Turned Away at the NFL's Door
WASHINGTON: Howard Milstein just wants a place at the table. But the guys
who own the furniture keep moving it. Milstein, a billionaire
real estate developer, and his partners have offered $800
million to buy the National Football League's Washington
Redskins franchise. The bid was not only $200 million better
than anyone else's, it would be the largest price ever for a
North American sports team. Still, the NFL owners don't seem to
want Milstein's money. Although Milstein says he has
restructured the financing to meet league guidelines, sources
say the offer is too highly leveraged. It's an ironic argument
from a group of older white men who mainly got their teams for a
song way back when or had them passed down from Daddy. There is
also Milstein's "combative" style -- but again, that hasn't
disqualified others. Sports-industry experts say the unspoken
factor is that Milstein is seen as an interloper in this genteel
men's club. "For some of these owners, Milstein is one
generation removed from a tailor," says a former NFL executive.
There is a handful of Jewish owners in the NFL, but the Old
Guard still controls the door. "Before they let Milstein sit in
on the most exclusive club in America, they make sure he is the
right kind of guy," says the executive. "For the owners,
Milstein apparently isn't."