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Longtime AL team owner looking to sell


Dick Allen
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I wonder if some of this is due to the stadium fiasco that happened (which was probably what he wanted to finish before selling and now he's ready to do sooner). Either way - good intentions as an owner but I for one (as an Angel fan) look forward to a new owner, whose first order of business should be to rebrand them and remove any affiliation of LA from the team name.  

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14 minutes ago, Chisoxfn said:

I wonder if some of this is due to the stadium fiasco that happened (which was probably what he wanted to finish before selling and now he's ready to do sooner). Either way - good intentions as an owner but I for one (as an Angel fan) look forward to a new owner, whose first order of business should be to rebrand them and remove any affiliation of LA from the team name.  

Exactly, they're in a different county for cripes sake.

They should change their name to the Orange Crush.

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2 minutes ago, Leonard Zelig said:

Maybe someone will make JR an offer he can’t refuse. 

Not happening. He was offered twice by the guy who owns the South Bend Cubs (grew up a Sox fan) in 2008 and turned him down. To my knowledge that's the last time anyone approached him.

As JR himself has said he's keeping the team until he passes unless his health declines or unless he loses so much money it is not worthwhile anymore. As I've been told the capital gains tax hit if he were to sell would be tremendous given the value of the team today compared to 1981 when he bought it. However the estate tax which comes into play if his family sells the club isn't as bad.

Remember JR made his bones working for the IRS back in the day. He knows the tax laws.

 

 

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10 minutes ago, Lip Man 1 said:

Not happening. He was offered twice by the guy who owns the South Bend Cubs (grew up a Sox fan) in 2008 and turned him down. To my knowledge that's the last time anyone approached him.

As JR himself has said he's keeping the team until he passes unless his health declines or unless he loses so much money it is not worthwhile anymore. As I've been told the capital gains tax hit if he were to sell would be tremendous given the value of the team today compared to 1981 when he bought it. However the estate tax which comes into play if his family sells the club isn't as bad.

Remember JR made his bones working for the IRS back in the day. He knows the tax laws.

 

 

Never knew that he worked for the IRS, another reason to despise him.

Edited by The Mighty Mite
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1 minute ago, Lip Man 1 said:

Not happening. He was offered twice by the guy who owns the South Bend Cubs (grew up a Sox fan) in 2008 and turned him down. To my knowledge that's the last time anyone approached him.

As JR himself has said he's keeping the team until he passes unless his health declines or unless he loses so much money it is not worthwhile anymore. As I've been told the capital gains tax hit if he were to sell would be tremendous given the value of the team today compared to 1981 when he bought it. However the estate tax which comes into play if his family sells the club isn't as bad.

Remember JR made his bones working for the IRS back in the day. He knows the tax laws.

 

 

What is the difference between the two?  For example, the last valuation of the team was $1.76 billion.  Let's say they were to sell for $2 billion tomorrow.  One scenario is JR sells the team, the other is Michael sells the team after Jerry has already died at some point in the past.  What are the tax implications for both capital gains versus inheritance tax?

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3 minutes ago, The Mighty Mite said:

Never knew that he worked for the IRS, another reason to hate him.

He was a tax lawyer for the IRS. He made his money in real estate. Pretty much taking advantage of laws and loopholes he knew about.

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9 minutes ago, Lip Man 1 said:

Not happening. He was offered twice by the guy who owns the South Bend Cubs (grew up a Sox fan) in 2008 and turned him down. To my knowledge that's the last time anyone approached him.

As JR himself has said he's keeping the team until he passes unless his health declines or unless he loses so much money it is not worthwhile anymore. As I've been told the capital gains tax hit if he were to sell would be tremendous given the value of the team today compared to 1981 when he bought it. However the estate tax which comes into play if his family sells the club isn't as bad.

Remember JR made his bones working for the IRS back in the day. He knows the tax laws.

 

 

I hope the fans stop supporting this organization with their hard earned dollars until JR loses so much money it's not worthwhile anymore.  Maybe Arte Moreno could buy the Sox then.

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3 hours ago, Dick Allen said:

Don't get your hopes up. It's Arte Moreno.

If you listened to Josh Nelson after the game yesterday on Twitter live, his sources were saying the same thing to him about Jerry after 2023

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1 minute ago, Kyyle23 said:

If you listened to Josh Nelson after the game yesterday on Twitter live, his sources were saying the same thing to him about Jerry after 2023

It’s what Eloy vs Wall tweeted the other day. One more year for Tony and Jerry.

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11 minutes ago, fathom said:

It’s what Eloy vs Wall tweeted the other day. One more year for Tony and Jerry.

BARF

Which means one more year of my interest and my dollars spent waning.  They just keep making it easier to hate everything about something you once loved...

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1 minute ago, JoshPR said:

If Tony was such a dear friend to Jerry as Jerry is to him he would Fucking step down... And advice his pal to let his baseball people run the show

He’s a narcissist. I’m sure he thinks he’s the best option.

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