Still rocking the hockey hairAll things considered, Phil Falcone would prefer playing a professional sport that no one watches anymore to being a billionaire. So he's done the next stupidest thing: He bought a hockey team.
Some of a hockey team, anyway. He's got a 40% chunk in the Minnesota Wild, the team that replaced his hometown team after they moved to that great hockey city, Dallas.
A due-diligence specialist once told me that what he called jock-sniffer syndrome was one of his key red flags. But Falcone, who seems to have a thing for dying industries, bought his stake in the Wild for an altogether more pathetic reason.
"I think the dream come true would be to be out there playing," he says. "But things work out in different ways."
I guess he'll just have to go cry in his $2 billion. Or hang out in his conference room, which he's named for the Chicago Blackhawks.
As with many of his fellow jocks-turned-hedge-fund-managers, Falcone likes to hire other former athletes, so they can talk about the good old days and all the pussy that the members of the Harvard hockey team got back in the day. And rationalizing hiring one another.
"I think [team sports] give you a lot of insight into competition and learning how to work with a team," says Falcone. "Hockey has been a very critical part of getting me to where I am today."
It also looks to play a critical role in losing him millions and millions of dollars.
Hockey's Billionaires [Forbes]