In another recent high-profile divorce to hit the news, the owners of the Philadelphia Eagles football team have recently announced their pending divorce.
Obvious concerns have been raised about how the property division in this divorce will impact the couple’s biggest asset, the team — considering what happened with the divorce of Frank and Jamie McCourt, former owners of the Los Angeles Dodgers. For now, the Eagles owners say that they remain close friends, and that the ownership and operation of the team will remain unchanged.
However, that is similar to what the McCourts said about their pending divorce back in 2009. What started out with statements about the team being unaffected ended with the MLB takeover of the franchise and its pending sale for a record-setting $2 billion.
“There’s a broad spectrum of possibilities,” said one sports business expert. “At one end, there can be an amicable divorce where there is a settlement and no major impact on the team.
“At the other end, the team becomes a contested part of the divorce, there is a battle for control, or Jeff has to sell in order to raise cash for the settlement. That would be doomsday.”
Some factors that could affect the division of property — including the Eagles — during the divorce include:
- Whether there is a prenuptial or postnuptial agreement in place
- Whether the team is held in only one or both of their names
- Whether the divorcing parties can agree to continue to own this asset together
The couple appears to be on good terms, which may bode well for their future and the future of the team during their divorce proceeding. Certainly in Illinois remaining amicable can be difficult, especially when substantial assets are involved in a complex high-asset divorce such as in this case. However, remaining open to all of the possible outcomes can go a long way towards helping the family and others cope with the decisions that will be made during the divorce process.
Source: The Sacramento Bee, “Phil Sheridan: Eagles’ Lurie taking steps to avoid McCourt imbroglio with divorce,” Phil Sheridan, July 5, 2012