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.

Kings’ Rudy Gay suffers apparent torn left Achilles tendon, would be done for season

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This not only changes the Kings dreams of making the playoffs in the West, it also alters the trade deadline and free agency.

Rudy Gay, the Kings wing and second-leading scorer, has been diagnosed with a torn left Achilles tendon, according to the team. During the third quarter of Wednesday night’s game against the Pacers, Gay drove out of the right corner and, untouched, fell to the floor hard. He had to be helped off the court by teammates.

Team doctors made the initial torn Achilles diagnosis, which will need to be confirmed by an MRI scheduled for Thursday. He would be out not only for this season but likely the start of the next one as well.

Without Gay, a lot more will fall on Matt Barnes and, once he returns from his calf injury in a couple of weeks, Omri Casspi. Those two are a drop off from what Gay brought to the Kings — this season the team gets outscored by 10 points per 100 possessions when he is off the court — and with that team’s playoff chances have taken a hit (they are 1.5 games out of the eight seed after Wednesday’s loss to the Pacers). Don’t be surprised if the Kings look to add a scorer at the trade deadline.

Gay was not happy in Sacramento and said he planned to opt out of the $14.3 million final year of his contract to be a free agent next summer, which made him someone potentially traded before the deadline (although the Kings being in the playoff hunt impacted that). Gay averaged 18.7 points and 6.4 rebounds a game for the Kings, and while his game was a little old school — more isolation and midrange shots than teams prefer — he put up points. Enough that he was drawing trade interest heading toward the deadline from Oklahoma City and other squads.

That is all off the table now. At age 30, if Gay does still opt out of his contract for next season this will impact what he would make on the free market.

Zaza Pachulia lays out Russell Westbrook, stands over him (video)

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Kevin Durant playing the Thunder invites extra emotions.

Russell Westbrook felt them – in the form of a flagrant foul by Warriors center Zaza Pachulia, who stood over Westbrook for emphasis.

Pachulia is really embracing his role doing the dirty work for star-studded Golden State.

Report: 76ers’ Ben Simmons sitting entire season still on table

TARRYTOWN, NEW YORK - AUGUST 07:  Ben Simmons of the Philadelphia 76ers poses for a portrait during the 2016 NBA Rookie Photoshoot at Madison Square Garden Training Center on August 7, 2016 in Tarrytown, New York. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2016 NBAE  (Photo by Nick Laham/Getty Images)
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That rumor No. 1 pick Ben Simmons won’t play this season?

It just won’t die.

Even after Simmons tried to quash it, even after the 76ers’ CEO outright denied it, even after Simmons returned to practice, even in an otherwise optimistic report.

Chris Haynes of ESPN:

76ers rookie forward Ben Simmons could make his much-anticipated NBA debut shortly after the All-Star break, league sources told ESPN.

Barring a setback in his recovery, sources say the No. 1 overall pick in the 2016 NBA draft has a chance to take the hardwood near March. There still remains the possibility Simmons sits the entire season, sources said, but his situation will continue to be thoroughly evaluated throughout his comeback quest.

76ers coach Brett Brown said there’s “no chance” Simmons plays in Philadelphia’s nationally televised game against the Rockets next week. Other than that, there isn’t much clarity.

It mostly sounds as if Simmons is still too far from returning to say something definitive.

Roy Hibbert passes ball into hoop, reacts with perfect facial expression (video)

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The Hornets did so much right in their 107-85 win over the Trail Blazers, even a bad pass went through the hoop.

Roy Hibbert reacted fantastically to blunder/basket (blasket?).