After Sherman was released by the Giants, he turned down several coaching offers from around the league. Foreseeing the coming major increase in NFL revenue and franchise values, he then wanted to be involved in a team management-ownership position. He led an effort with several New York friends and other parties to purchase an NFL franchise. They came close several times, including the New York Jets in 1970, but reluctant team owners and some investors' concerns about valuation prevented a purchase. One of the disappointed investors was Sherman's close friend, Warner Communications Inc.'s CEO Steve Ross, who was building cable television franchises and had recently purchased Warner Bros. Studio for its film and TV content. Ross agreed with Sherman that sports content also had great potential value, with cable television as a delivery system. Ross asked Sherman to join WCI and use his coaching and media expertise to build good teams and develop these potential assets.