Ownership and Administration
The franchise was founded in 1959 by Lamar Hunt after a failed attempt by Hunt to purchase an NFL franchise and relocate them to Texas. Hunt purchased the team for $25,000 in 1960. Hunt remained the team's owner until his death in 2006. The Hunt family kept ownership of the team following Lamar's death and Clark Hunt, Lamar's son, represents the family's interests. While Hunt's official title is Chairman of the Board, he serves as the franchise's de facto owner. In 2010, Hunt assumed role as CEO alongside his role as Chairman of the Board. According to Forbes, the team is valued at just under $1 billion and ranks 20th among NFL teams in 2010.
Owner Lamar Hunt served as the team's president from 1960 to 1976. Because of Lamar Hunt's contributions to the NFL, the AFC Championship trophy is named after him. He promoted general manager Jack Steadman to become the team's president in 1977. Steadman held the job until Carl Peterson was hired by Hunt in 1988 to replace him. Peterson resigned the title as team president in 2008. Denny Thum became the team's interim president following Peterson's departure and was officially given the full position in May 2009. Thum resigned from his position on September 14, 2010.
Don Rossi served as the team's general manager for half of the 1960 season, resigning in November 1960. Jack Steadman assumed duties from Rossi and served in the position until 1976. Steadman was promoted to team president in 1976 and despite being relieved of those duties in 1988, he remained with the franchise until 2006 in various positions. Jim Schaaf took over for Steadman as general manager until being fired in December 1988. Carl Peterson was hired in 1988 to serve as the team's general manager, chief executive officer and team president. Peterson remained in the position for 19 years until he announced his resignation from the team in 2008. Denny Thum served as interim general manager until January 13, 2009 when the Chiefs named New England Patriots executive Scott Pioli the team's new general manager.
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—Federal Writers’ Project Of The Wor, U.S. public relief program (1935-1943)