United Football League Blamed For Breaching Promissory Note

The NFL has its concussion problems.  The United Football League (UFL) is just trying to generate enough interest in its product to survive.  One person who is growing very impatient with the UFL is Dallas Mavericks owner, Mark Cuban.

Cuban, through his company HDNET, LLC, filed a Complaint against William Hambrecht, an investor in the UFL and owner of the Las Vegas Locomotives (a UFL team).  HDNET invested $5 million into the UFL in return for the UFL’s promise to pay back that loan plus 1% interest on it on October 6, 2010.  HDNET agreed to extend the deadline to December 1, 2010 in return for an interest rate of 15% per annum up until the new deadline.  HDNET still has not been paid the money plus interest that it is owed.

The UFL has also recently been criticized for not paying agents their agent fees on time.

 

One Response to “United Football League Blamed For Breaching Promissory Note”

  1. S. Miller says:

    Mark Cuban and the agent are not the only people being stiffed by the UFL. Most of the PR and marketing staffs, some players, equipment people and others are still waiting for the mail to deliver our checks.

    I was the UFL photographer for the past 2 seasons here in Florida, working directly for the league, this season I have yet to see a dime of pay for my work.

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