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.
The ProBasketballTalk Podcast at NBC Sports is done with its summer hiatus, and there will be a couple of podcasts a week now running through the NBA season, trade deadline, playoffs, and eventually free agency. We’ll talk about it all.
We start with NBA season previews, going division by division, and we start that tour on the West Coast. Mark Medina of the Los Angeles Daily News joins Kurt Helin of NBC to talk about the Lakers and their rebuild. From there the conversation goes to questions such as can anyone beat the Warriors? Are the Clippers contenders? Plus we talk about the building processes going on in Sacramento and Phoenix.
As always, you can check out the podcast below, or listen and subscribe via iTunes (check there to see all the NBC Sports podcasts), subscribe via the fantastic Stitcher app, check us out on Google play, or check out our new PBT podcast homepage and archive at Audioboom.com.
The Rockets created a little roster confusion by giving Gary Payton II a fully guaranteed deal, bringing Houston to 15 players (the regular-season roster limit) with guaranteed salaries plus restricted free agent Donatas Motiejunas.
This won’t clarify the situation, but P.J. Hairston will give the Rockets another intriguing piece.
Adrian Wojnarowski of Yahoo Sports:
Hairston was a first-round pick just two years ago, and at age 23, he still presents upside. He has at least stopped producing negative headline after negative headline after negative…
Now, we can focus on just Hairston’s major on-court flaws. He misses a lot of shots and does little else. But he has some raw tools, even if they barely showed with the Hornets and Grizzlies.
If the Rockets make a roster-clearing move, they could take a chance on keeping the talented/troubled wing around. More likely, he heads to the D-League, where Houston can develop him in its system.
After watching Joakim Noah leave for the Knicks, Bulls owner Jerry Reinsdorf said, “We felt Joakim wasn’t going to be a frontline guy anymore.”
Noah, via Marc Berman of the New York Post:
“He’s entitled to his opinion,’’ Noah said. “I feel I have no regrets about my time in Chicago. I gave it everything I had. To me that’s all that matters. I did everything I could for that organization. I thought it was a little bit of a low blow, but at the end of the day I have nothing but respect for that organization. I’m just excited for this new chapter of my career.”
Reinsdorf was right. Noah, 31, is on the downside of his career. I wouldn’t want him for $72 million over the next four years.
But Noah is also right. He gave the Bulls everything he had.
Noah didn’t deserve that parting shot, even if it was correct.
I also wonder how much this has to do with Chicago correctly assessing Noah’s value vs. the Bulls losing a player whom they wanted to keep and lashing out about it.
The Spurs drafted Ryan Richards No. 49 in 2010, and he could’ve signed with San Antonio any year since. To maintain a second-rounder’s rights, a team must extend a required tender – a one-year contract, surely unguaranteed at the minimum. If the player rejects the offer, those rights extend another year, and the team must then offer the tender again the following year.
Richards finally took the tender this year.
Just a couple days into training camp, the Spurs showed how much they value him.
The San Antonio Spurs today announced that they have waived forward/center Ryan Richards.
San Antonio now has 19 players and one open roster spot. I know what you’re thinking.