The Nat'l Rookie League (NRL) is "expected to launch"
an IPO, according to John George of the PHILADELPHIA
BUSINESS JOURNAL, who wrote that it's "believed to be the
first time in Philadelphia sports history" where fans will
"have a chance to buy stock" in a local franchise. Shares
in the Philadelphia Force will be "available" to investors
at $5 per share. NRL President & Founder Bruce Stern: "This
is a start-up sports venture, so there's obviously a great
deal of risk. But I think as a lot of owners of minor
league sports teams will tell you, there can be a great
reward." Force Basketball Inc. is "seeking to raise a
minimum" of $500,000 and a "maximum" of $900,000 through the
offering. Stern: "The success of the league is going to be
based on all six teams getting strong public support. We
don't want one team raising $800,000 and another getting
$200,000. If we can't get the ($500,000 minimum), we don't
want to start the league. But we think we will be able to
find at least 100 individuals to invest $5,000 in a team."
The Force "intends to sell between" 55%-69% interest in the
team to the public (PHILA. BUSINESS JOURNAL, 8/16 issue).
