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Old 03-19-2010, 06:53 PM   #1
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Join Date: Jan 2008
Location: Birthplace of basketball
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Default More team for sale rumors

Look for Herbert Simon to get an offer for the Indiana Pacers for around $230 million over the next few months. The Pacers are losing a pile of money and have not had a winning season since 2004-05. Simon has been borrowing money to finance operating losses and the Pacers now have roughly $150 million of debt. The Pacers pay $15 million a year to run the Conseco Field House and have tired to no avail to get taxpayers to cover more of those expenses. Simon, 75, and his late brother Melvin bought the team in 1983 for $10.5 million, so he should make out fine. But if the team goes for an enterprise value of $230 million it will be the third offer for a NBA franchise (the Charlotte Bobcats and New Jersey Nets have deals pending) far below the $300 million the expansion Bobcats went for in 2003. A bad patch like this is unprecedented in the NBA.

That's literally the entire article. The link to the article forgetting that Indiana ends in an A doesn't exactly make me lend a lot of credibility, not to mention the other typos. The guy makes it sound like he knows something when in reality he's just speculating, "franchise is losing money, has older owner, bet he's selling cheap!"

Does make me curious if Bird would have any interest in putting a group together like MJ did. But MJ probably made MUCH more money than Bird ever did in his career, I wouldn't be surprised if Bird isn't even all that much of a millionaire. That Larry Legend name carries weight though, just don't know how much money there is in the immediate area that'd be swayed by it.

Then there's the whole new CBA thing that could drastically change revenue sharing and guaranteed contracts, and the fact that reports have around a third (if not more) of the entire league losing money.

I was just hoping I didn't have to worry about this stuff and start digging into financials (the little that's availible credibly on them), CBA demands and potential effects of them, potential ramifications of said deals of the aforementioned. I'm not a damn lawyer, that stuff makes my head hurt.

Last edited by InspiredLebowski : 03-19-2010 at 08:57 PM.
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