^ Well, one could argue that Paul Allen is Jody Allen's sugar daddy. Creepy, perhaps, but not far from the truth.
Jody isn’t selling the team until she’s dying. She likes this shit a lot by the looks of it. She’s found a way to let a trust own the team even though the NBA has said that a team in a trust has to be sold in a “reasonable” time. For it to be almost 10 years she’s clearly found a way to get past that stipulation.
Yeah I'm wondering what happens to the trust when Jody dies? Whoever is the manager might just want to hold onto the team same as her. That person gets nothing from the proceeds of a sale but gets many of the benefits of being an owner.
In Washington State, a family trust's lifespan is generally limited to 21 years after the death of the last identifiable individual with an interest in the trust at the time of its creation, though dynasty trusts can last for 150 years. Here's a more detailed breakdown: General Rule: Washington law generally prevents a private trust from continuing longer than 21 years after the death of the last living person with an interest in the trust at its creation. Charitable Trusts: Charitable trusts can continue indefinitely. Dynasty Trusts: These trusts, designed to benefit multiple generations, can remain in existence for 150 years. Trust Termination: Trusts typically end when the settlor dies or when one of the beneficiaries dies, or after a certain period or event, as outlined in the trust document. Revocable Living Trusts: These trusts are active as soon as they are created and can be altered, changed, or eliminated completely during the trustor's lifetime. Distribution of Assets: After a trust's termination, the trustee distributes the assets according to the terms of the trust document. QTIP Trust: A Qualified Terminable Interest Property (QTIP) Trust ensures the surviving spouse receives income for life while preserving the principal for the beneficiaries designated by the first spouse.
If Im Phil Knight (I'm probably wondering why Im chatting on a message board with a bunch of nerds) I'm calling up the Blazers and saying "ok, 5 billion".
He should have offered 3 to 3.5 billion two years ago. Instead he reportedly lowballed for something in the 2's.
If I'm Phil Knight I would buy the Moda and MC from the city of Portland for $20 million so I'm in control of where the Blazers currently play and all future developments on that land. It would be a move similar to how Robert Kraft ended up owning the Patriots.
What I don’t get is if he’s that serious give her a new record deal. What does it matter he’s going be dead soon, plus everybody knows these teams jump in value like crazy every year. In 10 years it’ll be worth 10B minimum
So it can continue for 21 years after Jody death? I believe I looked some of this up in another thread a year or two ago (I'm a CPA) and a trust can actually legally go as long as people controlling it want it to go it just loses some tax benefits after those 21 year type of periods.
I think the takeaway years ago was also that we don't know what the trust formation document exactly says. So it's kind of unknown exactly what type of trust it is, what jurisdiction and laws apply to it, and how Jody or others have or can change it.
I wonder if Jensen Huang would want to diversify and buy the Blazers. He seems to love Oregon State (just not necessarily for sports), but I know he does donate lots of money there. He spoke at my graduation. He met his wife at OSU. He also was present at the All Star Game this year. https://techsummit.nba.com/
Has triple the net worth of Phil Knight and in his 60s instead of 90. Sounds like there is also bad blood between the Knight and Allen camps.
I thought Adam Silver said it is reasonable for an estate like Paul Allen's to take decades to settle... So I guess...
This explains everything…..”the land UNDER the arena” MODA was built on an ancient burial ground like POLTERGEIST FAMS!
