Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Wall Street Mogul Starts N(ew)FL

Investment banker, Google exec lay groundwork to challenge NFL next year

By Dustin Lushing,  Newser Staff

Posted May 30, 2007 4:03 PM CDT

(Newser) – Wall Street renegade Bill Hambrecht is taking on one of America's biggest monopolies and launching his own professional football league. The United Football League plans to launch its challenge to the NFL's hegemony in 2008 with eight teams in non-NFL markets, including Los Angeles, Las Vegas, and Mexico City. One owner—Mark Cuban, of course—is already on board.

Hambrecht and his partner, Google executive Tim Armstrong, are seeking to raise $60 million per team through the channel that made Hambrecht's name: IPOs. Fans can buy shares in their favorite teams, which Hambrecht hopes will build loyalty. For players, the UFL will look to the Arena and Canadian leagues as well as late-round NFL picks.

From left, Dallas Mavericks owner Mark Cuban, Mavericks forward Dirk Nowitzki, NBA commissioner David Stern and Mavericks coach Avery Johnson pose with the Maurice Podoloff Trophy after Nowitzki was announced the NBA's Most Valuable Player for the 2006-07 season during a news conference, Tuesday, May 15, 2007, in Dallas. (AP...
From left, Dallas Mavericks owner Mark Cuban, Mavericks forward Dirk Nowitzki, NBA commissioner David Stern and Mavericks coach Avery Johnson pose with the Maurice Podoloff Trophy after Nowitzki was announced...   (Associated Press)
'
'   (UC Berkeley)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Super Bowl Inspires Super Wacky Wagers

Not Quite Main Street's Fantasy Football


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne