Pro Football Hall of Famer Charles Woodson owns a successful winery and now wants to invest in the Cleveland Browns. (Intercept Wines)
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Editor's note: Tony Grossi is an analyst of the Cleveland Browns for TheLandOnDemand.com and 850 ESPN Cleveland. He has covered the Browns since 1984.
Takeaways from Browns news and notes …
The tiny stake in the Browns franchise reportedly being sold to Pro Football Hall of Famer Charles Woodson is not for the intent of raising capital for the Haslam Sports Group’s Brook Park covered stadium project and adjacent mixed-use development, according to a league source.
Diane Russini of The Athletic reported that Woodson would purchase a .1 percent stake in the franchise, pending approval of the NFL and with certain contingencies.
The Browns were valued at $5.15 billion in August by Forbes. Jimmy and Dee Haslam purchased the Browns from the Al Lerner Family in 2012 for a reported $1.005 billion. Forbes lists the purchase price at $987 million.
Woodson’s investment would come to about $5.15 million based on the most recent Forbes valuation.
Several team owners recently have raised capital by taking advantage of new ownership rules and selling up to 10 percent of equity in their teams to venture capital firms.
This transaction doesn’t fall into that category.
According to a source, the league office has encouraged teams to sell small percentages to former players interested in re-investing in the league.
Former Patriots quarterback Tom Brady recently purchased a 10 percent stake in the Las Vegas Raiders. Former Giants Michael Strahan and Eli Manning reportedly are heading separate investment groups seeking a 10 percent stake in the New York Giants.
At the NFL annual meeting in late March, Jimmy Haslam was asked by TheLandOnDemand if he would consider selling 10 percent of the franchise to raise funds for his stadium/development project.
“We don't have any plans to do that right now,” Haslam said.
Why not? What’s the downside?
“Well, you’re taking on a partner, and how’s that work out?” he responded. “So we have no plans to sell any stock in the Browns any time soon.”
It turns out this prospective deal with Woodson was already in the works.
Forbes’ valuation of $5.15 billion represented 11 percent growth over 2023. Forbes estimated the Browns’ valuation has had an annualized growth of 15 percent since the Haslams’ purchase.
Woodson is getting in at the right time. His small investment is sure to see exponential growth upon the completion of the Brook Park covered stadium project.
According to Russini, Woodson’s purchase would be contingent “upon Woodson agreeing to similar broadcasting restrictions to Raiders owner Tom Brady and removing his name, image and likeness from businesses he is involved in.”
Woodson, 48, a native of Fremont, OH, is a college football analyst for FOX.
In 2005, he partnered with a Napa Valley winemaker to develop a signature wine label named “Twentyfour by Charles Woodson.” He since added a label called Intercept. Charles Woodson's Wines is based in Napa, CA.
The Browns have not commented on the potential transaction. It has to be approved by NFL owners.
With or without you
The Browns have informed Chris Ronayne, Cuyahoga County executive director, that they are moving forward on their Brook Park stadium project with or without the county’s blessing.
Ronayne has joined Cleveland Mayor Justin Bibb in opposing the project, which includes a privately funded $800 million+ mixed-use development adjacent to the stadium. (This has been scaled back from $1.2 billion.)
On Thursday, Dave Jenkins, COO of HSG and the Browns, sent a letter to Ronayne detailing the project’s advantages to the Northeast Ohio region.
In part, the letter stated:
“It is truly disheartening to see you, as County Executive, actively work against a potential $600 million investment from the State that would be paired with $2 billion+ in private investment for an unprecedented $3 billion+ economic development project centrally located in Cuyahoga County. These are the types of inexplicable decisions that keep the Greater Cleveland region from thriving, while other regions like Columbus and Cincinnati continue to grow and evolve.
“With any opportunity of this magnitude, it is critical to make decisions based on facts, not emotion, nostalgia or politics. A renovation is a short-term solution that only kicks the can down the road, does not create substantial economic development and impedes lakefront transformation that this region and its residents deserve.
“To further clear up misinformation, while we have not given up on our elusive goal of local unity, and the upside for the public is far greater with the County’s partnership, we remain undeterred and are not relying on the County’s participation to execute this project.”