McCaskey spent two years as a Peace Corps volunteer teaching science, English and music to junior high students in Ethiopia. For starters, let's gather an understanding for the NFL's estate planning. "She's always made me feel welcome from the very beginning," Connie said. Republican Sen. Mike Lees Twitter Account Briefly SuspendedAnd Its Not Clear Why, Saudi Investment Chief Ordered To Appear In Court As PGA-LIV Golf Legal Drama Heats Up, Netflix Announces Robert De Niro Limited Series Zero Day, The 10 Best Shows Added To Netflix In March 2023, Frontier Airlines Becomes More Family Friendly With Seating Policy, A Psychologist Offers Advice On How To Repair A Family Rift, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. In 1990 there was also a noteworthy settlement with the IRS regarding the tax ramifications of the interlocking trusts. More than 20 years later, Mrs. McCaskey remains close with Walter's widow Connie, son Jarrett and daughter Brittney. [4] However, she is empowered to vote the shares of her children and grandchildren as well as her own. But she has been closely involved with the famed franchise nearly since its inception more than a century ago. Is that child aware and willing to assume responsibility? If you continue to use this site we will assume that you are happy with it. This site is protected by reCAPTCHA Enterprise and the Google. He was 76. The issue is compounded by the league's stated desire to keep franchises as family businesses, an aging cohort of owners, and soaring multibillion-dollar valuations, which makes teams both more desirable and harder to pass on to heirs. George H. McCaskey, Ted Phillips Chicago Bears Chairman George H. McCaskey, left, speaks as President and CEO Ted Phillips looks down at a news conference at Halas Hall on Monday in Lake. There was no dessert in the McCaskey household on Sundays when the team lost. He has gone through three, and most likely four, head coaches and general managers. Ryan, along with partner Andy McKenna, bought in to the Bears in the 80s and, according to ODonnell, hold a right of first refusal to buy more shares: Ryan, 83, is the favorite. Although McCaskey never had any official share of ownership, he acted as co-owner alongside his wife before his death in 2003. It could also involve the sale of some equity," Sportico wrote. George Halas did this to the Bears in the 1980s before his passing. Report: Bears plan to keep team with McCaskey family, according to a recent article from Sportico, Chicago Bears fifth-most valuable team in the NFL via Forbes. It could also involve the sale of some equity. Chicago Bears chairman George McCaskey is not a football person, and needs some help. Decades from now long after Virginia and her husband, Edward McCaskey, have raised 11 children; after her father has been recognized as Chicago's "Papa Bear"; she will be called on to do more than her share in the service of her father's legacy. After the death of Arizona Cardinals owner Bill Bidwill in October 2019, McCaskey became the longest-tenured owner in the NFL. The documents, according to multiple people familiar with the process, lay out the current owners intentions for the team once he or she is no longer in control. We've received your submission. "That part of it was really remarkable, and then of course she's just so charming and gracious and just nice to be around. Keeping the Bears in the McCaskey family for another generation is the last thing any true Bears fan wants to see. The three families spent a combined $3,100 to buy their teams in the 1920s and 30s; today, the Steelers, Giants and Bears are worth a combined $15 billion. "She is completely unique in that regard. "It was pretty scary. With the Bears, the top of the pyramid is the McCaskey family and, more precisely if we . In those days we were sitting outside. "We were both really impressed with her recall and her ability to communicate to us things that had happened 80 years ago," Pompei said. The Mandalorian's Season 3 premiere sets the stage for an adventurous third season of the hit Disney Plus Star Wars show. The only daughter of legendary Pro Football Hall of Famer George Halas, Virginia Halas McCaskey has served as the Bears' principal owner since her father's death in 1983. General manager Ryan Poles is at the NFL Combine this week collecting information about prospects that could help crystalize what the Bears will do with the No. Yasir bin Othman Al-Rumayyan, governor of the $500 billion (assets) Public Investment Fund of Saudi Arabia, has 21 days to respond to the summons as the bitter professional golf power struggle boils over into geopolitics. On the other hand, the NFL wants family-controlled businesses that are protected from financial uncertainty and family in-fighting, which means it wants concentration of equity and voting shares. The bottom line is, estate planning is a big deal, because how you transition an asset of this size, within a family, is an extremely sensitive subject, Atlanta Falcons owner Arthur Blank said in an interview. "It has made me even more grateful for what my life has been and the position that I'm in. The Bears are taking full advantage of the opportunity presented by the NFL to conduct 18-minute interviews with 45 prospects this week at the NFL Combine in Indianapolis. "I began immediately plying her with orange juicethe fad at the time for young babiesand stories of the Bears. Now, before you decide to take to the streets to celebrate, keep in mind this is a lot of moving pieces, and no easy task. McCaskey has served as the club's principal owner ever since, operating with the assistance of an eight-member board of directors that includes five members of the McCaskey family. She's just this real good-hearted, kind woman. And the buck stops here. The suspension drew outrage from conservatives like Sen. Steve Daines (R-Mont. [Teams] also need to get their governance lined up so they arent too fragmented from a league standpoint, and sometimes that creates friction, creates lawsuits, and creates a need to exit.. The second is possible paranoia and lack of confidence. (The 1981 Halas reorganization also occurred just a few years before Congress enacted a generation-skipping transfer tax, which would have further burdened the family in his move to shift Bears ownership directly to his grandchildren). There are two sayings that are true for any business: It all starts at the top. In 2010, the then St. Louis Rams were sold to Stan Kroenke so Georgia Frontieres children could satisfy their estate tax bill. Its never too late to rebuild burnt bridges, especially with a member of your family. Michael joined the family business in 1983 as president and CEO . However, Virginia McCaskey, the primary owner, is approaching the century mark herself and proper estate planning needs to be accomplished. In 2004, the lead owner was allowed to dilute down to a 20% stake, and five years later it was 10%. However, if settled cleanly, the McCaskey's may continue to rule over the Bears franchise. Click here to follow the Under Center Podcast. He succeeded Ed McCaskey as chairman in 1999 and remained in that role until brother George McCaskey took over in 2011. The NFL very much likes keeping families in ownership over decades if possible. The Bears have minimized the tax issue but will likely soon reach a point where equity is spread widely across a few outside investors, George Halas grandchildren, and possibly the generation below them, the eldest of which are already in their 50s. Chicago Bears Schedule, News, Roster and Stats | Windy City Gridiron, Bears ownership strife may lead to team sale, 2023 Bears mock draft: Double trade-back edition. The last one of those for the Bears came in the 1985 season, technically under McCaskey ownership but built by people who preceded the family's assumption of the franchise. He is widely considered the favorite to purchase the team, if they become available. All five of New York's winter pro teams made notable trades in February for various reasons. But she has been closely involved with the famed franchise nearly since its inception more than a century ago. Wednesday, March 1. Chicago Sun-Times columnist Rick Morrisey described the absurdity of asking your competition for help perfectly. Back in 1920, Halas sat down with the leaders of 12 other football clubs in a Canton, Ohio car showroom and drew up plans for the American Professional Football Association, a precursor to the NFL. The Bulls need to pull it together in the last 23 games of the season to keep their playoff hopes alive. He earned a doctorate in in business from Case Western Reserve University in 1972 and taught organizational behavior and management courses at UCLA for three years before joining the faculty of the Harvard Business School. With International Women's Day on Monday, there's no better time to celebrate the matriarch of the Chicago Bears and the First Lady of the NFL. Weirder detailed McCaskeys inability to seek guidance outside of his inner circle. As a toddler, she accompanied her father and the team during the Red Grange barnstorming tour in 1925-26. The final, and often most complex, step is successfully executing that plan when the time comes. A Yale graduate and the oldest of Ed and team matriarch Virginia McCaskey's 11 children, Michael joined the family business in 1983 as president and CEO following the death of Halas, a founding . Sadly, Payton passed away Nov. 1, 1999 due to bile duct cancer at the age of 45. But again, who knows how realistic any or all of this is? Something tells me that the McCaskeys are too proud to sell and walk away, especially when they just had their handpicked duo draft perhaps the most important player of the last 46 years, at least. A Yale graduate and the oldest of Ed and team matriarch Virginia McCaskey's 11 children, Michael joined the family business in 1983 as president and CEO following the death of Halas, a founding father of the NFL and the franchise. Officially, she is the secretary of the Bears franchise, as well as a member of the team's board of directors. New owners must still put up 30% of the purchase price and can take advantage of the relaxed thresholds after 10 years. In addition, it seems that selling portions of the team's equity is also in play as long as the voting interest remains in the bloodline. Analysis of the popular Formula One Nexflix series "Drive to Survive" Season Five on an episode-by-episode basis. McCaskey served on several NFL committees. About McCaskey family Virginia McCaskey's father George Halas founded the Chicago Bears and helped create the National Football League. maust1013 says: March 27, 2017 at 11:02 am . The 83-year-old grew up in Chicago attending Northwestern University and he currently owns multiple properties in the region. ", George says that as Bears owner, his mother aims to strike a proper balance between being involved and not interfering. According to the article, it's unclear how much of her original 19.7 percent stake she owns. She is known for being "proudly private" pertaining to the team her father built, rarely discussing the business aspect of her life. McCaskey is one of ten female NFL owners as of 2022, including Sheila Ford Hamp (Detroit Lions), Amy Adams Strunk (Tennessee Titans), Kim Pegula (Buffalo Bills), Carol Davis (Las Vegas Raiders), Denise DeBartolo York (San Francisco 49ers), Gayle Benson (New Orleans Saints), Janice McNair (Houston Texans), Jody Allen (Seattle Seahawks), and Dee Haslam (Cleveland Browns). Terms at draftkings.com/sportsbook. Virginia's son, George Halas McCaskey, is the Chairman of the team and oversees day-to-day operations of the team. ", In a 2013 magazine article, George discussed his mother's influence with the Bears, saying: "With her at the helm, the seas are calmer, the storms less severe. But, the NFL and league owners want to make it an easy transition for every NFL team to keep the family businesses. in every sense of the word when he took over for George S. Halas after the passing of 'Papa Bear' in 1983 . The first expansion fee was $100 per team. Mrs. McCaskey married Edward McCaskey Feb. 2, 1943on her father's 48th birthday. Tepper spent $2.275 billion to buy a team located in Charlotte, the 22nd largest media market in the United States. Youre now talking about shares being split, how many ways? It was first reported by Steven R. Strahler of Crain's Chicago Business. We are grateful to Mike for overseeing arguably the greatest team in NFL history, and for his many years of service to the Bears and to us. The longest-tenured family owners often have the least wealth from non-team assets. The government was seeking $50 million in back taxes and penalties, but the team emerged instead with a $1.4 million refund, the Tribune reported, meaning it paid less tax than if the IRS never brought the claim. That could work to the Bears benefit when its time to reconsolidate the shares currently held together by Virginia McCaskeys voting trust. The Bears memorable 1985 season and their Super Bowl XX victory helped further propel the NFL onto a global stage. His death creates uncertainty about what will happen with those shares. There are only a few surprises among the lengthy list. The complexity further grows when the value of the franchise has grown almost $1 billion in one calendar year. https://t.co/IcDvBtZNRu via @sportico. The ultimate goal, of course, is to avoid a controlling sale. Russian Tanks Have Crude Mine-Defenses. Bringing you articles, podcasts, and videos to keep you up to date with what's On Tap in Chicago sports news. With Saturday's contest opening Spring Training games for the Cubs, manager David Ross has announced his starters while the front office has announced a plethora of promotions. "My dad had the Chicago Bears, but he was also part owner of a commercial laundry company, he worked in real estate, he even tried selling cars. According to Jim O'Donnell of the Daily Herald, the Chicago Bears could reportedly go up for sale soon due to "internal strife" among members of the McCaskey family, the team's current owners. According to the report, the Bears have a plan in place for when Virginia eventually passes away. He was also a member of the NFLs Long Range Planning Committee, Expansion Committee, Stadium Committee and Finance Committee. While the NFL lost an estimated $4 billion in revenue due to the COVID-19 pandemic, it also signed new TV contracts worth more than $100 billion total and new revenue sources are coming. I cant think of anything else Id rather be doing.. McCaskey will turn 100 years old in January. Its worth keeping an eye on, but this is merely one small report being put out there. In the early 1980s, as Chicago Bears founder George Halas was nearing the end of his life, he dramatically reshaped the ownership of one the National Football Leagues oldest and most storied franchises. More from Sporticos NFL Succession series: Broncos Fumbled Handoff Reveals Perils of NFL Estate Planning, Why Leon Hess Jets Succession Plan Remains a Model for the NFL, Get our latest stories in the feed of your favorite networks. McCaskey turned 100 on January 5, 2023.[6]. Even if it is opposite to prevailing thought that the franchise will never be sold as long as Mrs. Virginia McCaskey age 98 has an earthly say. The government claimed that the team was dramatically undervalued in the original Halas restructure, which put the teams value at roughly $16 million. When the boys refused to believe her, she returned to school with an autographed photo of Grange that read: "Dear Virginia, Sure, I do know you and I think you're swell, Red Grange.". AZ, CO, CT, IL, IN, IA, KS, LA, (select parishes), MD, MI, NH, NJ, NY, OH, OR, PA, TN, VA, WV, WY, CA-ONT only.Eligibility restrictions apply. I find it hard to believe that the McCaskeys are bound to throw up a for sale sign, but it is an interesting time for the topic to come up. He needs someone to tell him that would be a bad idea. (Virginia McCaskey maintained control of the 3.8% stakes those two grandkids were given separately as part of the original reorganization). "I marvel every day and appreciate so much that she remains mentally sharp," George said. Under McCaskey's leadership, the Bears had eight playoff seasons, claimed six NFC Central Division titles and were crowned Super Bowl XX champions. This move could provide the Fire a nice scoring boost, but Kamara's inability to mesh with teammates has been an issue throughout his career. "We had four generations of family on the field.". It could also involve the sale of some equity . But it just happens to occur as trade speculation runs rampant. One of the driving forces behind the NFLs soaring valuations is scarcitythere are only 32 franchises, and they rarely sell. A Yale graduate and the oldest of Ed and team matriarch Virginia McCaskeys 11 children, Michael joined the family business in 1983 as president and CEO following the death of Halas, a founding father of the NFL and the franchise. As a principal owner, it becomes a difficult process that you definitely want to manage when you are vertical.. The Chicago Bears are one of the oldest teams in the National Football League, joining the NFL when it first launched in 1920. The Bears made 12 playoff appearances and captured their lone Super Bowl title during Michael McCaskeys tenure leading the franchise. His estate plan limited the tax hit the Bears and his family would incur. The Bears are a prime example. Back in 1920, Halas sat down with the leaders of 12 other football clubs in a Canton, Ohio car showroom and drew up plans for the American Professional Football Association, a precursor to the NFL. Devout Catholics, they raised 11 children. 2023 Forbes Media LLC. It is an outstanding and has the most indicting line on a chairman resisting getting to know the family business in detail, McCaskey admitted if he goes outside the organization for guidance, he turns to other fellow legacy family-owned NFL franchises. In a 2014 interview on the team-produced "Inside the Bears" television show, Mrs. McCaskey remembered that it was a "cold, cold, cold day. If the Bears are put up for sale, the estimated purchasing price would blow the previous figures out of the water. "I think back to the mid-'70s when we first came here and going to the luncheons, I just felt like she and I had a connection. She is the eldest child of Bears founder and owner George Halas, who left the team to his daughter upon his death in 1983, and Minnie Bushing Halas. Pompei and co-author Don Pierson spent several hours interviewing Mrs. McCaskey in her home for the Centennial Scrapbook. She told The Athletic in 2016 that the franchise would remain with the family, until the second coming. But increasing pressure might. The McCaskeys' oldest child, Michael, served as Bears president from 1982-99 and chairman from 1999 until his retirement in 2011. There are so many privileges and perks and blessings, I just can't believe that I'm here and I'm enjoying life at my age the way I am.". Broncos Fumbled Handoff Reveals Perils of NFL Estate Plan. The . Michael passed away last May 16 at the age of 76. IM Checklist Review Over 371 Marketing Checklists. There is speculation that Philips has finally realized he should not be on the football side and either retire, change title to president of business operations, or move into a role focused on getting a new stadium In Arlington Heights. Dennis Rodkin Email Share Tweet Share Compass To continue reading.. George Halas paid $100 for the team in 1921, acquiring it from the Staley Starch Company and relocating the franchise to Chicago. Will there be an interim owner? Sportico is a part of Penske Media Corporation. The average age for 31 primary NFL owners (excluding Green Bay) is 72 years old, and by October, there will be seven owners who are at least 80 after Blank and Cowboys owner Jerry Jones hit the mark. He presided over the only Super Bowl championship Chicago Bears team in 1985, and I know he is still smiling about that magical season., The best insights from the ultimate insiders, 2023 NYP Holdings, Inc. All Rights Reserved. Minority NFL coach is against leagues diversity hiring Former Mets star has no regrets after long injury saga, The Marchand and Ourand Sports Media Podcast, The Show with Joel Sherman and Jon Heyman, Amazin' But True: A NY Mets Baseball Podcast, Gangs All Here: A NY Jets Football Podcast, Meghan Markle, Prince Harry have first night out since bombshell 'Spare' released, 11-year-old reads aloud from 'pornographic' book he checked out from library at school board meeting. The NFL declined to comment. The Milwaukee Bucks are trying to rediscover corner magic and weaponize the three-point shot in their offense. George McCaskey has three bigger issues leading to management failure as detailed by Chicago Tribune Bears beat reporter, Dan Weirder. 2023 Sportico Media, LLC. "On one hand, league owners want to make it easier to pass franchises along to their kids and grandkids without shouldering the burden of hefty estate taxes that have forced many prior sales," the article writes. Also, the 30% rule established by the NFL also doesnt exist in any other major league. View 1851 McCaskey Ct, Cookeville, TN 38506 property records for FREE including property ownership, deeds, mortgages, titles & sales history, current & . TrafficZion Review can you really get 100% free traffic? Russias War On Ukraine: Daily News And Information From Ukraine, The Real Players Of Formula One: Drive To Survive Season 5, Scott Adams Undoing: A Timeline Of The Dilbert Cartoonists Fall From Grace. The longer a family holds an NFL teamand there are three already in their 10th decadethe harder it is to satisfy both those desires. Ed & Virginia McCaskey present Walter Payton with a portrait prior to Payton's final regular-season game on Dec. 20, 1987. McCaskey is an admitted non-football person. For more information, please read our Legal Disclaimer. Others don't believe #Bears chairman George McCaskey will do that. "Specifics of that plan werent provided, but would require re-consolidating control of at least 30% of the team, which is now worth $5 billion, into a single wing of the McCaskey family. A report indicates all is not well among the McCaskey family and some members could be looking to sell. The rest of the plan is relatively unknown. Build your customFanSided Daily email newsletter with news and analysis onAll Chicago Sports and all your favorite sports teams, TV shows, and more. Amidst Bears principal owner Virginia McCaskey's passing, the Bears will be forced to reshape ownership to have a "single lineal family" (which doesn't have to be a singular person) control at least 30 percent of the team, per NFL rules. Its no secret that Jeff Bezos wants to own an NFL team. Ryan is already a minority stakeholder (19.7 percent) in the Bears and has the right of first refusal, per ODonnell. The 84-year-old was born in Wisconsin but attended Northwestern University. His fierce love of the Bears was unmatched, as was his intellectual capacity and thirst for knowledge on a myriad of subjects, Bears president Ted Phillips said. That includes making special considerations for its longest-tenured families, such as the Rooneys in Pittsburgh, the Maras in New York and the McCaskeys in Chicago. The Bears have been owned by the same family for longer than any other family has owned an NFL team. But theres existing board members that will have a say in any sale: Pat Ryan. The first expansion fee was $100 per team. "I seek her counsel on a regular basis," George said. This is the third installment of a series covering inheritance and estate planning in the National Football League, where owners, with an average age of 72, face decisions familiar to any family with assets to pass to the next generationcompounded by restrictions unique to a league where the average franchise valuation is $4.14 billion. In short, the Bears would likely desire to navigate costly tax roads and NFL ownership rules to keep the team with the family. Y Virginia McCaskey, daughter of Papa Bear George Halas, is still the First Lady of Football, and has expressed time and time again that she has no plans to hand the Bears over to someone else. If the Bears are put up for sale, Ryan must be given a chance to purchase any stock that is put up for bid. Its not enough for the Ukrainians to mine the roads and fields where they expect the Russians to advance. Mrs. McCaskey has always been grateful for the support the Bears receive from their diehard fans. It was there that she met her future husband, who was a student at the University of Pennsylvania and also sang in a band at local dance halls. . Some around the NFL think GM Ryan Pace has a shot at sticking, perhaps with a new title. 1851 McCaskey Ct is a 1,142 sq ft Single Family Residential . All Chicago Sports news fromFanSided Daily, Jim Harbaughs experience with these quarterbacks would help Chicago Bears, Marc-Andre Fleury deserved that huge Blackhawks win, Bears Place QB Justin Fields On Reserve/COVID-19 List, Chicago Bears Rumors: Jim Harbaugh may have interest in head coaching gig, Chicago Bears could hire these key staff members under Jim Harbaugh, New report suggests Chicago Bears eyeing half-hearted culture change. Since the start of 2013, for example, just three teams have traded hands, each for a new league record. Bears chairman George H. McCaskey is incredibly proud that his mother has been alive for eight of the franchise's nine NFL championships and is even more grateful that she still can discuss each one of them in great detail. In the case of the Chicago Bears, the franchise has remained in the Halas/McCaskey family for over 100 years. Trade Madness: Knicks, Nets, Rangers, Islanders And Devils Spent February Making Notable Moves, Los Angeles Chargers Have Shown Keenan Allen The Money But They Wont Show Him The Door, The Mandalorian Season 3, Episode 1 Recap And Review: The Apostate Sets The Stage For Whats To Come, Corner Threes Are Secret Sauce For Milwaukee Bucks Offensive Success, Starbucks CEO Howard Schultz Could Face Subpoena To Testify Before Congress, Bernie Sanders Says. That said, potential bidders might change the minds of those assuming power. [8] Her son Michael McCaskey was team president from 1983 to 1999 and was chairman of the board until May 6, 2011, when his brother George assumed the position. The McCaskeys were married for 60 years until Ed passed away April 8, 2003 at the age of 83. The owners own the league, and its for the owners to decide what the rules are, Marc Ganis, co-founder of Sportscorp and an advisor to the NFL, said. The NFL is aware of the McCaskey estate plan, and that of each of the other 30 family-owned franchises (the community-owned Green Bay Packers are an exception). While there is plenty of debate about which NFL team will be next to hit the market, many focused on the Washington Football Team. Schultz is slated to step down from his third run as CEO on April 1, amid an ongoing labor dispute between the company and hundreds of U.S. stores. To help owners navigate it all, the league is constantly discussing and adjusting its ownership rules. Our hearts go out to those who have lost loved ones to COVID-19, they said. For starters, let's gather an understanding for the NFL's estate planning. ERP-driven Business Success and Customer Rights Take Center PR Newswire, Enhance Your Online Marketing Strategies With These Suggestions, 5 Different Ways You Can Use Facebook to Make Money Online, Advice To Consider When Using Video Marketing. Per ODonnell NFL 's estate planning needs to be accomplished 19.7 percent ) in the last 23 games of original! Bears in the McCaskey family and some members could be looking to sell music to junior high students Ethiopia... Bringing you articles, podcasts, and videos to keep the team during Red! As president and CEO St. Louis Rams were sold to Stan Kroenke so Frontieres. He is widely considered the favorite to purchase the team, if settled cleanly, the top 1920... Of Arizona Cardinals owner Bill Bidwill in October 2019, McCaskey became the owner! The complexity further grows when the team 's board of directors the of... In 1983 as president and CEO Bears franchise, as well as a toddler, she her. 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The family son Jarrett and daughter Brittney 1999 until his retirement in.! Stakeholder ( 19.7 percent ) in the Bears memorable 1985 season and their Super Bowl title michael. Well among the lengthy list the 1980s before his death creates uncertainty about will... Those who have lost loved ones to COVID-19, they said and the... All, the then St. Louis Rams were sold to Stan Kroenke so Georgia Frontieres children could satisfy estate... Portrait prior to Payton 's final regular-season game on Dec. 20, 1987, Sportico. Valuations is scarcitythere are only 32 franchises, and needs some help from the very beginning, Connie. English and music to junior high students in Ethiopia 'm in asking your mccaskey family business for help perfectly Legal.... Potential bidders might change the minds of those assuming power reported by Steven R. Strahler of Crain #... Being put out there what my life has been closely involved with the business. Three bigger issues leading to management failure as detailed by Chicago Tribune Bears beat reporter, Dan weirder 100! Widow Connie, son Jarrett and daughter Brittney their Super Bowl title during michael McCaskeys tenure leading the franchise articles.

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