The head of Amazon.com (NASDAQ: AMZN) announced earlier this month that he would step away from the role of CEO of the company he founded. All eyes are on what could be next for Jeff Bezos and a report from Monday could indicate that the famed entrepreneur is taking on the role of NFL owner.
What happened: Bezos, he says, has explored an owner position on the NFL’s Washington Football Team Front Office Sport
Amazon’s current CEO is said to have held talks about buying a stake in the Washington DC team
Three minority owners of the Washington Football Team hired Moag & Co, a Baltimore-based sports investment bank, to investigate a sale. Bezos’s lawyer was in talks with Moag & Co., according to the report.
The current owner of Washington Football, Dan Snyder, has claimed there is an extortion campaign forcing him to sell the team. Snyder blocked the sale of an interest in the team by existing owners using his right of first refusal.
FedEx (NYSE: FDX) CEO Fred Smith is one of the owners of the Washington Football Team suing Snyder for blocking the sale.
In November 2019, CBS Sports reported Bezos was interested in buying a team and said he has “strong support within the league to eventually join them”.
Why It’s Important: Bezos has made several deals and purchases that point to Washington DC as a new prime location for the remarkable entrepreneur.
Bezos bought the Washington Post in 2013. Amazons’ second headquarters are located in Arlington, Virginia, near Washington DC. Bezos also bought a 27,000-square-foot mansion in Washington DC in 2016 and spent $ 12 million to renovate the house.
The Washington Football Team is ranked the eighth most valuable NFL team ForbesThe team is valued at $ 3.5 billion and has seen its value increase by 8% year on year in recent years.
The move to NFL team ownership comes as Amazon.com is pushing the rights to sports streaming and is considered one of the companies that will have a shot at NFL rights coming to market soon.
AMZN Prize Promotion: Shares of Amazon are down 2% on Monday to $ 3,180.74.
Photo credit: DoD by Senior Master Sgt. Adrian Cadiz (released) [Public domain]
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