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Group Bids $600 For Redskins

An unidentified group of investors has made the highest initial bid -- $600 million -- for the Washington Redskins, The Washington Post reported in Saturday's editions.

Meanwhile, bids by team president John Kent Cooke and Baltimore Orioles majority owner Peter Angelos are each less than $500 million and the lowest among the six or seven likely finalists chosen by trustees for the estate of the late Jack Kent Cooke, the newspaper reported.

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  • The newspaper reported that sources it did not identify said the list of finalists probably will include Cooke, the son of the late owner; a partnership between New York City real estate and banking scion Howard Milstein and Bethesda, Md., businessman Daniel M. Snyder; Fort Worth investor David Bonderman and Washington real estate magnate Ted Lerner; and Angelos and his investors.

    One or two additional investor groups have not been identified, including the one that made the $600 million offer for the team and 80,116-seat Jack Kent Cooke Stadium. Initial bids were accepted Monday.

    Norv Turner
    Norv Turner and the Redskins could soon be under new ownership. (AP)

    Two brothers who attended the University of Maryland in the late 1950s and went on to successful Hollywood business careers appear to be heading another effort to buy the team. Sources told the newspaper Tony and Ben Scotti are credible buyers and likely finalists.

    The Redskins have a cash flow of between $45 million ad $55 million before interest and taxes, which is among the highest in professional football, according to the team's sale documents.

    Trustees for the estate hope the team and stadium will sell for a combined $600 million or more, according to sources familiar with the trustees.

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