1. Ownership Restrictions

2. NFL Cross-Ownership Rule Key factual findings: 1) Growing inter-sport competition between football and soccer concerning TV and local live gate 2) Limited availability of investors 3) No evidence of "confidential" information or of abuse of position by cross-owners 4) rule overly restrictive

3. 2/ NASL v NFL Restraint of trade –Do you agree with 2 nd Circuit’s factual finding of a slim market for sports investors? Why do other NFL owners have a legitimate interest in approving sale of teams to new owners?

4. 3/ NASL v NFL NFL response to MLS – allowing owners to own MLS teams in own city but not someone else’s – further illustrates the antitrust complexities of the issue Why did the league create these exceptions? – Horizontal agreement to protect selves from competition –Vertical agreement to limit animosity and reprisals among ‘partners’ – ad hoc for Paul Allen

5. Ban on Public Stock Offering In what market does the NFL rule restrain trade? What is the effect on the rule on the price/ value of NFL stock?

6. /2 Sullivan Would corporate owners behave differently than family owners? In what ways? Are the NFL owners really concerned that co-owners are smart entrepreneurs committed to long-term success?

7. /3 Sullivan Parties agree that price for ownership interests is depressed, rather than artificially raised, by this rule –So why would owners adopt a rule that reduces the overall value of their franchise? According to the plaintiffs’ theory, who is harmed by the NFL rule?

8. Problems with 1 st Circuit’s Reasoning Court accepts NFL claim that its rule contributes to efficiency by precluding owners who will place short-term dividend interests of individual club s-holders instead of long-term interests of league [597] –but court still finds rule overbroad b/c NFL has a LRA: it could allow corporate minority ownership while protecting long-term interest by insisting on majority control by non-corporate owner Do you agree with this reasoning? In what market is trade restrained if league allows minority ownership? Real problem: unwillingness of league to get rid of incompetent owner, the way a separate competition organizer would if not controlled by the owners

9. Ironies in Sports Law Benefits to Steelers of going public

10. Who Should Own Sports Teams? Member-owned teams Capital investment or leveraged debt Refuse highest bid unless owner is civic-minded Member /private partnership