William E. Mayer, founder of Park Avenue Equity, has acquired the New York franchise of the soon to be launched United Football League. The UFL, a professional American Football league, will begin its inaugural season in October.

"We are very excited to have Bill Mayer join the UFL as owner of our New York franchise," said UFL commissioner Michael Huyghue, a former NFL senior vice president. "Bill's business acumen and leadership skills will be an incredible resource to the League and the New York team. We are in final negotiations for the New York stadium and look forward to announcing more information about all of our teams in the coming weeks, including team names, uniform design and schedule."

The UFL describes its goal as providing fans with affordable, innovative and entertaining game-day experiences. It will play games on Thursdays and Fridays this autumn, with the championship match on Thanksgiving weekend. Four former NFL coaches are being paid US$500,000 each to build teams from players cut from NFL teams this summer and in training camp.

Exact figures for Mayer's acquisition of the New York franchise were not released, but the US$30 million investment required to set up the four franchises - New York, San Francisco, Las Vegas and Orlando - would suggest a fee in the region of US$7.5 million, depending on the potential premium placed on a New York brand.

The UFL has been pioneered by William Hambrecht, a Wall Street investor and former partner in the Oakland Invaders of the defunct United States Football League, and Tim Armstrong, chief executive of AOL. The league has no official connection with the National Football League, but NFL commissioner Roger Goodell and Huyghue have indicated that it may eventually become a developmental league for the NFL; the UFL's tagline is "Where the future stars come to play." A further four franchises will be added following the opening season.

Some of the media is more cynical. ESPN asked: 'why would some of America's best and brightest invest $30 million on this project?' before answering its own question: 'It's pretty simple. They are betting NFL owners will screw up labour talks in the next two years and have a lockout in 2011. If the NFL loses in labor, the UFL may win. If the NFL players are locked out, the UFL can offer them a home.'

"Affordable and accessible entertainment is paramount in today’s economic climate and this is what the UFL is offering," said Mayer. "Having worked with Bill Hambrecht for many years and even housing the league offices in its infancy, I knew the United Football League was a fiscally sound investment and one that showed great potential."