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
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)
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(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. (Read more NFL stories.)