The proliferation of basketball start-up leagues that
are "hoping to cash in" by "embracing a strategy" of paying
their players, which "is expressly barred by the" NCAA, is
profiled by Rodney Ho of the WALL STREET JOURNAL. The
Collegiate Professional Basketball League (CPBL), aiming to
launch next year, says that besides "prepping kids" for
careers in the NBA, it "claims it will offer scholastic
lightweights an academic boost." The IBL and the National
Rookie League are also in development. CPBL Founder Paul
McMann said his league is looking for $18M in start-up
private capital for its first two years, and has asked
adidas for sponsor support. McMann said adidas could title
sponsor a team for $400,000 a year. But adidas Exec Dir
Sonny Vaccaro "isn't biting" and "says there wouldn't be
enough eyeballs on those Adidas jerseys to make it worth the
sneaker company's investment" (WALL STREET JOURNAL, 8/18).
Investment banker Richard Josephberg, whose firm Josephberg
Grosz is leading the investor search, said, "We're hoping to
attract investors who, of course, are looking to make a
substantial economic return," but also appreciate "the
overriding consideration of helping educate the
underprivileged" (Mark Veverka, S.F. CHRONICLE, 8/17).
