Haslam $4 Billion in Debt

[vmax]

Browns fans got to wake up and read this with their morning cup of coffee...

 

 

 

....

More from the Plain Dealer:

 

 

But of even more concern about Haslam's future with the Browns was contained in a story in Tuesday's Wall Street Journal:

"The company's debt nearly doubled to $4 billion in a two-year period through last year, as its owners paid themselves two payments totaling $1.7 billion from it, according to Moody's.

"Last year, Pilot issued $1.1 billion of the debt -- largely to fund the second one, a dividend for $700 million, according to S&P. That was partly so Jimmy could buy the Cleveland Browns."

So Pilot Flying J was $4 billion in debt before the FBI raid?

Apparently so.

We don't know yet if Haslam knew about this alleged fraud -- he said he didn't, but the continued tally of those executives who are pleading guilty make his arguments a little tougher to take -- but you can be sure that if he is implicated, his tenure as an NFL owner will be very short indeed.

http://www.cbssports.com/nfl/blog/eye-on-football/22596946/report-haslams-pilot-flying-j-4-billion-in-debt-credit-rating-hurt

 

Here's the Cleveland Pain Dealer article...

http://www.cleveland.com/pluto/index.ssf/2013/06/trouble_never_seems_to_end_for.html

 

 

 

[papasmurfbell]

How in the hell did teh league while going through his books did they let him buy the team.

[OutsideRzAcE]

Yea someone didn't do their homework.