The Texans recently avoided a family feud that possibly could have forced a sale of the team. Now, the team is taking steps to prevent it from happening again.
Via Ben Fischer of Sports Business Journal, owners are expected to vote on a proposal to make Texans CEO and chairman Cal McNair the principal owner of the team. He would replace his mother, Janice.
Late last year, Cal’s brother, Cary, attempted to have their mother declared legally incapacitated, paying the way for a guardian over her affairs, and potentially a sale of the team. Cary McNair has since dismissed the lawsuit.
After team founder Bob McNair died, controlling interest has been held by a family trust, which appoints the principal owner. Cal has been the day-to-day owner of the team since Bob’s passing.
As Fischer notes, the broader circumstances point to potential problems, at some point. With a trust owning the team, with Cal and Cary both on the trust’s board, and with Janice McNair 87 years old, things could eventually go in a direction that would necessitate a sale.
Bob McNair paid a $700 million expansion fee for the team that joined the NFL in 2002. Currently, the teams possibly could be sold for 10 times that, or more.
Amazon founder Jeff Bezos, by the way, was raised in Houston and Miami.