How Can You Own 49% of a Team and not pay any of the Bills?

Everone is pissed at Bernie but he only owns 51%, should he be expected to pay for the entire 06 season by himself?

IIt's my understanding, that Bernie's stake in the Renegades increases as he pays the bills. If the status quo stands, in time he'll own the team outright.

Bernie made the mistake by hiring is idiotic son, why should Bill Smith have to pay for that mistake. Bernie created the mistake he should be man enough to pay for his mistakes and let Bill run the team.

No question that anyone that hired Lonie should take the blame, son or no son. Can't believe that someone as intelligent, supposedly, as Bernie would have done this.

  1. Earl, it's not about intelligence. It's called fatherly love.

  2. Ottawagades, when you are in business, you have to live with the mistakes made by the majority. In this case, the fact that Bernie made mistake do not mean Smith can avoid paying for such mistakes.

  3. However, it is true that I read Smith sign a deal with Bernie that allowed him not to pay his full share of the loss in return for a diluted ownership.

  4. I believe the most stupid man in this story is Smith. What was the point of buying 49% of the shares and leaving the rest to one of the most unsuccesful CFL owner of all time. Bill should have invested just a bit more to get another 2%. Bernie would have gotten 40% and Smith could have avoid the recent months' circus. That 2% of the shares would have cost way less than what he'll have to pay up now.

Maybe Smith just didn’t want to me “the main man”, I don’t know.

I suspect that the Glebs wanted to be majority owners, can't see them being "silent partners". Still as pointed out by Third, why would Smith venture into a parnership with the Gliebs. It's also funny to see how the Ottawa Sun has flipped on this issue, while the team was looking for new owners, they were always backing the Gliebs. Fault actually lies with the Board of Govenors, who allowed the sale. Then again, if no one else was interested, it was that or fold the team,,, again.

I'll answer this thread simply here. They made a deal and Glieberman accepted. Now he's renaging on the deal.

ABC nailed it.
The initial agreement was for Bernie to cover the expenses for the first two was no object, as he was investing in this for tax reasons.

In other words, alot of 'Big talk' up front, and breaking his word later....again.