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.

Tyronn Lue says he has secret plan to fix Cavaliers’ defense for playoffs

AP Photo/Phil Long
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Only one team that ranked outside the top 12 in points allowed per possession during the regular season won an NBA title. The 2000-01 Lakers, who were 21st in defensive rating, are the lone outlier.

The Cavaliers rank 22nd in defensive rating this season and have been even worse lately.

But Cleveland coach Tyronn Lue says he has a plan. He just won’t reveal it yet.

Lue, via Joe Vardon of Cleveland.com:

“We’ve got to hold back. We can’t show our hand early because … these are some good teams and we don’t want them to be able to come into a series and be able to adjust to what we do. We just have to be able to play our normal defense until we get there and then we will see what happens.”

Also:

“I think the rebounding hurt us. Rebounding. But it will be different once some other things happen. … Their two-guards, their threes, they still crashed the boards. But we have something to fix that. Just not right now.”

What precisely those plans are, Lue wouldn’t tell us. And here’s the other part — he’s not exactly sure they’ll work.

“I’m not confident, but we’ve got to” get the defense fixed, Lue said. “We have to.”

The Cavs ranked just 10th in defensive rating last season, among the worst marks for an eventual champion. But they cranked up their defense in the playoffs, especially late. Cleveland held the Raptors 4.8 points per 100 possessions below their regular-season scoring rate and the Warriors 7.8 below theirs.

Lue also unleashed a 3-point-heavy attack in the playoffs last year after sitting on the strategy through the regular season.

So, I have some faith Lue will implement a better defensive gameplan when it counts. It also helps to have LeBron James, who can still play elite defense when not in the slog of a long regular season.

But the Cavaliers’ defensive deficiencies right now are glaring. This roster appears to lack defensive potential, and their many miscues keep them well below whatever that potential is.

The challenge in elevating this defense to championship-caliber will be immense, maybe even unprecedented.

Mavericks’ Salah Mejri dunks while getting shoved in the gut (video)

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The Mavericks built a 13-point lead over the Thunder with 3:30left thanks to plays like this Salah Mejri dunk on Nick Collison.

Unfortunately for Dallas, Russell Westbrook happened.

Willy Hernangomez dunks on Andre Drummond, Pistons’ playoff chances (video)

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Andre Drummond and the Pistons couldn’t slow down anything.

Not Willy Hernangomez. Not the Knicks. Not Detroit’s plummeting playoff hopes.

After a 109-95 loss to the Knicks last night, the Pistons — who’ve lost four straight and seven of eight — are 1.5 games and two teams out of playoff position.

Terrence Ross 360 dunks his way back into Raptors fans’ hearts (video)

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In his first appearance in Toronto since the Raptors traded him to the Magic, Terrence Ross did what he has done best throughout his career: Delight Toronto fans with a dunk.

And of course the fans appreciated it, because their Raptors cruised to a 131-112 win.