Tom Gores

It’s a trend, private equity firms snatching up NBA teams

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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.

Watch Jamal Crawford drop an effortless 44, hit game winner at Seattle pro-am

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Jamal Crawford knows how to get buckets.

He does it against NBA level defenders, so put him in a free-flowing pro-am — let’s say the Seattle pro-am in his hometown — and he barely breaks a sweat dropping 44. And nailing the game winner.

Doc Rivers hopes to see a lot of that next season.

Report: Blazers re-sign Moe Harkless for four years, $40 million

OAKLAND, CA - MAY 01:  Maurice Harkless #4 of the Portland Trail Blazers walks back to the bench during a time out of their game against the Golden State Warriors during Game One of the Western Conference Semifinals for the 2016 NBA Playoffs at ORACLE Arena on May 01, 2016 in Oakland, California.  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 Ezra Shaw/Getty Images)
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The biggest restricted free agent left on the market is now off the board. Moe Harkless, who had a solid season in his first year in Portland, has agreed to a deal to return to the Blazers for four years, and $40 million, according to a report from The Vertical‘s Shams Charania:

It’s been an expensive offseason for the Blazers, who signed Evan Turner to a four-year, $70 million deal and Festus Ezeli for two years and $16 million, as well as re-signing two more of their own free agents, Allen Crabbe (matching a four-year, $75 million offer sheet from Brooklyn) and Meyers Leonard (four years, $41 million). On Monday, they agreed to a four-year, $106 million max extension with C.J. McCollum that begins in the 2017-18 season.

They’re going to be in the luxury tax now, but after last year’s unexpected playoff run, Blazers GM Neil Olshey has decided to go all-in on this group and see if that success can be replicated. The fit of Turner is still a bit of a question mark, but the Blazers have kept their core together and should still be a playoff team in the Western Conference. If Paul Allen is willing to pay the luxury tax, and there’s nothing to indicate that he’s not, it’s worth it.

Amar’e Stoudemire signs with Knicks, retires

NEW YORK, NY - DECEMBER 25:  Amar'e Stoudemire #1 of the New York Knicks stands on the court in the first half of their game against the Washington Wizards at Madison Square Garden on December 25, 2014 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 Jeff Zelevansky/Getty Images)
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When Amar’e Stoudemire signed with the Knicks in 2010, it was supposed to precede bigger things — both for New York and Stoudemire.

The Knicks were still in the running for fellow free agents LeBron James and Dwyane Wade. Stoudemire was just 27 and had already made an All-NBA first team and three second teams.

But it wasn’t to be.

LeBron and Wade picked the Heat. Stoudemire had only one monster season in New York before being overcome by injuries. After teaming up with Carmelo Anthony, Stoudemire won just one playoff series with the Knicks.

Stoudemire returns to New York, but this time, there are no grand expectations. Just a quiet ending.

Knicks release:

NBA great Amar’e Stoudemire announced his retirement as a player in the National Basketball Association today, after signing with the New York Knickerbockers for his final contract in the league.

“I want to thank Mr. Dolan, Phil [Jackson] and Steve [Mills] for signing me so that I can officially retire as a New York Knick,” Stoudemire said. “I came to New York in 2010 to help revitalize this franchise and we did just that. Carmelo [Anthony], Phil and Steve have continued this quest, and with this year’s acquisitions, the team looks playoff-bound once again. Although my career has taken me to other places around the country, my heart had always remained in the Big Apple. Once a Knick, Always a Knick.”

Stoudemire might think of himself as a Knick, but many of us will remember him with the Suns. He spent eight — and most of his best seasons — in Phoenix.

Entering the NBA straight from high school, Stoudemire faced numerous questions about his maturity and readiness. He answered those by winning Rookie of the Year.

Eventually, Stoudemire became the center for Mike D’Antoni’s seven-seconds-or-less Suns, thrashing opponents inside with Steve Nash as a pick-and-roll partner. Stoudemire got a bigger stage in New York, but his body broke down, and he became known for his albatross contract.

He spent the last couple seasons with the Mavericks and Heat, seemingly erasing memories of his early dominance.

Stoudemire has a decently strong Hall of Fame case. At his peak, he was in the running for the league’s best center behind Shaquille O’Neal. Retiring at age 33 won’t give Stoudemire many longevity points, but because he jumped straight from high school, he still played 14 pro seasons.

As distance grows between Stoudemire’s career and the present, we’ll gain perspective and think more about his prime than his decline. History will treat Stoudemire well.

Kings’ new arena to be on street named after David Stern

SACRAMENTO, CA - OCTOBER 30:  NBA Commissioner David Stern received the key to the city from former NBA player and now Mayor of Sacramento Kevin Johnson during an NBA gam between the Denver Nuggets and Sacramento Kings at Sleep Train Arena on October 30, 2013 in Sacramento, California. 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 Thearon W. Henderson/Getty Images)
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Former NBA commissioner David Stern pitted Sacramento and Seattle against each other. Sacramento made a more lucrative offer, so it kept the Kings.

For that, the Kings are honoring Stern.

Ailene Voisin of The Sacramento Bee:

The Kings will announce Tuesday that they are naming the street leading to the front door of the new downtown arena in honor of former NBA Commissioner David Stern, whose persistent, decades-long efforts helped keep the franchise in Sacramento.

Officially, the address of the Golden 1 Center – to be submitted to the city Tuesday for approval – is 500 David J. Stern Walk.

“When I learned we would have the option of naming the road, it was a no-brainer for me,” Kings principal owner Vivek Ranadive told The Sacramento Bee on Monday. “There were no other names on my list. David took the NBA to the global level and started the WNBA, but he is about so much more than basketball. He is one of the greatest leaders in the world, and on top of that, the team would not be in Sacramento without David Stern.”

OK.