Buccaneers Finagle Books to Claim BP Spill Damages?
The Tampa Bay Buccaneers were a topic of discussion on Memorial Day. A court ruling denied the organization $19.5 million in compensation for the 2010 Deepwater Horizon oil spill across the Gulf of Mexico. The Buccaneers were accused of trying to engage in creative accounting in order to qualify for the $19.5 million payment.
Raymond James Stadium is roughly around 360 miles from the oil spill, which makes the Buccaneers getting compensation possible with proof of financial loss in the following months and proof of financial gain in the same months the following year. The Buccaneers showed proof that their finances went down in the months following the oil spill but could not show a financial gain in this instance. The Buccaneer provided payments to the court from May through July 2011 and a quote from the court stated “The team . . . never submitted financial statements or other evidence showing that it made and implemented this accounting decision during 2011 (as opposed to later when it learned of the requirements for a Deepwater Horizon claim).”
The court realized that the Buccaneers were trying to finesse the system and denied them the money in which they were looking for. In the end, the organization makes themselves and the National Football League look bad by seeking compensation for something that truly didn’t affect them.