A whole lot of deals fall apart when they get close to people signing papers — and writing checks — but this one appears to have some legs.
NBA Commissioner David Stern said a deal was “close” to sell the New Orleans Hornets and that he hoped to have good news for the NBA owners at the Board of Governor’s meeting next week. Here is the money paragraph from the AP:
Stern prefaced his comments by telling a joke, saying “soon” when asked about the Hornets’ deal. But he said the league was in intense negotiations with three groups. He was hopeful he could tell team owners at a meeting next week that the deal was done, close or that he was on the verge of a deal.
This deal would involve a new lease with the New Orleans Arena that would both be more favorable financially for the team but also would lock them into the city for more than a decade.
The interesting point is the three teams note. We know about the frontrunners, the California group where Mike Dunleavy Sr. is the front man and the basketball mind, paired with Raj Bhathal, owner of one the largest swimwear manufacturing businesses in the country, and San Antonio car dealer Larry Benson. The second group was led by former Hornets minority owner Gary Chouest.
Don’t know who the third group is, but they would have to come from way off the pace down the stretch to even get close in this race.
CHICAGO (AP) The Chicago Bulls have signed guard Spencer Dinwiddie.
The Bulls acquired Dinwiddie in a trade with Detroit last month and waived him three weeks ago. He spent two years with the Pistons and appeared in 12 games last season, averaging 4.8 points and 13.3 minutes.
The Bulls announced the move Thursday.
The Wizards are getting a new practice facility.
For some reason, the Wizards have to pay just $4.46 million for it. Washington D.C. will cover the rest.
How much is the rest?
Jonathan O’Connell of The Washington Post:
The District”s sports and convention arm, Events DC, is proposing a series of upgrades to a planned Washington Wizards practice facility and entertainment center in Southeast that would likely reduce the total number of seats but add $10 million to the original $55 million price tag.
The new spending would be paid for by Events DC, which is funded by a percentage of hotel occupancy taxes. It does not require approval by the D.C. Council but will have to be voted on by the Events DC board Aug. 11.
Wizards owner Ted Leonsis pledged to move the team’s practices there as well as home games for the Washington Mystics and a future Wizards’ NBA D-League affiliate team. His company, Monumental Sports & Entertainment, agreed to pay $4.46 million — or 8 percent of the original $55 million cost.
But in a July 26 letter to D.C. Council Chairman Phil Mendelson, Gregory A. O’Dell, president and chief executive of Events DC, wrote that the original $55 million budget was “based on a preliminary estimate, as development and analysis of the program and concept design had not yet been performed.”
So, the District agreed to pay for a project without knowing how much it would cost and got the primary beneficiary — Leonsis — to kick in a share based on a low early estimate? It’s almost as if politicians are inept or have ulterior motives.
At least Wizards practices and WNBA games will bring plenty of new money into the community.
As Leonsis said, “There’s never been a better time to be an owner of an NBA franchise.”
The Bulls reportedly believe Jimmy Butler has changed as he has emerged into stardom.
Where would they get that idea?
Vincent Goodwill of CSN Chicago:
This is mostly semantic. If Butler — who began his college career at a junior college and was drafted No. 30 — feels he no longer has a chip on his shoulder, that’s how he feels. What is he supposed to do about that? As long as he continues to work hard and finds new sources of motivation, he’ll be fine.
It’s just an unconventional approach. Most players, even once they find success, talk about continuing to be motivated by earlier slights.
Having a chip on his shoulder got Butler far, so it’s a little unnerving to see him switch from a mindset that worked. But people change — sometimes for the better, sometimes not. Chicago has little option but to ride it out as Butler finds himself.