NFL Takes Control of Patriots
The NFL has taken control of the New England Patriots for 30 days, allowing owner Victor Kiam time to make a $38-million payment to buy out minority owner Fran Murray, an attorney for Murray, Robert Popeo, said Monday.
Kiam owns 51% of the team and Murray 49%.
Popeo said the unusual move gives the league full control over the operation of the team, adding: “The team will function normally. There will be no changes that will be apparent to anyone.”
Kiam missed an Oct. 10 deadline to buy out Murray. Under terms of an agreement made three years ago, Murray was to gain control if Kiam could not meet the deadline.
“In effect, by having the controlling interest transferred, Mr. Murray has accomplished everything he needs to accomplish without litigation,” Popeo said.
If Kiam fails to make the lump-sum payment after 30 days, Murray becomes the Patriots’ general managing partner and can sell the team or keep it. In the meantime, Popeo said, additional negotiations are expected.
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