This is not the story you think it is. This is not some guy who made more than $100 million and gambled it all away in casinos, then tried to make a desperate comeback to make a little money.
Not every NBA story is about hedonism. Some, no many, players try to do the right thing.
Derrick Coleman — the former number one overall pick, the 1991 rookie of the year who never quite reached his potential — was investing the $87 million he made playing basketball in development deals in Detroit, trying to turn around a city in need of someone willing to make big moves there. But no city has been hit harder by the economic downturn than Detroit.
According to the Wall Street Journal, Coleman has filed for bankruptcy (via Ball Don’t Lie).
Coleman’s desire to invest in the Detroit area after his playing career ended contributed to his financial problems, Coleman’s bankruptcy attorney Mark B. Berke said Friday.
Among Coleman’s ventures is a struggling Detroit development called Coleman’s Corner, an attempt to revive one of the city’s most downtrodden neighborhoods. Coleman defaulted on loans related to the mall last year.
“Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities,” Berke said. “Due to the state of the economy, including the decline in the real estate market, Mr. Coleman’s investments could not be sustained.”
Coleman, best remembered as a Net, has an NBA pension, which means he can live pretty comfortably for the rest of his life.
The ProBasketballTalk Podcast at NBC Sports is done with its summer hiatus, and there will be a couple of podcasts a week now running through the NBA season, trade deadline, playoffs, and eventually free agency. We’ll talk about it all.
We start with NBA season previews, going division by division, and we start that tour on the West Coast. Mark Medina of the Los Angeles Daily News joins Kurt Helin of NBC to talk about the Lakers and their rebuild. From there the conversation goes to questions such as can anyone beat the Warriors? Are the Clippers contenders? Plus we talk about the building processes going on in Sacramento and Phoenix.
As always, you can check out the podcast below, or listen and subscribe via iTunes (check there to see all the NBC Sports podcasts), subscribe via the fantastic Stitcher app, check us out on Google play, or check out our new PBT podcast homepage and archive at Audioboom.com.
The Rockets created a little roster confusion by giving Gary Payton II a fully guaranteed deal, bringing Houston to 15 players (the regular-season roster limit) with guaranteed salaries plus restricted free agent Donatas Motiejunas.
This won’t clarify the situation, but P.J. Hairston will give the Rockets another intriguing piece.
Adrian Wojnarowski of Yahoo Sports:
Hairston was a first-round pick just two years ago, and at age 23, he still presents upside. He has at least stopped producing negative headline after negative headline after negative…
Now, we can focus on just Hairston’s major on-court flaws. He misses a lot of shots and does little else. But he has some raw tools, even if they barely showed with the Hornets and Grizzlies.
If the Rockets make a roster-clearing move, they could take a chance on keeping the talented/troubled wing around. More likely, he heads to the D-League, where Houston can develop him in its system.
After watching Joakim Noah leave for the Knicks, Bulls owner Jerry Reinsdorf said, “We felt Joakim wasn’t going to be a frontline guy anymore.”
Noah, via Marc Berman of the New York Post:
“He’s entitled to his opinion,’’ Noah said. “I feel I have no regrets about my time in Chicago. I gave it everything I had. To me that’s all that matters. I did everything I could for that organization. I thought it was a little bit of a low blow, but at the end of the day I have nothing but respect for that organization. I’m just excited for this new chapter of my career.”
Reinsdorf was right. Noah, 31, is on the downside of his career. I wouldn’t want him for $72 million over the next four years.
But Noah is also right. He gave the Bulls everything he had.
Noah didn’t deserve that parting shot, even if it was correct.
I also wonder how much this has to do with Chicago correctly assessing Noah’s value vs. the Bulls losing a player whom they wanted to keep and lashing out about it.
The Spurs drafted Ryan Richards No. 49 in 2010, and he could’ve signed with San Antonio any year since. To maintain a second-rounder’s rights, a team must extend a required tender – a one-year contract, surely unguaranteed at the minimum. If the player rejects the offer, those rights extend another year, and the team must then offer the tender again the following year.
Richards finally took the tender this year.
Just a couple days into training camp, the Spurs showed how much they value him.
The San Antonio Spurs today announced that they have waived forward/center Ryan Richards.
San Antonio now has 19 players and one open roster spot. I know what you’re thinking.