Fertitta says he bid $5.6 billion for the NFL\u2019s Washington Commanders, but he doesn\u2019t believe $6 billion is the appropriate price point for the franchise. That likely means he\u2019s out of the running to own the team. Reports surfaced in February that Fertitta offered slightly more than $5.5 billion for the […]<\/p>\n","protected":false},"author":46,"featured_media":240516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,82961],"tags":[81903,81966,81004],"acf":[],"yoast_head":"\nFertitta $5.6B Bid For Commanders Not Enough To Get Deal Done<\/title>\n<meta name=\"description\" content=\"Tilman Fertitta offered $5.6 billion for the Washington Commanders, but that's not enough.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/fertitta-5-6b-bid-for-commanders-not-enough-to-get-deal-done\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fertitta $5.6B Bid For Commanders Not Enough To Get Deal Done\" \/>\n<meta property=\"og:description\" content=\"Tilman Fertitta offered $5.6 billion for the Washington Commanders, but that's not enough.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/fertitta-5-6b-bid-for-commanders-not-enough-to-get-deal-done\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-13T13:50:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-13T14:30:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/TF2-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/fertitta-5-6b-bid-for-commanders-not-enough-to-get-deal-done\/\",\"url\":\"https:\/\/www.casino.org\/news\/fertitta-5-6b-bid-for-commanders-not-enough-to-get-deal-done\/\",\"name\":\"Fertitta $5.6B Bid For Commanders Not Enough To Get Deal Done\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/fertitta-5-6b-bid-for-commanders-not-enough-to-get-deal-done\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/fertitta-5-6b-bid-for-commanders-not-enough-to-get-deal-done\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/TF2-scaled.jpg\",\"datePublished\":\"2023-04-13T13:50:05+00:00\",\"dateModified\":\"2023-04-13T14:30:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Tilman Fertitta offered $5.6 billion for the Washington Commanders, but that's not enough.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/fertitta-5-6b-bid-for-commanders-not-enough-to-get-deal-done\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/fertitta-5-6b-bid-for-commanders-not-enough-to-get-deal-done\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/fertitta-5-6b-bid-for-commanders-not-enough-to-get-deal-done\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/TF2-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/TF2-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"Tilman Fertitta in a 2020 interview. 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