Funny On So Many Levels

Henry Paulson’s son is named Merritt. He was hoping to use $50 million of his dad’s money to bring an MLS team to Portland. The deal may fall through because Paulson was seeking $65 million in money from the city of Portland for the project (the total cost for which is $129 million). Apparently, Oregon’s 10.8% unemployment rate has put a strain on local finances.

This story is a Bloomberg Exclusive.

Comments

  1. Doug says:

    Wow. Classic own-goal.

  2. SelenesMom says:

    OK, so I don’t have a Harvard MBA, just the Philadelphia-issue kind. It would be great if someone could explain in non-sports-fan but cash-flow-literate terms just why it is that a professional sports team isn’t expected to fund itself from ticket sales, media rights and maybe parking, concessions etc.

    Why do they always seem to demand public funds? If these are such terrific, well-loved cash cows, why ask Portlanders for a handout?

    Also, is this the business model that a top team like say Man U or Yankees runs on? If so, WHY?