Monday, April 21, 2008

Ridiculous Item of the Day: New Sports Company Selling Shares of Players

What happens today could influence whether we'll ever get a chance to buy a piece of a baseball player. You see today, Mike McGirr, one of the founders of Real Sports Investments, will be meeting with representatives of both Major League Baseball and the union to talk about his company, which aims to sell shares of athletes. The company got a ton of attention a couple months ago when one of its founders, Randy Newsom, a Tufts economics graduate and Double-A pitcher in the Cleveland Indians organization, decided to become the guinea pig. Newsom agreed to sell four percent of his future earnings--determined to be $50,000. He quickly sold 1,800 shares at $20 apiece before officials from Major League Baseball and the union begin to grow concerned about the plan. The company smartly decided to return the money to the investors and set up a meeting with MLB and union officials, which is happening today.

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