Comment 58213

By CaptainKirk (anonymous) | Posted January 26, 2011 at 17:20:59

Wellman, a former 60% majority owner, apparently lost $4m in the last 3 years. And apparently Bob Young, or really HTCFC Inc. ( Hamilton Tiger-Cat Football Club) is minority owner of the team that "invested heavily" according to this report from December 19, 2010:

http://www.insidemnsoccer.com/2010/12/19/carolina-railhawks-4th-nasl-team-to-be-propped-up-by-traffic-sports/

"According to those same sources, Wellman had lost nearly $4 million on the team over the last three years. Wellman, who had stated previously he was looking for a new investor for his team, could no longer sustain those sorts of losses. With the collapsed deal, Wellman contacted both the NASL and the USSF to notify them he needed help if he was to keep the RailHawks up and running for the 2011 season."

and

"In 2008, Wellman took in new investors, including Canadian Bob Young, founder and CEO of LULU.com and owner of the CFL Hamilton Tiger-Cats. Dr. Paul Singh also became an investor in the RailHawks. Since those new investors came aboard the team has invested heavily in player personnel and hired Martin Rennie as coach of the team."

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