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Jets sold to Johnson for $635 million
Posted: Tuesday January 11, 2000 05:23 PM
NEW YORK (AP) -- The New York Jets were sold today to Robert Wood Johnson IV, heir to the Johnson & Johnson pharmaceutical empire, for nearly $635 million, pending league approval. The bid was unanimously approved by the league's finance committee. An owners meeting is scheduled for next Tuesday in New York; 24 of the NFL's 31 owners must approve the sale. Johnson's bid was the only one presented to the eight-member finance committee by the estate of late owner Leon Hess. The estate had selected Johnson's bid over a similar one from Cablevision chairman Charles Dolan. The decision is an important first step in stabilizing a franchise in disarray. Bill Parcells resigned as coach on Jan. 3. Then Bill Belichick, his handpicked successor, quit the next day, leaving the team without a coach and its ownership up for grabs. Parcells didn't have much to say about the deal. In a statement, he said only that he was looking forward to meeting Johnson. The price is the third-highest for an NFL club following $800 million for the Washington Redskins and $700 million for the expansion Houston team. Johnson can't conduct any team business until he is approved by the league. But he will be allowed to consult with Parcells, the Jets' chief of football operations, about hiring a coach. Until Johnson is approved as the new owner, John Hess, the son of Leon Hess, and Jets president Steve Gutman will continue to run the team. Parcells remains in charge of all football decisions. "The late Leon Hess was the proud owner of the Jets since 1963," the Jets said in a statement. "He had a special love for the team and its many loyal fans. The Hess family will remain strong supporters of the Jets and wish Mr. Johnson, Bill Parcells and the entire Jets organization and players every success in the future." The sale at first was expected to be completed by mid-December for about $500 million. At one point, Dolan's offer exceeded Johnson's by $25 million. But Johnson increased his bid and apparently got some help from lobbying by other NFL owners. Johnson had the support of a growing group of owners who preferred to avoid Dolan, whose company owns the New York Rangers and Knicks and Madison Square Garden. Al Lerner, who beat out Dolan to buy the expansion Cleveland Browns two years ago, reportedly led a move to block Dolan from acquiring the Jets. In addition to the sale, the team was dealing with a grievance Belichick filed with the NFL. After the Jets responded to the grievance, commissioner Paul Tagliabue set a hearing in New York for Thursday to discuss Belichick's contract status. A solution most likely will not happen until next week, at the earliest. Belichick's agent claims the deal, signed by his client in 1997 when both Belichick and Parcells left New England for New York, kept Belichick from negotiating with other teams. The Patriots sought permission to speak with Belichick during the last week of the regular season. Parcells abruptly quit, automatically promoting Belichick and making him unavailable to other teams because he was now the Jets' head coach. Belichick is seeking to discuss the vacant Patriots' coaching position with New England, which probably would owe the Jets compensation if Belichick is allowed to go there. Coincidentally, the Jets gave up four draft picks to free Parcells from New England in '97. Also, coincidentally, Patriots owner Robert Kraft is the chairman of the NFL's finance committee.
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