Despite what David Stern seems to think is a franchise-crushing financial system, and despite the threat of a protracted lockout, NBA franchises seem to be selling for record prices. And healthy profits in some cases for the former owners. The latest is the just agreed-to deal for Joshua Harris to buy the Philadelphia 76ers.
But there is a trend in the new buyers — many come from private equity firms.
It’s not a new trend, but over at CNN’s Fortune they broke it down.
This is the fourth time in recent years that private equity executives have purchased an NBA team. The first was in 2002, when the Boston Celtics were acquired for $380 million by a group led by Steve Pagliuca (Bain Capital) and Wyc Grousbeck (Highland Capital Partners).… Next up was the Golden State Warriors, acquired last year for $450 million by venture capitalist Joe Lacob (Kleiner Perkins).…
Most recently Tom Gores and his firm Platinum Equity purchased the Detroit Pistons, in a transaction marked by its unusual structure (the team technically is majority-owned by the firm, but since Gores controls the firm…).
Now we have the Philadelphia 76ers going to Harris, and I’ve heard word that another group of PE execs is beating the bushes for their own NBA franchise.
A lot of these guys, like Gores, specialize in buying and turning around distressed businesses. Does that make the NBA something that fits their business profile, or just a fun toy for really rich guys?
I’m not going to pretend to know what this means, if anything, for the league. Just pointing out a trend, but something to watch to see if there is an impact on the NBA.
The Pistons will start Reggie Jackson at point guard, and they signed Ish Smith to provide better backup at the position.
The competition for the third point guard spot is heating up.
With Lorenzo Brown and Ray McCallum already signed to unguaranteed deals, Detroit is adding undrafted Old Dominion guard Trey Freeman.
Michael Scotto of Sheridan Hoops:
The Pistons have just 14 players – one shy of the regular-season roster limit – with guaranteed salaries. The final spot will very likely go to a point guard.
Brown and McCallum should be favored in the competition, because they’re more NBA-ready. A president/coach, Stan Van Gundy is more prone to covet the player who can step in immediately.
Freeman’s partial guarantee is likely designed to entice him to play in the D-League for a low base salary. The Pistons can waive him in the preseason and then assign his D-League rights to their affiliate, though he’d become an NBA free agent.
Freeman is working to become a better distributor after playing as a go-to scorer in college. A solid mid-range shooter, he must extend his range beyond the arc. It’d also help if he got to the rim more, and it seems he has the bounce to do that.
For an undrafted player, he has nice tools. They’ll probably just need to be refined in the D-League.
But even if that’s the intention, Freeman at least gives himself a chance first of upsetting Brown and McCallum in the race for third point guard.
With 32 wins and missing the playoffs, last season wasn’t exactly what the Knicks hoped for. However, last season also came with hope in the form of Kristaps Porzingis.
And there were highlights. Check out the team’s Top 10 plays, courtesy NBA.com.
It starts with some Derrick Williams moments, and ends with a Jose Calderon game winner, but there are moments from players the fans actually like in between.
At this point, there is zero chance Russell Westbrook‘s posts are a coincidence.
First. he posted a video of himself singing along to Lil Uzi Vert’s “Now I Do What I Want.”
Then came the shoe ad that was another little jab at now Warriors Kevin Durant.
Now comes Westbrook’s return to karaoke posts, this time singing Taylor Swift’s “We Are Never Getting Back Together” and Katy Perry’s “Wide Awake.”
Apparently, Westbrook and Durant are having one rough teenage breakup.
One of the great stories of last season was the return of Paul George to All-Star level form (then to watch him be crucial to the USA winning gold this summer).
It was a great story because vintage Paul George was so great. Watch this throwback video of him blowing by LeBron James and dunking over Chris Andersen from a few years back — this is vicious.
By the way, if you’re not following NBA history on Twitter and Instagram, you’re doing it wrong.