| Confirmation
Received If we ever needed
confirmation that we are on the right track with the FAIR (FraserNet Athlete Initiative
for Reform) initiative, consider that former San Francisco 49ers owner Edward
DeBartolo Jr. is getting back into the business of professional football through
his acquisition of Cindrich & Co., the NFL player representation firm of Ralph
Cindrich in a 7-figure deal. Ranked No. 242 on Forbes list of the 400 wealthiest
Americans, with an estimated net worth of $1.5 billion, acquisition of the Cindrich
firm is part of DeBartolo Sports and Entertainment’s plan to build a larger
firm in multiple sports as well as a marketing arm to service athletes and consult
with corporations. DeBartolo gave up control
of the 49ers in 1999 as part of a settlement with his sister, Denise DeBartolo
York, after he was suspended for a year by the NFL for his part in a Louisiana
gambling and bribery case. DeBartolo pleaded guilty to failing to report and extortion,
a felony, in 1998. DeBartolo represents the first former NFL team owner to cross
over to the player side of the bargaining table. Expect
DeBartolo to leverage his cash flow…as part of the deal with his sister
dividing the assets of the family company, the DeBartolo Corp., DeBartolo’s
sister gained control of the 49ers, while DeBartolo ended up with the real estate
assets of the corporation which he merged with the Simon Property Group, owners
of the Indiana Pacers…and his relationship with past greats such as Joe
Montana and Roger Craig…to attract players who will be convinced that somehow
DeBartolo’s fame and wealth will be used to make life better for players.
DeBartolo has set the stage for such a push by stating that “I would rather
work for players now…to better their lives and have our people working with
them and trying to do deals, no matter what the sport.” In
my humble opinion, a guy worth $1.5 billion is joining the fray because of the
$250 billion in sports industry revenue generated each year on the back of the
Black athlete. Having seen first hand the lack of sophistication on the part of
player agents during his tenure as owner of the 49ers, and witnessing first hand
guys retiring to bankruptcy, unemployment and divorce, I suspect DeBartolo sees
an opportunity too good to pass up when you consider the impressionable nature
of athletes and their families and DeBartolo’s free-spending way.
If you have questions or require additional information, please
contact Everett L. Glenn, Esq. at eglenn@espsportslawpro.com
or call 562.619.8460.
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