NBA Owners Working on Deal to Stave Off Bankruptcy & Homelessness

Just last month, Forbes published an article that revealed that the AVERAGE value of an NBA team has tripled over the past four years, and has now risen to the sum of $1.25 Billion. During the brief tenure of new commissioner Adam Silver, the league’s network television contracts have tripled in value and new sponsorship deals have been redone or extended, for sums two, three, and four times as much as the old deals. New sponsors have climbed over each other’s back to gain entry into the club, with the likes of Pepsi pouring


LA Lakers Kobe Bryant adidas Name & Number Pullover Hoodie
$69.95
money into NBA coffers to replace Coke as the league's cola, Tissot lavishing funds into owners’ pockets to become the official league timekeeper, and Nike replacing adidas as the league’s clothier to the tune of over a billion dollars per year. Local deals take no backseat, with new media contracts across the NBA landscape, including a new 20-year deal for the Knicks, which fueled their reclaiming the top spot among the league’s teams in net value, now at $3 Billion, squeezing the Lakers
down to number two, with a value of $2.7 B. The Clippers value, a paltry $2 B, puts them all the way down at number five. Overall this past season, the league’s 30 teams reported net operating profits of $900 Million, on gross revenues of $5.2 Billion, a figure that has gone up in 13 of the past 14 seasons, and has just about doubled since 2001. Cutting through the business-speak of phony paper expenses and all that, in reality 29 of the league’s 30 teams made a real dollars-and-cents profit this past season. Only Billionaire Mikhail Prokhorov’s Nets didn’t report a profit, but they spent millions and millions purchasing a larger share in the Barklays Center and they paid out the league’s highest payroll and because of that also paid out an additional $20 Million in luxury taxes back to the league and other owners.

The ranks of NBA owners include such filthy rich fellows as the Net’s Prokhorov at $18 Billion, plus Portland’s Paul Allen ($17.2 Billion), Richard DeVos ($6.4 Billion) of the Orlando Magic, Dan Gilbert ($4.4 Billion) of the Cleveland Cavaliers, Micky Arison ($7.1 Billion) of the Miami Heat, The Dolan family that owns the Knicks ($4.2 Billion), Tom Gores ($2.5 Billion) of the Detroit Pistons, and a few more billionaires. Mark Cuban of the Mavericks has a listed new worth of only $2.3 Billion, but that sounds far too low. L.A. Lakers’ part owner Philip Anschutz has, supposedly, a personal net worth of only $7 Billion, but his privately held Anschutz Entertainment Group and Anschutz Corporation, the world’s largest owner and operator of sporting venues and sports teams and owner of


LA Clippers Chris Paul Majestic Pullover Hoodie
$64.99
numerous media companies, is worth several times that paltry figure. Stan Kroenke, owner of the L.A. Rams, is also the owner of the Denver Nuggets, and while his personal net worth is given at only $5.8 Billion, his wife is part of Walmart’s Walton family, with her own fortune in the ten’s of billions of dollars. And finally, still speaking of L.A., don’t forget the Clippers' Steve Ballmer, who comes in at about $22.4 Billion.

So, why discuss all this, and why now? Well, it seems that all this money and all this profit just isn’t enough for these guys, and just yesterday, information has come out that the league is investigating a brand new source of income, an untapped source just made for professional basketball, and one that is part and parcel of the pros in another popular sport, auto racing. That’s right, basketball fans, if all goes as planned, and the kinks are worked out for the plan to gain approval from the league’s Board of Governors at the April meeting, come 2017, NBA players running up and down the league’s courts, will be sporting not just logos and emblems that say “Lakers” and “Clippers” and “Houston Rockets” and “NY Knicks”, but also big, bright logs blasting out the names “EXXONMOBIL”, “CITIBANK”, and “VERIZON”!

Yep, corporate logos will soon be adorning the uniforms of NBA teams.

I mean, how do you expect guys like Cuban, Allen and Ballmer and the rest to get by on their shares of only $900 Million per year? Really. Gotta jack up that profit somehow, right?

___
Income and earnings figures are from forbes.com, thesportster.com and xfinity.com

This entry was posted in NBA and tagged , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>