Complex sentence: He assumed control of the franchise shortly after the death of his father, Bill Wirtz; and his brother, Peter Wirtz, decided to maintain Bismarck Enterprises in lieu of owning the team.
Split into simpler sentences: He assumed control of the franchise shortly after the death of his father, Bill Wirtz. He was granted ownership after his brother, Peter Wirtz, decided to maintain Bismarck Enterprises in lieu of owning the team.