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.

Cristiano Felicio steals final rebound needed for Dwyane Wade’s triple-double (VIDEO)

NEW YORK, NY - OCTOBER 31:  Dwyane Wade #3 of the Chicago Bulls in action against the Brooklyn Nets during the second half at Barclays Center on October 31, 2016 in New York City. 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.  (Photo by Michael Reaves/Getty Images)
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Dwyane Wade could have had his first triple-double since 2011 when the Chicago Bulls played the Cleveland Cavaliers on Saturday. Unfortunately for the Bulls veteran, a teammate got in his way.

Center Cristiano Felicio, who was not aware of the situation or momentarily forgot about it, went up for a rebound as time expired, knocking the ball out of Wade’s hands.

Via Twitter:

After the game, Wade was calm about the matter and even joked with ESPN saying, “My teammate didn’t want me to be great.”

Wade finished the night with 20 points, 10 assist, and nine rebounds.

Teammate Jimmy Butler did notch a triple-double of his own with 18 points, 10 assists, and 10 rebounds. Chicago beat Cleveland, 117-99.

Briante Weber goes from Warriors to Hornets, signs 10-day contract with Charlotte

BOSTON, MA - APRIL 13: Briante Weber #12 of the Miami Heat looks on during a timeout against the Boston Celtics at TD Garden on April 13, 2016 in Boston, Massachusetts. 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.  (Photo by Mike Lawrie/Getty Images)
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Backup point guard Briante Weber has signed a 10-day contract with the Charlotte Hornets. This comes after Weber signed two 10-day contracts with the Golden State Warriors earlier in the season. News of the signing was first reported by Yahoo! Sports.

Weber, 24, played his college games at VCU and in his work this season for Golden State was somewhat disappointing. In seven games, Weber put up 1.7 points, 0.7 assists, 0.6 rebounds, and 0.4 steals per-game. His advanced numbers tell a more complete story, where his box plus/minus was -6.1.

Charlotte will look to use Weber in a backup role to Kemba Walker. Ramon Sessions had been playing rotation player minutes for the Hornets until early February when he suffered a left knee injury that could keep him out up to six weeks.

Stephen Curry assist wins Warriors fan $5,000

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Stephen Curry wasn’t just setting up teammates Saturday night, he was helping out a fan.

One of the Warriors in-game entertainment bits is to have basically adult skeeball for cash. One female fan was doing about as well as I do at arcade skeeball when Stephen Curry ran out to give her a little help and win her $5,000.

The Warriors went on to beat the Nets and clinch a playoff slot with the win.

Paul George ejected for arguing calls, Pacers go on to lose to Heat

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Paul George already had one technical in the game (from a double technical situation), when he thought he was fouled and should have gotten a call fairly early in the third quarter of a tight Pacers game against the Heat.

George apparently wouldn’t let up barking at the referees, maybe said some magical words, but whatever happened the officials hit him with a second technical. He was tossed. You can see the reaction above.

The Pacers hung close in the game until the Heat went on a 21-4 run to open the fourth and that was the ballgame. If you’re the undisputed leader of your team ā€” as George is ā€” you just can’t get tossed for things like this.