As Payton鈥檚 playing career was drawing to a close, he had hopes of becoming the first African-American owner, or at least a part owner, of an NFL team. The possibility reportedly intrigued NFL Commissioner Pete Rozelle, whose league, like other sports leagues, was being urged by civil rights leader Jesse Jackson to open its doors to minority owners and executives. Payton and his agent, Bud Holmes, met with Rozelle, who floated the idea of Payton鈥檚 heading up an expansion team in either Phoenix or Oakland.
Payton decided to play another year, but after his retirement Rozelle spoke to him again, this time about a possible new league expansion to St. Louis, that seemed like a potentially good fit for the former playing great. Although Payton didn鈥檛 particularly feel comfortable with the businessmen bidding to land a franchise for St. Louis, he hooked up with them anyhow and became a front man for the group. But the group bumbled their way out of contention to get either of two expansion teams, which were awarded to Charlotte, N.C., and Jacksonville, Fla., in 1995. (The Rams were relocated to St. Louis.)
The decision was a double blow for Payton, who missed out on getting back into football and also missed an opportunity to make history. The Jacksonville Jaguars made Deron Cherry, a former defensive back of the Kansas City Chiefs, a limited ownership partner, thus establishing him as the first minority with a stake in owning a team.
