Paul Rabil was sick of Major League Lacrosse. It was 2017, and Rabil, a two-time MVP, was embarrassed to tell people he was a professional lacrosse player. He had good reason. In the world of pro sports, lacrosse had a pitiful reputation, if it had a reputation at all. Founded in 1999 as the first professional outdoor lacrosse league, MLL never attracted a meaningful fan base. Attendance had plummeted by 40 percent since 2011, to an average of just 3,800 per game. By comparison, the NCAA men's lacrosse championship game once drew nearly 50,000 fans.
MLL also offered one of the worst player experiences in all of professional sports. Players worked full-time jobs outside of lacrosse and played games on weekends during the summer. The base salary for rookies was $6,000. When the league made travel arrangements, it would sometimes book players on connecting flights to save money. What's more, players didn't always have access to basic amenities like locker rooms and showers-or ice baths. Rabil had to buy ice at the CVS across the street from his apartment to treat his knee and foot.
After more than a decade in MLL, Rabil knew that professional lacrosse was broken. So he set out to fix it. In 2017, in partnership with his brother Mike, a serial entrepreneur who ran a small investment firm, Paul raised a pool of capital from a group of private equity firms and hedge funds and made an offer to acquire MLL for $35 million. The bid failed. Then the Rabils decided to do something crazy: They would start their own league.
Diese Geschichte stammt aus der March 2023-Ausgabe von Inc..
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der March 2023-Ausgabe von Inc..
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
A Bankable Pet Project - How Moonshots Capital helped eTailPet scale up and attract a buyer in just three years.
Berenice Giannini's startup, eTailPet, wasn't a natural fit for Moonshots Capital. The Austin-based venture firm, launched in 2014 by Kelly Perdew and Craig Cummings, both of whom had previously served in the U.S. Army, frequently backs companies founded by military veterans.
Backers Should Have Your Back - The best capital provider for your business will offer a helping hand, not just deep pockets.
Three years ago, U.S. entrepreneurs were enjoying one of the best funding environments in decades. Venture capital and private equity hit all-time highs as banks loaned at historically low interest rates. All you needed to get a term sheet, it seemed, was a smile and a pitch deck.
Lift Off - Would you pay $50,000 to touch the edge of space?
Would you pay $50,000 to touch the edge of space? Meet the entrepreneurs providing a rarified clientele with a luxurious, once-in-a-lifetime journey.So you want to go to space. To take in the expansive curvature of the Earth glowing miles above the atmosphere, surrounded by pure darkness. To experience the mind-altering overview effect described by astronauts as a transcendent state of awe, staring back at the planet on which you've inhaled your every living breath.
There Will Always be Those Who Doubt You and Your Vision. Here's How to Tune Them Out. - Recently, I invited an experienced luxury hotelier to visit the new campus we were building near Santa Fe for Modern Elder Academy,
Recently, I invited an experienced luxury hotelier to visit the new campus we were building near Santa Fe for Modern Elder Academy, the midlife wisdom school I co-founded in 2018.
A Scientific Discovery that Unlocks Your Body's Healing Power
The founder of Stemregen, a company that creates powerful supplements that stimulate the body's natural repair system, explains how a \"fringe idea\" opened up a new world of stem cell therapy.
Transformative Growth: Agency Masters the Art of Evolution
As a destination marketer, Awestruck has mapped out a journey to success by constantly developing its services and its staff.
For the Love of the Restaurant Experience
The founder and CEO of DJB Hospitality shares his passion for the challenging and uniquely rewarding hospitality industry.
Custom PEO Solutions for Blue-Collar Industries
COMPEO is an HR management solutions provider with a jaw-dropping five-figure growth rate.
Homebuying Was BrokenMeet the Founders Here to Fix It
Cecilian Partners is a fast-growing technology firm providing end-to-end solutions for production homebuilders and land developers.
A Focus on Complete Solutions for Regulatory Environments
The Northcross Group develops sustainable processes for clients with compliance needs.
