If you are a pro football fan you know that Al Davis was NFL royalty in spite of controversies that often swirled around him. In the world of sports there is the ongoing debate about whether or not athletes should be role models. Where you land on that is a matter of personal opinion. Regardless, Al Davis made his philosophy clear through that famed phrase that he coined that he will always be remembered by: “Just win, baby.”
Davis presided over considerable NFL success to be sure. After the merger of the AFL and NFL the Raiders took home four AFC titles and went on to win the granddaddy of them all, the Super Bowl, in three of those campaigns. Davis watched superstars such as Marcus Allen, Howie Long, Jim Plunkett, Ken Stabler and George Blanda lead the Raiders to victory. He was afforded the ultimate sign of respect when he was inducted into the Pro Football Hall of Fame in 1992.
Al Davis died at 82 early in October of this year. At the time of his death he owned 47% of the Raiders according to estimates. The team is valued at $761 million by Forbes. He sold 20% of his ownership stake just a few years ago so his estate presumably included the proceeds as well as his existing share. All of this would potentially be subject to a 35% estate tax if Davis did not plan ahead intelligently. For this reason people speculated about whether or not the team would remain in the Davis family after Al’s death.
Reports being provided by the San Francisco Chronicle and NBC News confirm that sources close to the matter are stating that the team will indeed be run by Al Davis’ wife Carol and his only child, Mark. Given the obvious love that Davis had for the Raiders many people are glad to see that the team will remain in his family.
If you are a business owner and you would like to see your business remain in the family, take a moment to pick up the phone and arrange for a consultation with an estate planning attorney who has a history of success assisting clients with business succession planning.