St. Louis Rams have been sold

[40yearfan]

Proposed Rams buyer has had IRS issues

Posted by Mike Florio on February 11, 2010 3:32 PM ET


The mere fact that Rams owners Chip Rosenbloom and Lucia Rodriguez have found a buyer for 60 percent of the franchise doesn't mean that the proposed buyer ultimately will acquire control of the team. Ultimately, 24 of the league's 32 owners must approve the transaction.

And there's already cause for concern regarding the viability of Shahid Khan's bid.

Howard Balzer of GlobeDemocrat.com reports that Khan and his wife have been investigated by the IRS for allegedly sheltering "hundreds of millions of dollars" from income taxes.

Last year, Khan and his wife reportedly paid roughly $68 million to resolve the claims, and the couple has since filed two lawsuits claiming that they were misled by financial advisers regarding the tax shelters.

As Balzer points out, legal proceedings in the cases will occur on March 23, just as owners are convening in Orlando for their annual meetings.

The impact, if any, on the approval process isn't known. But it's safe to say that the league will look closely into the situation before giving the green light to the transaction.

$68 million on a tax claim? Wonder what their overall IRS tax really was?

 

[Cards Czar]

Howard Balzer of GlobeDemocrat.com??? There is no such thing as the Globe Democrate anymore. May they ment the StL Post.

 

[moklerman]

I believe they owed $85M and settled for $68M.

The eyebrows being raised are because they paid their accountant $8M to do all of this money sheltering. If he was on the up and up, and they weren't knowingly doing anything wrong, there's no way he should have got $8M.

Goldman-Sachs has apparently given them the green light though so it would seem that they are good enough.

 

[cardsfanmd]

Ravens v Steelers is one of the NFL's best rivalries. No way they get rid of it.

 

[Cardsfanstl]

Great news for us old time Football Cardinal fans in the midwest. Rams stay in StL so we can attend our yearly game.