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.
just imagine if the team ended up moving away. what the hell would they do w/ the fieldhouse. it's a pretty nice place, though i haven't been to any other nba arena.
i remember growing up and hearing about how the colts were close to moving outta indy every year since they sucked so bad. damn, look how much they've changed.
It's been a terrible couple days, this just adds to it, and I'm not in the mood to discuss this. The writing's been on the wall but as far as I know this is the first an exec has come out and legitimately said it.
just imagine if the team ended up moving away. what the hell would they do w/ the fieldhouse. it's a pretty nice place, though i haven't been to any other nba arena.
i remember growing up and hearing about how the colts were close to moving outta indy every year since they sucked so bad. damn, look how much they've changed.
would they even make enough $ to support the place?
Not even close, they play at the old fairgrounds coliseum. The Pacers have exponentially more finances and allegedly can't pay the Fieldhouse upkeep fees. I really don't think it's that they CAN'T pay the $15mm upkeep costs, not anymore than they ever had trouble with it anyway, just that now they're able to renegotiate the lease and from a business standpoint you can't really blame them after the deal the Colts got on Lucas Oil.
For what it's worth, Bruno apparently said in a game chat he doesn't think there's any chance they leave. Pacers want a deal, Ballard wants one, the state wants one, thinks it'll happen. I think if they can make it through this year and the lockout, which is a lot easier said than done, financial problems will be a thing of the past with the new CBA.
Not even close, they play at the old fairgrounds coliseum. The Pacers have exponentially more finances and allegedly can't pay the Fieldhouse upkeep fees. I really don't think it's that they CAN'T pay the $15mm upkeep costs, not anymore than they ever had trouble with it anyway, just that now they're able to renegotiate the lease and from a business standpoint you can't really blame them after the deal the Colts got on Lucas Oil.
For what it's worth, Bruno apparently said in a game chat he doesn't think there's any chance they leave. Pacers want a deal, Ballard wants one, the state wants one, thinks it'll happen. I think if they can make it through this year and the lockout, which is a lot easier said than done, financial problems will be a thing of the past with the new CBA.
More team for sale rumors
