In a nutshell: 1 year advanced payment. If an owner bails they lose that money and the new incoming owner gets first year free to start rebuilding.
Here is the more advanced details copied and pasted from our Constitution...
[SIZE=16pt]F. Retirement/Quitting/New Owners[/SIZE]
[SIZE=medium]Owners are no longer able to announce retirement and play out next full season with a fully locked roster (this situation is not good for the league’s competitive balance). Whenever a team announces retirement, below date windows will determine how advanced payment refund/no refund is to be handled. Below rules apply for ALL retiring owner’s teams. It does not matter how “good” or “bad” the newly available team is perceived (it’s all subjective anyways). Refunds/No Refunds will be applied accordingly to below rules with NO EXCEPTIONS FOR ANYBODY (including the Commissioner) moving forward. All replacement owner searches will be done by the Commissioner at FBG, approved by the Commissioner and approved/voted in by the rest of the league. Retiring owner can offer up nominations for replacement owners but they will not be automatically accepted by Commish/League. Once an official retirement announcement is made and a new owner search is underway it is final. No “testing the waters” to see if able to find a replacement owner and get a refund, and if unsuccessful deciding to stay in the league. We want owners who are fully on board at all times and want to be in the league for the enjoyment of the league and not just because they don’t want to lose some money. [/SIZE]If payment for following year’s entry fee is not received by due date, that is informally announcing a Retirement. Once a Retirement is announced, that owner is not allowed to make any trades (players and/or picks) at any time until replacement owner is inducted (if Retirement is announced during an open trade window).
[SIZE=medium]If officially announce retirement during:[/SIZE]
[SIZE=medium]Jan. 1 thru Feb. 15 (1.5 month period immediately following end of FF season): [/SIZE]
[SIZE=medium]- Full refund to retiring owner if league finds acceptable replacement owner willing to pay both year's entry fees ($400 total) for available team as is (doesn't matter how many future picks open team owns/doesn't own).
- If acceptable replacement owner not found or started official voting induction process by Feb. 15, see next date period details [/SIZE]
[SIZE=medium]Feb. 16 thru March 31 (1.5 month period in FF off-season):
- $50 penalty ($150 refund) if still own minimum of one 1st and one 2nd round picks of any kind, doesn't necessarily need to be the retiring owner's team's picks. (note- owning two 1st rounders and no 2nd rounders is better than the minimum stated above)
- $100 penalty ($100 refund) if no longer own minimum of BOTH 1st and 2nd round picks of any kind (larger penalty assessed for compromising team's future outlook which will make it harder to find a replacement owner willing to take team over)
- Money kept by league used as discount incentive ($50 off or $100 off first year) for replacement owner to take over team
- If acceptable replacement owner not found or started official voting induction process by March 31, see next date period details[/SIZE]
[SIZE=medium]April 1 thru Dec. 31 (9 month period of jaWs Draft prep thru end of FF season):[/SIZE]
[SIZE=medium]- No refund to retiring owner [/SIZE]
[SIZE=medium]- All money kept by league used as discount incentive for replacement owner to take over team and get in place prior to our Draft or to take over team immediately during the present FF season.[/SIZE]
[SIZE=medium]New Owners taking over a vacated team must, upon induction, pay balance due of present/upcoming season's entry fee (if needed), and also pay next unpaid season's entry fee in full. The search for new owners will be done at FBG. Co-ownership of a team is allowed.[/SIZE]
