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the Superdome leasehold and $10 million to the nonamortizable NFL
franchise.5
After the closing, petitioner engaged the services of
American Appraisal Associates, Inc. (AAA), for the purposes of
conducting an independent appraisal of specified tangible and
intangible assets associated with the purchase of the team.
Among the tangible assets appraised were furniture, machinery and
equipment, uniforms and supplies, camera equipment, game films,
and vehicles. Among the intangible assets appraised were rights
to player contracts, an assembled work force of nonplayer
personnel, software, broadcasting and rebroadcasting agreements,
the leasehold interest in the Superdome, and the NFL franchise.
The AAA appraisal valued the Saints' leasehold interest in the
Superdome at $21 million.
The Mecom Group generally agreed with the AAA appraisal
except as to the value allocated to the Superdome leasehold.
Eventually, the Mecom Group and petitioner agreed to allocate $16
million to the Superdome leasehold.
Giving effect to adjustments, and including assumed
liabilities, the contracting parties later determined that the
acquisition price under the Sales Contract was $70,494,789. To
5The term “Superdome leasehold” refers to petitioner’s
leasehold interest in the Superdome without distinction between
the 1975 Lease and the Revised Lease. The term is used
interchangeably with the phrase “petitioner’s leasehold interest
in the Superdome.”
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