Filed under: UFL
So much for that happy marriage. Mark Cuban, a huge proponent and investor in the United Football League, is suing the third-year professional football league for a $5 million loan he says should have been paid back by October.
Cuban says Bill Hambrecht, co-founder of the UFL -- yes, Apple and Google's Hambrecht -- was supposed to pay back the loan by Oct. 6 of this year. Cuban and his HDNet, which broadcast some of the league's games, entered into a deal that would give Cuban interest at the rate of one percent per annum. When the loan was not paid back on time, a new deal was made. to be paid back by Dec. 1 at the rate of 15 percent per annum.
According to the lawsuit, "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."
"It was only a loan, and (it's) personally guaranteed by one of the founder's trust," Cuban told the Dallas Observer Thursday.
Source: http://www.fanhouse.com/2011/01/13/mark-cuban-sues-ufl-for-unpaid-5-million-loan/
Andre Luc Appietto Robin Appleyard Junya Arai Toshiyuki Arakaki Fernando Aranda
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