Kansas City Chiefs owner Clark Hunt has replaced Bob McNair as head of the NFL’s financial committee. Here’s what that means.
After the death of former Houston Texans owner Bob McNair, the National Football League announced his replacement on the league’s Financial Committee on Wednesday with the news that Clark Hunt, owner of the Kansas City Chiefs, would serve as its new chairman, per the Associated Press.
Hunt’s appointment as the committee’s head places him in a position of leadership among his peers on the team, a group that includes Tampa Bay Buccaneers owner Joel Glazer, Jacksonville Jaguars owner Shad Khan, Atlanta Falcons owner Arthur Blank, New England Patriots owner Robert Kraft, Indianapolis Colts owner Jim Irsay, and Miami Dolphins owner Stephen Ross. Hunt has served on this committee already for seven years.
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What does it mean for Hunt to now have this title? And what does the finance committee actually do?
The NFL’s finance committee is the key entity for any new owner wanting to become a part of the elite 32. The finance committee is the body who then presents a potential owner to the rest of the NFL’s ownership group with a pre-approved bid proposal.
David Tepper, the new owner of the Carolina Panthers, had to earn the approval of the league’s finance committee before NFL owners could vote on whether he should replace Jerry Richardson. The same can be said for Shad Khan, now a part of this very committee, and his attempt to purchase the Jags, and Terry and Kim Pegula as they sought to take over the Buffalo Bills.
The finance committee also controls how much debt ceiling an NFL owner is allowed to take on in terms of NFL projects. For example, the finance committee allowed Stan Kroenke to take on more debt as he sought to complete his new mega-stadium in Los Angeles. The committee also works internally to solve monetary woes. Jerry Jones cost the NFL $2 million in legal fees to fight the Zeke Elliott suspension as the Cowboys owner fought Roger Goodell. The league’s finance committee worked to make Jones reimburse the league.