HONOLULU -- The Dallas Cowboys were sold Monday for the largest price ever paid for a sports franchise -- an estimated $80 million -- to an 11-man limited partnership headed by Texas oilman H.R. 'Bum' Bright, bringing to an end a pro football era.
Bright, the senior partner in Bright and Co., will be the general partner of the club while owning 17 percent and Tex Schramm, the current general manager, will be named managing partner and will continue to run the club the same way he did under Clint Murchison since the team was founded in 1960.
Ed Smith Jr., of Houston and J.L. Williams of Dallas each own 15 percent while George M. Underwood Jr., of Dallas will own 10 percent and his son George M. Underwood III will own 5 percent.
Bright did not specify the percentages owned by the other general partners, who are L. Brad Camp of Dallas, Craig Hall of Dallas, J.L. Huffines Jr., of Dallas, Arthur Temple of Diboli, Texas, and S. Foster Yancey Jr., of Dallas.
The NHL has a provision specifying that each team must have a 51 percent owner, but the league waived the provision while approving this sale at the league meetings which began Monday.
Bright said that Schramm would have more power as a managing partner of a limited partnership than the chief operating officer in many corporations with 51 percent control have.
Bright refused to give any financial figures but it is believed the Cowboys were sold for $60 million with the other $20 million coming for the right to run the lease at Texas Stadium in Irving, Texas.
The group is expected to build more luxury boxes at Texas Stadium to recoup some of their investment.
Bright said that there will be no difference in the way the Cowboys would be run under him than the way Murchison directed the club. Murchison was noted for staying in the background and letting Schramm run the team. Tom Landry, the only coach the team has ever had, has one year on his contract and will remain as coach.
'If you think Clint Murchison was an invisible owner, you will be shocked at me,' Bright said. 'I will be more invisible than he was.'
Bright said he would not interfere with the way the club is run.
'It's like owning a good piece of art,' he said. 'You don't have to paint it to enjoy it.'
Bright, who is involved in bringing Jackie Sherrill to Texas A&M from the University of Pittsburgh with a multi-million dollar contract, said he would not be directly involved in the team's operation.
'Tex will run the club,' he said. 'You will not notice a change. It would be ludicrous for any one to think they could add to Tex's direction.'
When Bright would ask what he would do if the Cowboys failed to make the playoffs next year, he said 'I'd be disappointed.'
Schramm then cut in and said, 'I'd be more disappointed than he would.'
Bright then finished his statement by saying, 'That (the cowboys' failing to make the playoffs) would not make me think I was an oracle.'
Bright said the other limited partners will be as invisible as himself.
'Their role is to furnish me with money when I call for it,' he said. 'The failure to do so gives me to right to drop the hammer on the heads.'
Bright said he was interested in buying the Cowboys because they were 'the premier franchise in the premier locale.'
Under the direction of Murchison and Schramm, the Cowboys have had a record 18 straight winning seasons and have made the playoffs in 17 of those years. That record and the lucrative television contract are the main reasons why the Cowboys were considered to be worth $60 million.
The last time a franchise changed hands in the NFL was four years ago when Edgar Keiser bought the Denver Broncos for an estimated $30 to $35 million.
When Murchison named Schramm to run the club, Schramm hired Landry as head coach and Gil Brandt as chief scout. Those three men have been together ever since and apparently will continue their relationship in the Bright regime.
But the Cowboys are at a crossroads after losing their final three games of last season. Bright is confident that they will bounce back next year.
'They always have,' he said.
Bright, the senior partner in Bright and Co., will be the general partner of the club while owning 17 percent and Tex Schramm, the current general manager, will be named managing partner and will continue to run the club the same way he did under Clint Murchison since the team was founded in 1960.
Ed Smith Jr., of Houston and J.L. Williams of Dallas each own 15 percent while George M. Underwood Jr., of Dallas will own 10 percent and his son George M. Underwood III will own 5 percent.
Bright did not specify the percentages owned by the other general partners, who are L. Brad Camp of Dallas, Craig Hall of Dallas, J.L. Huffines Jr., of Dallas, Arthur Temple of Diboli, Texas, and S. Foster Yancey Jr., of Dallas.
The NHL has a provision specifying that each team must have a 51 percent owner, but the league waived the provision while approving this sale at the league meetings which began Monday.
Bright said that Schramm would have more power as a managing partner of a limited partnership than the chief operating officer in many corporations with 51 percent control have.
Bright refused to give any financial figures but it is believed the Cowboys were sold for $60 million with the other $20 million coming for the right to run the lease at Texas Stadium in Irving, Texas.
The group is expected to build more luxury boxes at Texas Stadium to recoup some of their investment.
Bright said that there will be no difference in the way the Cowboys would be run under him than the way Murchison directed the club. Murchison was noted for staying in the background and letting Schramm run the team. Tom Landry, the only coach the team has ever had, has one year on his contract and will remain as coach.
'If you think Clint Murchison was an invisible owner, you will be shocked at me,' Bright said. 'I will be more invisible than he was.'
Bright said he would not interfere with the way the club is run.
'It's like owning a good piece of art,' he said. 'You don't have to paint it to enjoy it.'
Bright, who is involved in bringing Jackie Sherrill to Texas A&M from the University of Pittsburgh with a multi-million dollarcontract, said he would not be directly involved in the team's operation.
'Tex will run the club,' he said. 'You will not notice a change. It would be ludicrous for any one to think they could add to Tex's direction.'
When Bright would ask what he would do if the Cowboys failed to make the playoffs next year, he said 'I'd be disappointed.'
Schramm then cut in and said, 'I'd be more disappointed than he would.'
Bright then finished his statement by saying, 'That (the cowboys' failing to make the playoffs) would not make me think I was an oracle.'
Bright said the other limited partners will be as invisible as himself.
'Their role is to furnish me with money when I call for it,' he said. 'The failure to do so gives me to right to drop the hammer on the heads.'
Bright said he was interested in buying the Cowboys because they were 'the premier franchise in the premier locale.'
Under the direction of Murchison and Schramm, the Cowboys have had a record 18 straight winning seasons and have made the playoffs in 17 of those years. That record and the lucrative television contract are the main reasons why the Cowboys were considered to be worth $60 million.
The last time a franchise changed hands in the NFL was four years ago when Edgar Keiser bought the Denver Broncos for an estimated $30 to $35 million.
When Murchison named Schramm to run the club, Schramm hired Landry as head coach and Gil Brandt as chief scout. Those three men have been together ever since and apparently will continue their relationship in the Bright regime.
But the Cowboys are at a crossroads after losing their final three games of last season. Bright is confident that they will bounce back next year.
'They always have,' he said.
