Like other professional sports leagues the NFL has tight restrictions on who can own a franchise. It is important to the league that ownership be financially stable enough to not put the team in jeopardy. For this reason the current ownership situation of the Tennessee Titans is causing some consternation.
A lack of succession planning has left the team under the ownership of the multiple heirs of the team’s founder and there is concern that the team might have to be sold.
The Titans are not the only franchise the league is concerned about. The Detroit Lions might also be problematic.
It had long been assumed that when owner William Clay Ford Sr. passed away, control of the team would pass to his son. However, his wife assumed control of the team instead. As she is 90 years old, some people are worried about who will follow her and assume control of the team.
The Lions say there is a succession plan in place, but they are not telling anyone what that plan is.
NBC Sports reported this story in "Lions say Ford family has a succession plan in place."
Most experts believe that for a succession plan to succeed it is important to make it known to heirs and key employees before the current owner passes away. Doing so helps ensure a smooth transfer of power as the designated heir can start taking over while the current owner is alive and able to offer assistance.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: NBC Sports (Feb. 21, 2016) "Lions say Ford family has a succession plan in place."