Providence, R.I. – Curt Schilling, the former Red Sox pitching star, told a radio show host that he lost $50 million of his own money as a result of the collapse of his Providence-based videogame company, 38 Studios, and that he is personally, financially “tapped out.”
“As the leader of this company,” Schilling said, “it’s on me.”
The company raised $49 million in loans guaranteed by the state of Rhode Island, as well as around $10 million from individual private investors.
Schilling admitted that the company’s leadership, including himself, made some strategic mistakes, including basing progress milestones on job creation as opposed to product development. He also said Governor Lincoln Chaffee – who won office well after the state’s investment decision had been made and was publicly opposed to it – was not disappointed when the company failed.
This article was also published in New England Tech Wire.
WEEI – radio interview (also embedded below)