Photo: Dennis Green
Dennis Green, a well-respected NFL coach, uprooted his family from San Diego and moved to Sacramento with a $1.5 MILLION contract signed by Paul Pelosi and Bill Hambrecht. He was a fine "get" for the new League.
Pelosi pledged to treat the team like any other investment, swearing to the Washington Post that this was no vanity purchase.“This is a business, I look at it as a business,” he said. “I’m in this because I think it is a very solid financial investment that is going to be very successful.”
Pelosi, however, did not take any of the steps required of a start-up sports league. There were no major television deals, corporate sponsorships, or signature tournament or playoff games—ingredients considered to be the staples of successful leagues.
The league also needed to bring in more investors for revenue. But its sloppy structure chased away prospective owners, including seasoned football owner Jim Speros.
“I think the football people were reputable, the problem was there was no real structure on how you could enter as an investor,” he said...
Green noticed the missing elements, but received reassurances from the team that Pelosi and his partners had guaranteed its expenses, according to the suit.
“Green was mindful of the fact that the UFL [and Mountain Lions] were not generating sufficient revenues to cover their expenses, including his salary, and relied, reasonably and explicitly, on Hambrecht’s assurances that he and other investors in the UFL would pay for and guarantee the expenses,” it states.
Pelosi failed to pay Green’s bi-weekly $62,500 paycheck in full throughout 2011. He cut checks at varying amounts, dropping as low as $5,000 for weeks at a time, according to the suit. Rather than running the team like a business, Pelosi’s financial disclosure formsindicate he may have sold stocks to pay for the team...
The couple has refused to hire unions to work in its vineyard and other business interests, even as Pelosi has collected $365,500 in political contributions from labor groups in 2012. She has also railed against bankers despite the fact that her husband’s colleagues are her staunchest allies, contributing $500,000 in 2012, according to theCenter for Responsive Politics.Hambrecht, Pelosi’s UFL partner, is in the latter group. He has contributed $160,000 to Democratic candidates since 2007, including $22,000 to Pelosi and her Super PAC, according to the Center for Responsive Politics. Source: Washington Free Beacon
So, how does one increase net worth by 62% in one year in The Time of Obama? We won't know because Nancy Pelosi won't release her tax returns. Green is a former Minnesota Vikings and Arizona Cardinals coach. The Sacramento Mountain Lions are auditioning cheerleaders for The Lady Lions, August 25th. Details here.
