Tom Benson, the long-time owner of the New Orleans Saints, now will own both professional sports teams in that market.
Benson has reached a deal to buy the team for $338 million, reports David Aldridge of NBA.com.
The league reached a tentative agreement early Friday morning with New Orleans Saints owner Tom Benson to buy the team for $338 million, according to a source with knowledge of the discussions.
The NBA Board of Governors had been expected to approve a sale of the team at its meetings this week in New York. Going into the week a California-based group led by Mike Dunleavy and Raj Bhathal was considered the front runner. But Benson stepped forward able to buy the team himself, without a group of investors, and that plus his ties to New Orleans apparently swayed the other owners.
A source indicated that Tom Benson spoke with Stern on Monday, and the deal came together quickly after that discussion. Benson will have to pay approximately 10 percent of the purchase price immediately. The NBA’s Finance Committee is expected to approve the sale Friday morning before the Board of Governors meeting adjourns, with final approval on the sale expected later in the spring.
The Times-Picayune broke the story this morning.
The NFL used to have strict rules against their owners also owning teams in other sports, but that has been relaxed to allow owners to have multiple teams in the same market, according to ProFootballTalk at NBC.
The league bought the Hornets from George Shinn, who tried his hardest to run that team into the ground and ruin the market like he had done in Charlotte. That sale price was reportedly $318 million (so the owners turn a small profit on the deal). While operating the team the NBA was able to negotiate a new, more favorable lease deal for the New Orleans Arena — a deal that keeps the team in the city through 2024 — and to build up the season ticket and fan bases in the city. That plus a new CBA that is more favorable to small markets made the Hornets attractive to investors.
The fans in the Big Easy have stepped forward to support the team. They deserve stable ownership and now they have it.
SAN ANTONIO (AP) An ex-financial adviser to retired San Antonio Spurs player Tim Duncan has been sentenced to four years in federal prison for defrauding the former NBA star of millions of dollars.
Federal prosecutors say 49-year-old Charles Banks of Atlanta was sentenced during a court hearing Wednesday in San Antonio.
A judge also ordered Banks to pay $7.5 million in restitution.
Banks had pleaded guilty in April to one count of wire fraud.
Investigators say Banks manipulated Duncan -who retired last year after five NBA championships with the Spurs – into guaranteeing payment of a $6 million debt related to a merchandising business.
Prosecutors say Banks failed to disclose commissions and loans he received in the deal.
Banks is set to report to federal prison as early as Aug. 28.
EL SEGUNDO, Calif. (AP) — The Los Angeles Lakers have exercised their $1.3 million contract option on guard David Nwaba for the upcoming season.
The Lakers announced the move Wednesday.
Nwaba earned a job with the Lakers after they called him up from their D-League affiliate on Feb. 28. The rookie averaged 6.0 points and 3.2 rebounds per game while impressing Luke Walton’s coaching staff with his hustle and defensive play.
The Lakers signed him to a new contract with a multi-year component just three weeks after his NBA debut.
Nwaba is a local product, attending University High School in West Los Angeles and Santa Monica College before finishing his college career at Cal Poly.
HAYWARD, Calif. (AP) — Two-time NBA MVP Stephen Curry is set to test his golf game against the pros.
The Web.com Tour said Wednesday that Curry, coming off his second NBA championship with the Golden State Warriors, will play in the Ellie Mae Classic at TPC Stonebrae on Aug. 3-6.
It’ll be the first PGA Tour-sanctioned event for Curry, who has competed in various celebrity events and pro-ams. The top 25 on Web.com Tour’s regular-season money list will earn PGA Tour cards.
Curry will maintain his amateur status, competing on an unrestricted sponsor exemption in the event that benefits the Warriors Community Foundation.
Hall of Fame receiver Jerry Rice played in the event in 2011 and 2012. He missed the cut in 2011 with rounds of 83 and 76 and withdrew in 2012 after playing 27 holes in 23 over.
Also Wednesday, Nissan’s upscale Infiniti brand announced that Curry would be its new global brand ambassador. The point guard will be featured in ads for the Q50 sports sedan beginning this summer.
The Clippers projected to be able to offer Chris Paul a five-year, $201 million contract that would have culminated with a $46 million salary in his final season.
Did they offer that much before sending him to the Rockets?
Just as one side is trying to pin all the Clippers’ problems on Doc Rivers and Austin Rivers, the Clippers surely want to spin Paul’s exit to another way – that they shrewdly chose when to part ways rather than that they lost the best player in franchise history due to nepotism.
David Aldridge of NBA.com:
Ramona Shelburne of ESPN:
If Paul really wanted that five-year max, he could have pushed harder for it by bringing counter offers to the Clippers in July rather than engineering his way to Houston before free agency even began.
Would the Clippers have eventually relented and offered the five-year max? We can never know for certain.
But it’s pretty clear why the Clippers would want this version out there. Accurate or not, it makes them seem far more on top of things and is less likely to taint them with free agents they covet in 2018.