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Of course this isn't a done deal, but people are wrong to dismiss it. Don't assume that the other owners (who are, after all, predominantly older rich white males, a/k/a Rush's target market) would block this were he to be successful. And it only takes 24 of the 32 to approve it (count the Rams' current ownership as one vote for, since they would have selected this bid in the first place). The commissioner may or may not step in, given that he is hired by the owners (also a factor, the commissioner's late father was a Republican senator from New York, though he was a moderate).
The player's association has zero say in this, and I'm sure that Limbaugh and Co. will not be frightened off by the handful of players claiming they would never work for him. These guys are generally mercenaries with incredibly short careers in which to make as much money as possible, a fact that this group would be reasonably certain would override any other concern.
One other question that was raised, who would be dumb enough to let Limbaugh into an ownership group? That would be Dave Checketts, an experienced sports executive who (if I'm not mistaken) was responsible for hiring Isaiah Thomas to run the New York Knicks. Limbaugh would merely be one of several investors in the group, Checketts would likely be the "owner" (which usually means the managing partner in an ownership group, the one that represents the team at league meetings).