Paul Freedman and Bryan Carmel co-founded the Pioneer League's Oakland Ballers last year to keep baseball in Oakland as MLB's A's prepare to depart.Now, the organization is crowdfunding for more financing that will give fans the chance to own equity in the team.Paul Freedman, a 45-year-old serial entrepreneur who has founded and sold five educational technology companies, decided last June he wanted a new type of venture: a baseball team.
Freedman proceeded to brainstorm ways to keep baseball in Oakland. That gave birth to the Oakland Ballers, or the B's — the Pioneer League team that debuted earlier this year, co-founded by Freedman and Carmel. The team, just getting off the ground with initial seed funding, faces an uphill battle to strike a successful business model in Oakland — a city with daunting crime challenges and nearly abandoned by professional sports.
"We're testing the waters here," said Freedman. "There could be a dividend. There could be a secondary market. Shares will come with voting rights.", the platform the B's are using to crowdsource the funds, has received an expression of interest from more than 3,500 people who say they would like to invest in the team, with pledges for a combined total of nearly $8 million.
The early interest has inspired inquiries from other local baseball and soccer teams looking to raise money on DealMaker, Stidd said.Freedman plans to use the crowdsourced money for general baseball operations with a particular emphasis on marketing. In its first year, the B's have done about $1 million in merchandise sales, according to the team, and has signed up 47 sponsors, including San Francisco's BART transit system and AAA Insurance.
But he'll have to make sure the B's flourish as a feel-good story, rather than a dreary reminder of what Oakland once had. Even among locals, there's a misperception for how dangerous the area is, Freedman said. He likened the neighborhood to Chicago's Wrigleyville, where the Chicago Cubs play. Freedman said he is developing partnerships and relationships with local businesses to promote the team and hopefully expand entertainment and eating experiences outside the ballpark.
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