Bill Hambrecht, a Wall Street investor specializing in non traditional IPOs, has decided to launch a football league to rival the NFL. He and Google executive Tim Armstrong have put up $2,000,000 each to begin the league. They have hired a COO and a CEO, both of whom have experience in professional sports, namely the NBA. Dallas Mavericks owner and billionaire, Mark Cuban has signed on to be one of the first eight owners. The league plans to begin with 8 teams. Teams are currently planned for Los Angeles, Las Vegas, and Mexico City with 5 other cities to come.
The really cool thing about the league is the way the ownership will work. The New York Times Explains:
Each owner will put up $30 million, giving him an initial half-interest in the
team; the league will own the other half. But eventually the fans themselves
will become shareholders — because each team is going to sell shares to the
public. Then the owner, the league and the fans will each own a third of every
franchise.
Remember the guy who is running this show specializes in non traditional IPOs. It could work. I'd like to see some good college football players who aren't quite good enough for the NFL still get to play.
Anyway here's the link to the NY Times Article
http://www.nytimes.com/2007/06/03/sports/playmagazine/0603play-business.html?pagewanted=1&ei=5088&en=e87311b152fb357f&ex=1338523200&partner=rssnyt&emc=rss
Also Signal to Noise's Take:
http://s2nblog.wordpress.com/2007/05/31/competitors-in-pro-football-have-not-fared-well/
4 comments:
Maybe this could be the league for the players without a criminal record?!?
count me in, I will take five shares of the mexico city team.
I cant wait to try out for one of the teams. Then it will be women and money all the time.
Also not sure if yall saw this. It mentions USC and the profit of the football program and what it brings to the university, city, conference.
http://www.forbes.com/2006/12/22/college-football-ncaa-business_cz_jg_1222collegefootball_slides.html?thisSpeed=35000
I actually thought about buying a team with the money I saved as a child from the tooth fairy. I invested wisely and have exactly 30 million to spend. I was thinking about bringing a team to the Rock Hill/ Lancaster area. I haven't come up with a name yet but I have received a couple applications for coach's and players.
I will update the blog when I have more from my new football team.
Mark Cuban is going down.
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