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This is a difficult question to answer because both play considerably different roles in an organization. Technically, the owner has priority over everything related to the team. It's his asset, he can do what he wants with it, as long as it falls within the rules of the respective league. However this does not mean that the owner should interfere with everything.

General Managers are responsible for the on-field product. It is his (or hers I suppose) responsibility to put the most competitive team on the field as possible with resources granted by the owner. While the owner can interfere, it is not recommended that they do. Most teams that have owners interfering with the team's on-field business aren't very good and there's a reason for that. Owners are general your typically fan at best and General Managers are doing their job for a reason. GMs tend to be very well versed in the sport, something that the typical fan (despite our insistence to the contrary) is not to the same extent. Not to mention owners don't always have the best interest of the on-field product at heart, GMs should. Owners get clouded by other interests. If a star player is available then the owner might push for the GM to acquire that player even if that is not in the best interest of the team. Star players sell jerseys but a player like Terrell Owens might be more of a deterrent then a help to a team.

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Q: Who runs a football team General Manager or Owner?
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