Economy keeping King Carl out of Miami

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From NFL.com


ADAM SCHEFTER
Economy keeping Parcells in Miami
Posted: January 6th, 2009 | Adam Schefter | Tags: Bill Parcells, Carl Peterson, Stephen M. Ross, Wayne Huizenga
Dolphins owner Wayne Huizenga delivered the news last weekend that Miami’s executive vice president-football operations Bill Parcells will return to Miami next season.
But as is often the case, there’s a story behind the story.
One of the main reasons, if not the main reason, that Parcells will return next season is because Miami’s other owner, Stephen M. Ross, has had problems financing the money he needs to purchase the majority interest of the Dolphins, according to multiple sources.
Everyone around the league thought the deal would be done by now, but it’s not. Everyone keeps saying the sale from Huizenga to Ross is imminent, but it’s not, at least not according to the sources. The economy has affected everyone, including Ross. A man valued at a reported $3 billion cannot get financing for the approximate $500 million he needs to purchase the majority interest of the Dolphins.
If that’s not an advertisement of how tough these economic times are, nothing is.
Keep in mind, Parcells cannot opt out of his contract unless Ross becomes the majority owner. And Ross cannot become the majority owner without proper financing. Thus, Huizenga spoke for Parcells — something few rarely do – when he announced that he will be back with the Dolphins next season. And the longer it takes Ross to get that financing, the more the chances are enhanced that Parcells will stick around Miami.
But this is not the way that anyone in Miami’s hierarchy expected the situation to evolve, Ross and Huizenga most of all.
Had Ross been able to purchase the majority interest of the Dolphins, then Parcells could have opted out of his contract, and very well might have. But banks essentially, and indirectly, blocked Parcells opt-out clause.
Had Ross purchased the majority interest of the Dolphins, then it is possible he would have added former Chiefs president Carl Peterson, who attended Sunday’s game as Ross’ guest. But Peterson remains deactivated due to the financial times in which we now live.
Basically, the economy has tackled Ross, Huizenga, Parcells and Peterson, all in one shot.