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I've been getting some skepticism lately over my level of negativity towards Teamsterz. So I've decided to take a look at the PDX FC WeFunder to show what my neutral takes look like. It's still open right now. https://wefunder.com/pdxfc
Disclaimer: I didn't know that PDX existed until last year when @lunabird444 discussed becoming a supporter in the wake of the MLS VS Iron Front controversy. I know nothing else about them beyond them playing in Portland, OR. This is all with fresh eyes.
I'm going to attempt to avoid ascribing any goals or ambitions to PDX which they don't state for themselves in the WeFunder. I'm only a DCFC supporter and I've only invested there, but I'm goinf to attempt a fair assessment for would-be PDX investors.
Let's go.
Let's go.
Community ownership is potentially very big. Point 4 is a big one here and suggests that IF the club grows, you could get paid. An article of faith in NGS was that the DCFC WeFunder was not a vehicle for financial return.i
I don't think it's unfair for people to judge this with an assumption of zero return, but PDX brought it up, so I'll be analyzing this both for "donating to build a community club" and for "fiscal returns" use cases.
(Spoiler: for the latter, invest in index funds instead.)
(Spoiler: for the latter, invest in index funds instead.)
Owners who are from the local area. The story here isn't over the top: they're here to provide playing opportunites, not be over the top and change the world.
This is a *very* good thing. They know their spot in the ecosystem and they're doing their best in it.
This is a *very* good thing. They know their spot in the ecosystem and they're doing their best in it.
Again, limited scope. PDX is pitching themselves as being a more close-knit experience for the hardcore. They know they're in the neighborhood of the Timbers and don't believe saying "pro/rel" will knock them out; they're trying to be something complementary.
Apolgoies for the size of the text in this graphic. It's not very accessible. A big point here is that the fund usage breaks down differently based on the funding level. They're very up-front about how staff wages don't factor in until the bigger goal happens.
You can view this as a negative, but PDX is open that they've been a volunteer staff since founding. This is them being open about how your money will be used. It's a realistic plan and shows just how much a successful WeFunder could mean to community clubs in years to come.
First point is interesting. A club looking to go pro based on the community is near and dear to my heart as a DCFC supporter.
Second point does nothing for me. I mean, I agree philosophicallt, but why does it make the investment a good idea for me reading this?
Second point does nothing for me. I mean, I agree philosophicallt, but why does it make the investment a good idea for me reading this?
Depressingly accurate even before COVID.
Revenue breakdowns are very good. Kingston Stockade has published some open info along similar lines if you want to really do your research. This is good for giving people a real sense of how the cash comes in and dispels wishful thinking from potential investors.t
The training and compensation fee stuff- honestly, I don't know and I don't think anyone does. Maybe we're about to see a renaissance for that in lower-league. Maybe not. I think it is something that hinges on NISA membership coming in 2022. Bear that in mind.
This is the simple reality of lower league and it's why your $50K is going to pay just operational expenses for a few years well ahead of any staff salaries.
The best way to exit lower league with a small fortune is to start with a large one.t
The best way to exit lower league with a small fortune is to start with a large one.t
That said, that should tell you what you need to know about dividends, since this is before paid staff and pro player salaries. That's not shade. This is the reality of lower league soccer. Come for passion and glory, not fiscal returns.
PLS investors. This should always be your first question in a WeFunder for clubs going pro. They're up front about it. The brothers with voting power don't qualify. Kevin Bull plausibly could based on 30s of Googling, if his ownership share was increased.
Either way, this is an unknown and if I was an investor, I would be factoring in that even at max raise, we may not be going to NISA. That isn't PDX's fault and if you believe in them it shouldn't stop you. It's just, yet again, the reality of US soccer.
Answering the question of being in the Timbers market. Again, they don't believe that "having the right model" will invert gravity and make them win the whole market. PDX knows what they are.
That's pretty much it for me. Again, I'm a DCFC supporter and that's the only place my investment money has gone, but if I was a PDX supporter who went to their games, I think I'd have a good representation of whether my money should go here or not based on my own values.
I do wish PDX all the best luck with it and hope they do make it to NISA someday. Even if they do just stick to NPSL, the combination of ambition and humility is refreshing to me. Is it accurate? I can't tell. I'd have to ask around. But it's a much fairer starting point.
So to loop around to why I was pushed to do this thread- this is why the bad WeFunder infuriates me. We are in the early days for this concept in the US. Even when people are doing their best to be transparent like here, there are always unknowns.
That's just life and business to have unknowns like that. But those unknowns shouldn't extend to basic questions of honesty or even arithmetic, and that's the case for other ownership groups out there right now. It shouldn't be. Bad actors increase uncertainty for good actors.
There's a fair amount of talk of toxic negativity in supporter culture, and that's fair. But independent soccer also has a toxic positivity problem with enabling grifters right now, and that hurts clubs like PDX FC and will continue to until we stop helping liars.
