Saints Players and Coaches Lose Money

It has been reported that at least 16 people that have ties to the Saints lost money in a deal where they thought they were buying state film industry tax credits. New Orleans is considered a darkhorse in NFL betting odds to win the Super Bowl at 18-1.

According to the AP, the deal was called the “Investment/Tax Credit Purchase Agreement.” A total of 27 people put money into this deal with the total amount of money invested at just under $1.9 million. New Orleans defensive lineman Charles Grant lost a reported $425,000 investment while Brees lost $100,000 and Payton lost $144,000. Former punter Mitch Berger lost $250,000 while tight end Jeremy Shockey is out $80,000.

The Times-Picayune of New Orleans broke the story. They are quoting former long-snapper Kevin Houser who lost $125,000 in the deal. Houser was recently cut by the Saints. Houser did promote the studio tax credit program but said it is the fault of studio executives who did not come through. "If anything, I feel like I was an ambassador for the state," Houser said to the Times-Picayune. "We were going to bring a bunch more money into the locker room by utilizing a program that was helping the state; that was helping generate jobs."

The bottom line is that the studio never had any credits to offer investors.
"They never submitted the required documents to receive tax credits," said Sherri McConnell, director of the Office of Entertainment Industry Development. The story could get more interesting as time goes on since Houser is associated with a construction company that his wife and a partner own. They are reportedly owed more than a half million dollars by the studio for renovation work.

Houser is losing out all the way around as he was cut by the Saints recently although head coach Sean Payton said the reason was that the Saints wanted to “upgrade the position." Not much has gone right for the Saints recently in any area. The Saints flopped last year in NFL betting and they are a longshot this season in NFL odds at the sports book, despite having a great offense. Head coach Sean Payton now looks overrated and the Saints have become a questionable bet in NFL betting. They are given an outside shot in NFL betting to win the Super Bowl though as they are listed at 18-1 in NFL odds at the sportsbook.