Remember when we reported that Hank Paulson’s son, Merritt (no, we didn’t make that up) had managed, with a little help from Dad, to talk his way into a major league soccer team in Portland? Yeah, well maybe not so much.
The bad news was that Paulson could get a third vote on the council only after commissioners agreed to strip out a plan to create a new urban renewal area around the existing stadium and sell $15 million of bonds backed by taxes generated within the new district.
That left a $15 million hole that Paulson says must be filled by Sept. 1, or the stadium won’t be done in time for the 2011 MLS season. He says he can’t commit any more family money. He and his father are paying $35 million for the franchise and $12.5 million for the stadiums. They’re also guaranteeing rent and ticket taxes for 25 years and will pick up construction overruns beyond $2.5 million.
Stop worrying. Nothing is fucked. This is a brief delay. Nothing more.
Henry Paulson’s Son Finds Dad’s Money Won’t Buy Soccer Bliss [Bloomberg]
I got a speeding ticket on the Merritt parkway, 83 in a 45. Had to get myself a lawyer … sucked.
It sounds like it might be time for Somebody to become a jewelry designer or a Personal Life Coach.
DealBreaker has jumped the shark.
EP, I just saw Blankfein being approached by some of the pinkos that hold the signs saying “we want our money back” at the congressional hearings, and then he actually spoke with them… Can you post the video? We were on mute at my office and I want see what the golden child had to say…
Looks like the Hammer is paying a high price for missing the kid’s little league games
@ 2 – or an Illusionist. Or a member of the Blue Man Group.
You know this Merritt guy is a sniveling little worm. Oh by the way Merritt, no one in America cares about soccer.
portland is a great town and i am all for anything that goes toward improving it. so sick of this awful NY weather.
Poor, poor Merritt.
Merritt come on use Daddy’s connections to get some of that govt. money that is being doled out to various states as part of the stimulus package.
Family connections are only good if you know how to use them….
47.5 MM downstroke, and practically unlimited downside to back soccer?
We’re talking about Portland, Oregon…the one in the United States of America?
Yeah maybe this deal makes sense anywhere else in the world, but here in America we don’t like soccer.
I want to be on the side of the trade that is selling the “Soccer Franchise” for 12.5 MM. Who pays that in America!
Ireland maybe…
-Bitchtern
Another George W Bush in the making? Keep your eye on this Merritt guy.
Typical bourgeois legacy type classless airhead.
@12: bingo.