Dealmaker Bill Hambrecht (pictured at left) is reportedly attempting what most would call the impossible: launching a new football league, according to The New York Times.

Despite his involvement in the ill-fated USFL, Hambrecht has teamed with Google Inc. executive Tim Armstrong to fund the United Football League with $2 million a piece for now. In addition, the pair have not only hired four executives, but they have landed Mark Cuban as the first team owner, who will pay $30 million for the rights to own a team — reportedly in Las Vegas.

As crazy as the idea sounds of challenging the NFL's supremacy following the spectacular failures of the USFL and XFL, the group is heeding the warnings that did in other attempts by establishing teams in big cities that lack NFL franchises. Although the league expects to launch in eight cities as early as August 2008, it only divulged three cities of interest: Las Vegas, Los Angeles and Mexico City. However, the Times listed other cities Hambrecht may have his eyes on: Orlando, Fla., and San Antonio.

The league is still looking for additional owners, who are willing to part with $30 million up-front for the right to lose money for at least five years — assuming the league even lasts that long. Evidently, those loses are too much for dealmaker T. Boone Pickens, who backed off from plans to buy a team.

By the way, Hambrecht explained away the USFL's failure as a consequence of the fast money from S&Ls, so we're guessing hedgies and PE guys need not apply. —Matthew Wurtzel

See story from The New York Times