In 2016 per Comisso's testimony
Sorry for title edits. Updating as I go along with the released documents.
For some reason, Jon Patricof was involved.
Here is the term sheet in Patricof's email to O'BrienOkay, back to the Team News
That or a future rebranding of RB.How could the Cosmos be a competitor though ? Its not like they were ever getting into MLS.
Maybe SUM wanted to buy the rights to the Cosmos, just in case they wanted another NYC team in the future ?
How could the Cosmos be a competitor though ? Its not like they were ever getting into MLS.
Maybe SUM wanted to buy the rights to the Cosmos, just in case they wanted another NYC team in the future ?
SUM is awash in cash. The Cosmos brand still makes money (not the soccer team). The previous owners leveraged the brand name up and had $30 Million of debt. SUM was offering to buy the assets (not the debt). It was a good investment idea.
Still don't understand why Jon Patricof was involved
Exactly. They were swooping in on a dead carcass to buy the valuable assets. What they would have done with them is an open question. A USL affiliate for NYCFC? They might not have even had a specific idea in mind, they just knew they were valuable soccer assets and it is better to have them in the system than outside it.
That would have been my guess, shelf the name until you need it if CFG or Red Bull ever decide they want out and the new owners want a rebrand. Say what you will but the Cosmos name is still worth something to a new team.That or a future rebranding of RB.
MLS and SUM have made previous attempts at the Cosmos brands over the years. I know that they had discussion prior to 96' season, far too apart on price. Rumors that the Cosmos brand owner wanted cash, control, equity and everything just for the brand. MLS was offering a couple $mil.
The way I understand how SUM works, is that a handful of club officials throughout the league are assigned by committee to head the organization for a year or two at a time...Jon Patricoff may have been doing his term on the committee.