It seemed like a good story — Alex Meruelo was to become the first Hispanic to own an NBA team, and at the same time rescue a good franchise from the clutches of a dysfunctional and unimpressive ownership group. Meruelo was the guy on the white horse, talking big and he already had a press conference as the new owner.
But it turns out, he might not have the money to buy the team.
The sale of the Hawks is in jeopardy because of concerns about Meruelo’s funding, reports Marc Stein of ESPN. Meruelo was to buy 80 percent of the Hawks for a price tag of about $300 million.
Sources told ESPN.com on Wednesday that there are concerns at the league level and within the Hawks’ current ownership group, headed by Michael Gearon Jr. and Bruce Levenson, about whether Meruelo indeed has the sufficient funds to purchase a majority stake in the franchise and operate an NBA team.
Meruelo denied this.
Said Meruelo in a statement: “I have more than ample resources to purchase and operate the Hawks in a first-class manner. I am committed to the purchase of the Atlanta Hawks. While I can’t comment on the details of the approval process, I have and will do everything I can to bring the process to a positive conclusion.”
The Atlanta Spirit would retain ownership for now, which is a punch in the gut to Hawks fans.
Like seemingly everything, this circles back to the lockout.
Part of the reason we have hardline owners pushing the lockout beyond rational limits is because many of those same owners overpaid for those franchise and were heavily leveraged in doing so. When those franchises didn’t rise in value (as they had done the previous 15 plus years) those owners couldn’t justify losing money each year. So they came in and demanded major revenue sharing and givebacks from the players so they could turn a profit.
Bringing another leveraged owner into the mix now would be a poor idea.
It is possible that Meruelo will be able to show he does have the finances in place to purchase this team. The door is not closed. But right now it appears far from a sure thing. If he is out, the Atlanta Spirit (a consortium of owners) would be looking for a new buyer. And it can’t happen fast enough for Hawks fans.
Yeah, the Lakers lost to the Rockets, 134-95, Wednesday. But consider how lopsided that margin would’ve been without Lou Williams‘ halfcourt buzzer-beater.
And if this headline looks familiar, it is.
LeBron James did his part – scoring 25 points (on just 10 shots!), dishing seven assists and grabbing six rebounds – to give the Cavaliers an insurmountable lead over the Knicks through three quarters. So, he didn’t even play in the fourth quarter.
As Cleveland put the finishing touches on its 126-94 win, boredom set it. LeBron and a few of his teammates tried to flip a water bottle and have it land upright on the floor. LeBron even dove onto the court to pull the bottle back in after an errant flip!
No, Phil Jackson should not have used the word “posse” to describe LeBron’s business associates and friends. But this is the most disrespectful thing I’ve ever seen – and I love it.
The Mavericks’ long-rumored interest in DeMarcus Cousins took its most direct public turn before the season, when Dallas signed Cousins’ brother, Jaleel Cousins. Jaleel is now on the Mavericks’ D-League affiliate, and I bet he will remain there as DeMarcus approaches 2018 free agency.
Brad Townsend of The Dallas Morning News:
So, DeMarcus Cousins, what do you think about the Mavericks’ long-rumored interest in acquiring you?
“It’s flattering,” Cousins told me, with a laugh, after the Kings’ Wednesday shootaround at AAC. Then, turning serious, he added of the Mavericks, “I respect them.”
“But,” I said, “I’ve also heard that you like it in Sacramento.”
“No,” Cousins corrected, “I love Sacramento.”
Cousins is getting good at this, toeing the line between appreciating another team’s interest and expressing his satisfaction with the Kings.
And give Cousins credit. He keeps producing at a star level for a team that hasn’t provided him with the proper support. Sacramento again appears headed toward the lottery, even as Cousins averages 29-10.
Questions remain, though: How much of Cousins’ attitude is him trying to make the best of an inescapable situation, and will expanded options in the summer of 2018 test his loyalty?
LeBron James is dominating, and the Cavaliers are rolling over the Knicks.
It’s almost as if something has LeBron particularly riled up. But maybe ease up a little? That cowering fan isn’t Phil Jackson.