But the analysts and rival executives said they would withhold anything more than polite applause until they could see some results.

A rival executive called, and after the expected "fabulous" comments, asked for the name of the photographer.

Several other rival executives characterized the opening as disappointing.

"If the rating agencies take them below investment grade, they can't do business anymore," the rival executive said yesterday.

"He is the gatekeeper," said a rival executive, who would comment only if promised anonymity.

Players are afraid to read the newspapers, fans expect him to acquire another superstar any minute, rival executives envy his unlimited spending ability.

Furthermore, conflicts within the club's executive did not help matters, with two rival executives fighting for control of the club at one point.

"It was not clear that many of the key players in business were going to sign up for Passport," one rival executive said.

He was well liked by rival executives, who saw him as genial and humble.

It is an extraordinarily lofty goal, according to analysts and rival executives.