Gayle Benson estate plan calls for sale of Saints with profits going to charity

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Tom Benson bought the Saints in 1985. After the death of his widow, the team will be sold.

Gayle Benson, 74, revealed her succession plan to New Orleans Times-Picayune. This is the sale of the saints, the money being donated to local charities.

“I can’t take it with me,” Gayle Benson told The Times-Picayune. “God gives us gifts, and it is a gift. I am a steward for this [organization]. And we help others with it. My wish is to disperse all the good and the gifts that God and Tom have given me to this city and this community.

Gayle Benson inherited the team after Tom Benson died in 2018.

Team leaders are reportedly working to make sure whoever the buyer is to keep the team in New Orleans. Much of that will depend on the Superdome lease, which currently runs until 2025. Ongoing negotiations could extend the lease to 2035, and possibly longer than that.

The NFL has already approved Ms. Benson’s succession plan, which must be updated annually. Ultimately, the owners will have to approve the buyer.

This is where it gets tricky. The good news is that over time the value of the team will increase and the selling price and product will increase accordingly. The less good news is that as the value of franchises increases, it will become increasingly difficult to find a qualified buyer. The qualified buyer may feel little or no guilt for eventually moving the team, given the billions that will be generated for local charities when purchasing the team. Likewise, a buyer who is committed to keeping the team in place may want to pay less for the team.

One strategy would be to identify a price based on team retention. The deal would also include a lump sum payment that the buyer or his successor would be required to pay if, for example, the team is moved within a certain number of years.