Las Vegas group "under contract" to buy NBA team if it builds arena

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LasVegasSign.jpgLas Vegas might be home to more than the NBA Summer League soon.

International Development Management LLC, has a deal to buy an NBA team if they can get an arena built in the city, Chris Milam, CEO of the group, told the Las Vegas Sun.

“We have an NBA team under contract,” Milam said, declining to name the franchise. But the deal will take effect only if “other pieces of the puzzle fall into place: One of those pieces will be that a building (arena) is approved,” he said.

It’s a chicken and egg scenario — no NBA team will commit to move to Vegas until there is a new arena, but you can’t get money for an arena until a team is committed. If Milam and group really do have a deal with an NBA team, it breaks the cycle. But there are always contingencies built into this kind of deal.

There are a number of NBA teams up for sale right now — Detroit is on the block, Golden State is about to announce a new owner, allegedly so is New Orleans, Indiana has been rumored but just struck a deal with the city — and others that could be had for the right price.

The NBA establishment has been slow to embrace Vegas, because of the gambling and potential distractions to visiting teams. Some owners and execs do not like it. But money talks. If you can build a new state-of-the-art arena that will generate revenue, the other concerns will fade away.

It’s always about the money.

The key to Milam’s plan to build that arena is persuading Clark County to revive its redevelopment area and fund the arena using what is known as tax-increment financing.

It’s clear why this went public — pressuring the county to back their plans. He makes is pitch Aug. 4.

What he wants is a Redevelopment Agency to be reconstituted. The way that financing works is this: The state agrees to keep getting the exact amount of property tax from a piece of land that it is getting now for the coming 20 years (or longer). Then it sells bonds and uses the money to upgrade the property (in this case with a new arena). The increased property taxes from that improved land go to pay off the bonds. It’s a process to pump money into blighted areas that might otherwise struggle to get investments, but it is a system that has been abused in some places.

The property being discussed in Vegas used to be home to a waterslide right in the heart of the city, on the Strip toward downtown from most of the large hotels.

Vegas has grown in recent years and is a large metropolitan area now. It also has big businesses here, plus you can bet casinos would buy suites to entertain high rollers. But there are still questions about how well a town of transports would rally around a major league sports franchise.

PBT Extra: Disciplined Celtics highlight bad habits of Milwaukee Bucks

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Giannis Antetokounmpo has been every bit the top five NBA player in the postseason — 32.5 points per game on 63.2 percent shooting, plus with 11 rebounds and 7.5 assists per game.

Yet the Bucks are down 0-2 to Boston.

The Celtics have had a strong series from Al Horford and Terry Rozier, but the real difference is in the discipline this team has shown all season — Boston knows who it is. Clearly, Milwaukee does not. They turn the ball over too much and make too many mistakes.

I get into all of that in this PBT Extra, and I wonder if that’s something the Bucks can really turn around mid-playoffs.

Ettore Messina to coach Spurs in Game 3 following death of Gregg Popovich’s wife

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Spurs coach Gregg Popovich’s wife, Erin, died yesterday.

That sad news was felt throughout the NBA, and it obviously affects San Antonio most closely. That includes for tonight’s Game 3 against the Warriors.

Jeff McDonald of the San Antonio Express-News:

Ettore Messina was a longtime head coach in Europe. The Spurs lead assistant also took over for a few regular-season games Popovich missed. So, making – rather than advising – coaching decisions won’t be a brand new challenge to Messina.

But down 2-0 to defending-champion Golden State is a tough place to make an NBA playoff debut.

On the bright side, there will be no pressure. Not only has San Antonio been outclassed the first two games of the series, focus is rightly on the Popovich family. A win would be a pleasant surprise and help Messina – who’s up for the Hornets job – in his pursuit of a head-coaching position. A loss would be quickly forgotten with more important matters at hand.

To that end, hopefully the time away allows Popovich the space he needs to grieve. That matters far more than a basketball game.

Report: Knicks to interview Kenny Smith for head-coaching job

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The Knicks are casting a wide net in their coaching search.

It’ll apparently include a familiar, though surprising, name.

ESPN:

TNT analyst Kenny Smith will interview for the New York Knicks’ head-coaching job on Friday, a source told ESPN’s Stephen A. Smith.

A quality organization, the Rockets, interviewed Smith (in 2016, before hiring Mike D’Antoni). So, this isn’t proof of the Knicks’ oddball thinking. (There are plenty of better examples, if you wish).

Steve Kerr opened the door for former players to go straight from TV to being an NBA head coach without having any coaching experience. He’s been a smash hit with the Warriors.

But Kerr was also the Suns’ general manager before Golden State hired him. Smith has no front-office experience.

So, it’s tough to judge Smith, whose role on television is more to entertain than inform (though he does both). He’ll have to really wow in his interview to get the job.

But at least he has that opportunity.

Pacers coach Nate McMillan slips and falls while arguing call (video)

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Nate McMillan slipped up in his handling of Victor Oladipo‘s early fouls during the Pacers’ Game 2 loss to the Cavaliers last night.

Then, the Indiana coach literally slipped while arguing that LeBron James should have been called for offensively fouling Lance Stephenson.