NBA to pay $500 million to former ABA owners for television revenue

[Thebesteva]

Apparently this has been a lawsuit that has been ongoing for a few decades and the NBA is dishing out half a billion to two brothers to leave them the fuck alone.

:lol

http://finance.yahoo.com/news/nba-pay-two-brothers-500-165704100.html


The NBA has finally broken free from what may have been the worst contract in the history of professional sports.The NBA will pay two brothers $500 million to end a deal that required the league to give the former ABA owners an annual share of the league's television revenue according to Richard Sandomir of The New York Times (http://www.nytimes.com/2014/01/07/sports/basketball/payout-may-come-for-an-aba-team-that-is-long-gone.html?_r=0&adxnnl=1&ref=sports&adxnnlx=1389104519-VtU/6D9GPiR3H0OdLNL7vQ).
As part of the NBA-ABA merger in 1976, Ozzie and Daniel Silna accepted a share of the NBA's "visual media" rights in exchange for folding their ABA franchise, the Spirits of St. Louis. The deal was to last "in perpetuity." With the growth of the NBA and its television revenue, the brothers were receiving 1.9% of the revenue in recent years, or about $17.7 million annually (http://www.businessinsider.com/nba-is-negotiating-to-get-out-of-the-greatest-sports-business-deal-of-all-time-2013-11).
There were also concerns that the amount would go up as the brothers were suing for a share of "visual media" that did not exist in 1976, including online broadcasts, the NBA's own network, and international broadcasts.
According to the report, as part of the settlement, the brothers will still receive some television revenue as well as some revenue from the additional media mentioned in the lawsuit. However, there is a buyout clause in the new agreement which would allow the NBA to end the deal at any time.

[HI-FI]

it's amazing that Spurs, Pacers and Nuggets to a lesser degree have put out a good product, considering a fair amount of profits have been going to these brothers. I read about this a year ago and it kind of pissed me off, it sucks having your team limited by a deal made a long time ago. Of course if I was one of those brothers I would be swimming in rivers of cash.

[TDMVPDPOY]

THESE 2 fags didnt contribute anyshit to the league or startup costs...fck them pay them out to go fuck somewhere else...

[irishock]

Are they jewish?

[Reck]

Its better to fuck with Stern and his cronies than to settle. I would have kept recieving my cool 17 mil per year while Stern growls at the thought of losing precious money to two faggots sitting at some beach.

[Thebesteva]

THESE 2 fags didnt contribute anyshit to the league or startup costs...fck them pay them out to go fuck somewhere else...

You sad for Stern? Who gives a fuck

[TDMVPDPOY]

You sad for Stern? Who gives a fuck

no just a jew giving 500m to another 2 jew, nothing to see here

[Thebesteva]

no just a jew giving 500m to another 2 jew, nothing to see here

haaa....haaaa....haaaaaaaajew

[Rogue]

17m a year ain't meaning nothing to the NBA though, at least 10 players earn more than that figure each year imho.

[Captivus]

Can anyone please explain the effect of this on the Spurs budget? I dont need exact figures, just an idea of how much are we talking about here.

[Splits]

Are they jewish?

Is the sky blue? http://www.forbes.com/sites/monteburke/2011/05/12/revisiting-the-greatest-sports-deal-of-all-time/


Dan says the bug to buy a professional basketball team “came from me.” At age five, Dan was the mascot for older brother Ozzie’s Jewish Community Center basketball team. “I would dribble toward the basket. I was too small to shoot the ball, so I’d throw it over my head to one of the players who would lay it in,” he says. By age 12, Dan had developed a full-blown obsession with basketball. “But when I was fully grown, before I started to shrink, I was 5’10” and a half and weighed 150 pounds soaking wet,” he says. He didn’t play basketball in high school and was cut from his college team. “I kept saying that if I can’t play, the best thing to do is own a team,” he says.