NFL Rules On Community Team Ownership
Article V, Section 4
(a) New members must pledge that their organization is primarily for the purpose of operating a football team.
(b) Charitable organizations and/or corporations not organized for profit and not now a member of the league may not hold membership in the National Football League.
(c) All stockholders in a corporation or persons owning any interest in a franchise in the National Football League must be approved by a ten-twelfths (10/12) vote and any transfer of stock or of any interest in a franchise must also be approved by a ten-twelfths (10/12) vote of the membership.
(d) If any stockholder or holder of an interest in a league franchise violates this provision, said stockholder or the holder of the interest involved must sell or dispose of his stock or his interest in a National Football League club within thirty (30) days. The price and terms of such sale or disposition shall be fixed by two arbitrators, one of whom shall be chosen by the league member and the other by the stockholder or the holder of the interest involved. If said arbitrators fail to reach agreement on the price or terms then the two arbitrators shall select a third arbitrator and the decision of the majority of said arbitrators shall be binding on both parties. (This provision shall not take effect until January 28, 1960.)
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