After minutes of speculation, the Arena Football League announced that it was suspending its 2009 season on Sunday. This means that Jon Bon Jovi won’t be appearing on your local NBC affiliate every weekend. It also means that New York Dragons Presidents Steven and Shanna Silva may have made the worst investment in pro-sports history. Let’s deal with these one at a time.
“We, the owners of the Arena Football League, realize we have the most fan-friendly, affordable and accessible sport anywhere,” said Bon Jovi, conveniently overlooking that he’s saying it in the release announcing the suspension of the 2009 season. The players will be “fan-friendly” and “accessible” because they’re earning commission for every pair of shoes they sell. He wasn’t lying about the “affordable” part since, you know, there are no tickets to buy.
Now Steven and Shanna Silva. They bought the Dragons in July from the crafty Charles Wang for $16 million. I’m not entirely sure how people earn $16 million when they are stupid enough to buy an AFL franchise on the precipice of economic ruin. It’s not like smart people — ahem, Krugman — didn’t see this coming a mile away.
Then there’s the fact that they bought a team from Charles Wang. The same Charles Wang who put Garth Snow in charge of his hockey team. If Charles Wang is trying to unload an asset, it’s probably because it’s already run aground.







