Bill Rasmussen got fired by the Hartford Whalers, then chased an idea almost nobody believed in: sports television around the clock. He burned through his own money, his credit cards, his son Scott’s money, and money from his father, sister, and brother. Six months before launch, out of cash, he signed a deal with Getty Oil for the tens of millions ESPN needed.
Episode page with video, links, and more
Getty took most of the company. Other terms were left as loose ends to settle after the contract, and employment contracts for Bill, Scott, and the early team were among them. They never got settled. Two early leaders were pushed out almost immediately. Scott was shown the door at launch. Bill was gone a year later.
Mike Soltys was hired as ESPN’s first PR intern in 1980 and stayed 43 years, the last 20 as a vice president in corporate communications. He’s now the network’s official historian, and he tells this story on Bill’s behalf, because Bill has never called it a mistake and doesn’t look back.
The lesson holds up for any founder taking outside money: financial control and employment protection are two separate negotiations, and it’s easy to lose the second one while focused on the first. Scott Rasmussen says he negotiated far better after watching what happened.
Mike also shares why ESPN’s first live remote failed on opening night, why the network celebrates its bloopers instead of burying them, and how he used Bill’s 1978-79 business diary to settle disputes when everyone remembered the same night differently.