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KobeRe-Loaded
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Joined: 09 Dec 2003
Posts: 14944
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 Posted: Thu Aug 28, 2014 11:16 am Post subject: Did you know Jerry Jones |
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Almost bought the Chargers!?!?!
When hotel magnate Barron Hilton announced in 1966 that he was selling the AFL's San Diego Chargers, Jones, then 23, tried to buy the team -- with someone else's money. Hilton's asking price was $5.8 million. With far more chutzpah than cash, Jones managed to put together a group of wealthy investors (mostly bankers) who extended him a $1 million letter of credit to land a meeting with Hilton, who was stunned that a recent college graduate wanted to buy his team.
Jones had met with Kansas City Chiefs owner Lamar Hunt, who explained that, without substantial TV revenues, the league would continue to struggle in its bid to compete with the NFL. Still, Jones could have secured a 120-day option to purchase the Chargers, for $50,000.
So Jones told his father about his desire to roll the dice despite the grim financial prospects. "This is my lifelong dream," Jones told his father.
"You aren't old enough to have a lifelong dream," Pat Jones replied. He then explained to Jerry that the sale's massive debt would put him "behind the eight ball." Financial recovery would be nearly impossible.
"The truth is," Jones says now, "he talked me out of it."
Shortly after Jones withdrew his interest, the AFL announced it was merging with the NFL. Instantly, the Chargers' value nearly doubled to $12 million. It was a story Pat Jones would tell for the rest of his life: how he talked his son out of making $6 million.
http://espn.go.com/espn/feature/story/_/id/11420510/dallas-cowboys-owner-jerry-jones-wants-known-football-man
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lakersken80
Retired Number
Joined: 12 Aug 2009
Posts: 38789
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| Posted: Thu Aug 28, 2014 11:39 am Post subject: Re: Did you know Jerry Jones |
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| KobeRe-Loaded wrote: | Almost bought the Chargers!?!?!
When hotel magnate Barron Hilton announced in 1966 that he was selling the AFL's San Diego Chargers, Jones, then 23, tried to buy the team -- with someone else's money. Hilton's asking price was $5.8 million. With far more chutzpah than cash, Jones managed to put together a group of wealthy investors (mostly bankers) who extended him a $1 million letter of credit to land a meeting with Hilton, who was stunned that a recent college graduate wanted to buy his team.
Jones had met with Kansas City Chiefs owner Lamar Hunt, who explained that, without substantial TV revenues, the league would continue to struggle in its bid to compete with the NFL. Still, Jones could have secured a 120-day option to purchase the Chargers, for $50,000.
So Jones told his father about his desire to roll the dice despite the grim financial prospects. "This is my lifelong dream," Jones told his father.
"You aren't old enough to have a lifelong dream," Pat Jones replied. He then explained to Jerry that the sale's massive debt would put him "behind the eight ball." Financial recovery would be nearly impossible.
"The truth is," Jones says now, "he talked me out of it."
Shortly after Jones withdrew his interest, the AFL announced it was merging with the NFL. Instantly, the Chargers' value nearly doubled to $12 million. It was a story Pat Jones would tell for the rest of his life: how he talked his son out of making $6 million.
http://espn.go.com/espn/feature/story/_/id/11420510/dallas-cowboys-owner-jerry-jones-wants-known-football-man |
Forget Jerry Jones. What if the Hiltons had kept the Chargers in LA? Would their GM now be Paris Hilton?  |
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lakersken80
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Joined: 12 Aug 2009
Posts: 38789
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