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ATTENTION INVESTORS: CANADIAN VENTURE CAPITAL FUND PLANNED
Published November 8, 1994
Sportfund, a new venture capital fund sponsored by the CFL Players Association, will be introduced at the Hockey Hall of Fame in Toronto tomorrow. The fund, which has been secretly planned for six months, will allow Canadians to become involved in investing in sports-related industries throughout the country, and could also raise as much as $100M in its first year of operation. Sportfund's Advisory Council includes Franco Harris, and Hockey Hall of Famers Darryl Sittler and Brad Park, and will be headed by Joel Albin, a former VP at the Bank of Montreal. Sources say he has "arranged for the CFL Players Association to sponsor his fund." Investors will "be able to put in $5,000 a year, which will be eligible for the registered retirement savings plan." The fund will be "designed to invest in small businesses in Canadian sports and fitness industries, such as apparel and equipment manufactures." The CFLPA could earn as much as $400,000 a year for being involved in Sportfund (Marty York, TORONTO GLOBE & MAIL, 11/8).