This Day in Sports Business History October 6

On October 6, 1999, the National Football League made a landmark business decision when it awarded its 32nd franchise to Bob McNair and the city of Houston. McNair paid a then-record $700 million expansion fee, underscoring the skyrocketing value of professional sports franchises at the turn of the century. The unanimous vote by NFL owners came after Houston presented a stronger proposal than Los Angeles, which at the time was unable to secure a viable stadium plan. Central to Houston’s winning bid was the promise of a new retractable-roof stadium, supported through a public-private financing partnership with the city and county.