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]