Todd Graves finally spoke into existence a hypothetical many New Orleans Saints fans have pondered in recent years.
Yes, in fact, he would love to one day own the Saints.
Speaking to TMZ Sports, the Raising Canes co-founder acknowledged that he’d like to own an NFL team and said the Saints would obviously “make sense” because of his local ties and budding friendship with Gayle Benson.
Predictably, Graves’ comments caused a stir. He prefers to keep a low profile, so it was unusual to hear him publicly address the issue of potential NFL ownership. He likes and respects Benson and the last thing he would want is to be seen as some kind of stalking horse to her ownership. After all, she and her trustees will determine who becomes the next owner.
And that scenario is likely to be a ways off.
At 79, Benson isn’t going anywhere anytime soon. She remains in good health and keeps herself in great shape with daily workouts.
“The teams are not for sale -- that's in capital letters,” she said during our interview in November. “I get tired of people asking me (if they're for sale). I'm going to turn 79 in January, but I'm pretty healthy. I hear that people want to talk to me about buying the team. I'm like, well, that's a waste of my time. That's not going to happen.”
And that’s a good thing. The Pelicans and Saints have not had as much success on the court and field as she’d like, but she’s been a terrific steward of the teams for the city and state. She understands the responsibility of her position and, above all, is loyal to New Orleans. She has spent much of her recent tenure trying to secure successful futures for both teams in the state.
As we all know, though, Father Time is undefeated. Eventually she will have to sell the teams, as stated in Tom Benson’s succession plan.
When that happens, Graves will certainly be a strong candidate.
He checks every box:
He’s local. A native New Orleanian, he was raised in Baton Rouge and has spent his entire life in Louisiana with the exception of his college years at Georgia.
He’s viable. Forbes recently listed his net worth at $22 billion, which makes him the wealthiest person in the state and one of the wealthiest in the country. He’s more than qualified to buy an NFL team.
He cares. Through his various donations and sponsorships of local sports teams and events, particularly LSU, he has shown a commitment to strengthening the local community and sports scene.
And he seemingly has the league’s endorsement. Rest assured, he’s on the NFL’s radar.
Graves gained bona fides by donating to several important causes at Super Bowl LIX. It wasn’t an accident that he served as the grand marshal of the NFL’s Super Bowl parade and co-hosted a fireside chat for the Manning Family Children’s Hospital event.
When the time comes, Graves will be well positioned to become the fourth owner in Saints franchise history. But he’s far from a shoo-in. The competition will be fierce. There are only 32 NFL clubs, and they are incredibly valuable assets.
The Seattle Seahawks recently went up for sale, and industry experts expect the team to sell for $7 billion to $10 billion. The final sale price is projected to exceed the $6.05 billion paid for the Washington Commanders in 2023.
With such skyrocketing valuations, NFL teams, including the Saints, are approached regularly by vetted investors interested in buying their teams or pieces of them.
The NFL has strict guidelines for ownership transfers. Prospective owners can form groups with up to 25 total partners, but the league requires the principal owner to hold at least 30% of the total equity of the team’s value. With teams selling for $6 billion and maybe more soon, that would mean $1.8 billion or more in cash. This stipulation alone limits the candidate pool to a privileged few.
While the Benson trustees will have a fiduciary duty to the beneficiaries of the trust, they don’t necessarily have to go with the highest bidder. Trustees can argue that a slightly lower bid is “better” if the bidder has more liquid capital, a cleaner background for NFL vetting or a better plan for the team's long-term stability -- all of which protect the trust's assets.
Because the NFL is a private entity and requires the approval of at least 24 of the 32 NFL team owners (a three-fourths majority) for any ownership change, fit is critically important. If the owners don't like a specific person -- regardless of how much money they have -- the trustees can’t force the sale. Consequently, trustees usually only present a buyer they know the league will ratify. And Graves, by all accounts, would qualify.
No, the question on Graves isn’t whether he would be a good owner for the Saints or another NFL team. By all accounts, he would.
The better question is will he eventually become the Saints owner?
That answer remains to be seen -- and is a long way off.