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 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.
Watch Jonathan Simmons’ chasedown block on Stephen Curry
While the Spurs were running the Warriors out of Oracle Arena — a 129-100 Spurs win — Simmons had a fantastic chasedown block on Stephen Curry. It was one of the plays of the game (most of the rest came from Kawhi Leonard).
Simmons had 20 points on 8-of-14 shooting off the bench for the Spurs in the win, which included a poster dunk on JaVale McGee late. Just to put some icing on the win.
Iman Shumpert in concussion protocol after collision with Porzingis
Late in the third quarter of Cleveland’s blowout opening night win over New York, the Cavalier’s Iman Shumpert lowered his head and tried to drive the lane, where he collided with Knicks big man Kristaps Porzingis. It looked like Shumpert’s head hit Porzingis’ hip and elbow.
Shumpert instantly went to the ground, then needed help to come off the court. He was diagnosed with concussion-like symptoms, the team announced. Apparently, Porzingis is a rock.
A source questioned whether Shumpert would be available for either of the Cavs’ next two games, Friday in Toronto and Saturday against Orlando at The Q. To play, Shumpert would need to be symptom free, pass a series of tests, and show no symptoms after each test.
There is no set timeline with a concussion. In the short term, this will mean more DeAndre Liggins on the court until Shumpert returns.
The Cavs are already without rookie backup point guard Kay Felder, who suffered a concussion during practice last Friday when he ran into Chris Andersen.
What championship hangover? Cavaliers rout Knicks on ring night in Cleveland.
LeBron had a triple-double — 19 points, 14 assists, 11 rebounds — and led the Cavaliers to an easy win over the Knicks, 117-86. Kyrie Irving had 29 points — 19 in the third — and Kevin Love added 23 in the win.
But mostly it was the Cavaliers’ offense getting whatever shot it wanted and the Knicks watching dunks from up close.
Over the course of this season, these Knicks will evolve into something better than they showed opening night. No Derrick Rose (trial) and no Joakim Noah (injury) meant the Knicks starting five didn’t have a lot of cohesion and chemistry from the start.
After a sluggish first five minutes by both teams — they were a combined 6-of-22 shooting to open the game — the Cavaliers slowly started to create a little space behind 10 first quarter points from Love. That lead really started to grow as the Knicks bench came in and went 0-of-6 shooting to end the quarter, with Brandon Jennings making questionable decisions. Tack on seven Knick turnovers and the first and they were down 10 after 12 minutes.
The Cavs were in control through much of the second quarter until the Knicks went on a 10-0 run to make it a game again. It was Derrick Rose and Carmelo Anthony driving the team — they shot a combined 12-of-20 in the first half, the rest of the Knicks were 5-of-23. It was 48-45 Cavaliers at the break.
In the third quarter the Cavaliers starters cranked it up behind Kyrie Irving and tighter defense — the third quarter saw Kyrie Irving with 19 points and the entire Knicks team with 19. It was 82-64 Cavs after three and the celebration was on.
Kristaps Porzingis showed some moments but his 16 points came on 5-of-13 shooting. Anthony had 19 points on 18 shots. Rose had 17 points but four turnovers and one assist. Brandon Jennings came off the bench to shoot 1-of-7. It was not their best night.
For the Cavs, it was one to remember — the first banner in 52 years went up.
Did we mention LeBron James was dunking all over Knicks? Watch for yourself.