- 50 Yard Fan
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- Location: Regina, Saskatchewan, Canada
Port St. Lucie Mustangs coach Brian Roberson became the team's owner Saturday when he gave a $5,000 check to Avion Brown, the NIFL national director of team relations.
Roberson said he will pay the league an additional $6,000 on Friday, an amount that Brown confirmed. Roberson said the league has agreed to finance the remaining undisclosed costs and anticipates naming an ownership partner on Wednesday.
http://www.tcpalm.com/tcp/pro_football/ ... 49,00.html
Then on Wedneday Feb 7
Robert Hoffman Jr., owner of Stuart-based My Bad Credit Mortgage Company Rocks, said Tuesday he plans to own 25 percent of the team. Brian Roberson, who also is the team's coach, said he owns 50 percent of the team and the league will own the remaining 25 percent.
http://www.tcpalm.com/tcp/other_local_s ... 11,00.html
So...if the Coach pays $11,000 and owns 50% of the team does that mean these 2 million dollar franchies are going for $22,000.???
Since they have his name and address he may already be on their phone list to try to persuade to be an owner.
The true cost of owning a team (pardon my Suze Orman mannerism) isn't the amount you pay the league's home office for a team. It's the amount you pay the league's home office PLUS whatever the cost is to outfit a team in uniforms and equipment, PLUS whatever you pay your players and coaches each week, PLUS whatever medical coverage and various types of insurance, PLUS whatever costs it takes to transport the team to away games, PLUS whatever it costs to cover overnight accommodations for your team, etc. In addition this novelty venture will redirect your attention from your main bread and butter business that got you wealthy in the first place (ex.: you are the owner of a law practice, etc.) You also need to consider the pressure on your family/marriage when the cash demands start to steamroll and you cannot remain solvent without liquidating your 401k and other assets.
Oh, and if you were thinking all of this will be covered by paid attendance (and whatever is left from your season ticket monies), think again. Many arena agreements state, you pay the arena a certain dollar amount (scaled) if the paid attendance is below half of the arena's capacity. If you fail to fill the arena to its minimum, the arena keeps the paid money at the ticket booth prior to the game less the difference in the scaled agreement. This varies from arena to arena and by state by state but the nature of scaled plan is virtually identical.
What this means is you are at big time risk to accumulate debt quite quickly. If you fail in being prompt on your bills your credit rating will be shot. If you tendered your house as collateral to your primary creditors you lose the investment in your house (a possible negative mortage) that is you owe more on your house than it's worth or you owe on a house that is no longer yours.
Unless you're independently wealthy who might enjoy blowing a lot of money on something of a novelty nature for a few years, this venture is not for you. This could cost you dearly for the rest of your life.
Am I right preeths?
P.S. Cute picture of Suze: http://images.amuniversal.com/ups/featu ... n_suze.jpg
Marshal! http://www.youtube.com/watch?v=8PbIlQYR1Qs LAAAAAWWWWWW!!!!
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