May 21 in Jets History: Werblin Sells Share in Jets
May 21, 2016 7:14:52 GMT -5
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Post by Lithfan on May 21, 2016 7:14:52 GMT -5
May 21, 1968
On this date, May 21, back in 1968, Sonny Werblin sold his share in the NY Jets. His 20% share of the team was divided equally among the existing ownership partners: Leon Hess, Townsend Martin, Philip Iselin and Don Lillis. The 5 men had formed a syndicate, led by Werblin in 1963, to acquire the then Titans who were teetering on the edge of bankruptcy under original owner Harry Wismer. Werblin had assumed the role of team president and became the face of the 5-man syndicate. Don Lillis would assume the role of team president upon Werblin's departure.
Werblin is pictured here in 1963 with new head coach Weeb Ewbank and Don Lillis.
During the 5-years of ownership, tensions grew between Werblin and his 4 partners reportedly due to a couple of factors: the amount of attention that Werblin received as the public face of the Jets ownership team did not sit well with his partners, and they also were not happy with the amounts of money that Werblin threw around in signing bonuses for young, unproven players. Although one of those young, unproven players was Joe Namath, he also handed out an additional total of almost $1 million in bonuses to players such as Carl McAdams, John Huarte, Bill Yearby and Bob Schweikert.
According to a report in the Chicago Tribune from May of 1968, Werblin was issued an ultimatum from his partners: either buy out our remaining 80% share and become sole owner, or sell your 20% to us. Werblin opted for the latter. Although he was no longer associated with the team he helped to rebuild, the team that would win the Super Bowl in 8 months, he did okay financially. The 5 men bought the team for $1 million back in 63. The value of the franchise had increased more than tenfold, so Werblin's original $200K investment was worth more than $2 million when he was forced to sell.
On this date, May 21, back in 1968, Sonny Werblin sold his share in the NY Jets. His 20% share of the team was divided equally among the existing ownership partners: Leon Hess, Townsend Martin, Philip Iselin and Don Lillis. The 5 men had formed a syndicate, led by Werblin in 1963, to acquire the then Titans who were teetering on the edge of bankruptcy under original owner Harry Wismer. Werblin had assumed the role of team president and became the face of the 5-man syndicate. Don Lillis would assume the role of team president upon Werblin's departure.
Werblin is pictured here in 1963 with new head coach Weeb Ewbank and Don Lillis.
During the 5-years of ownership, tensions grew between Werblin and his 4 partners reportedly due to a couple of factors: the amount of attention that Werblin received as the public face of the Jets ownership team did not sit well with his partners, and they also were not happy with the amounts of money that Werblin threw around in signing bonuses for young, unproven players. Although one of those young, unproven players was Joe Namath, he also handed out an additional total of almost $1 million in bonuses to players such as Carl McAdams, John Huarte, Bill Yearby and Bob Schweikert.
According to a report in the Chicago Tribune from May of 1968, Werblin was issued an ultimatum from his partners: either buy out our remaining 80% share and become sole owner, or sell your 20% to us. Werblin opted for the latter. Although he was no longer associated with the team he helped to rebuild, the team that would win the Super Bowl in 8 months, he did okay financially. The 5 men bought the team for $1 million back in 63. The value of the franchise had increased more than tenfold, so Werblin's original $200K investment was worth more than $2 million when he was forced to sell.
