((HT: Dallas Observer via Howard Bloom))
According to a lawsuit filed in Dallas federal court this past week, Mark Cuban loaned the United Football League US$5-million. He expected to be paid back by October of last year.
Cuban confirmed to the Dallas Observer in an e-mail: "It was only a loan, and [it's] personally guaranteed by one of the founder's trust." Meaning Bill Hambrecht- UFL founder and Las Vegas Locos owner- who's named in the suit, along with The Hambrecht 1980 Revocable Trust.
On April 7th, 2010 UFL Management, LLC and Cuban's HDNet made a deal: Cuban would loan the league the $5 million, with the understanding it would be paid back by October 6th, along with interest at the rate of 1-percent per year. The payment didn't make it in time, so they restructured: The money would be returned by December 1st at 15-percent.
But "on or about December 1, 2010, Plaintiff demanded that Defendants fulfill the terms of Defendants' guaranty, and pay the debt owed to Plaintiff in accordance with that guaranty, but no part of the debt has been paid."
So much for this marriage...
Here's the highlights from last year's title game...
((HT: theufl))
And a report from WAVY-TV's Bruce Rader...
The HQ wonders aloud about the future of the league...
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