As reported by Chris Mortensen, the Raiders are attempting to sell 10 percent of the team to billionaire C. Dean Metropoulos. Metropoulos is the former CEO of Pinnacle foods. Also known as the syrup, pickles, and frozen foods company. He sold the company for $2 billion in 2007.
Paul Domowitch of the Philadelphia Daily News reported Metropoulos was reported seeking to buy the Jaguars last year, with the intention of moving the team to Los Angeles. Metropoulos also previously attempted to buy the Raiders according to Domowitch.
Al Davis recently sold a 20 percent minority stake of the team for $150 million. This portion of the team was previously owned by the family of Ed McGah. McGah helped Davis wrestle control of the team from Wayne Valley in the 1970s. This 20 percent was also what finally gave Al Davis majority ownership in the team in 2005.
According to the San Francisco Business Times, “Davis struck his deal with three East Coast businessmen: Paul Leff, founder of the Perry Corp. money management firm; Dan Goldring, managing director at Perry Corp; and David Abrams, director of the Abrams Capital investment firm.”
Metropoulos is in the acquisition business with his two sons, Evan and Darin.
The Oakland Raiders aren’t going to be an attractive business product until it has a stadium which can attract sponsors. Metropoulos’ reported aim to move the Jaguars to Los Angeles was more than likely a business decision. The Jaguars don’t have a large enough fan base in Jacksonville to make it profitable in the short term. There is no reason to believe Metropoulos wouldn’t first attempt to get a stadium built in the Bay Area. If that failed it would be reasonable to assume he might try and move the team to Los Angeles.
The deal breaker may be the purchase option on the Raiders within 3-5 years. Davis refuses to retire until he wins two more Super Bowls. Maybe Davis thinks the Raiders can win two Super Bowls in the next five seasons or maybe he is just willing to take a gamble with his health failing.