When Herb Kohl agreed to a deal then announced the sale of the Milwaukee Bucks to New York based hedge fund managers Marc Lasry and Wes Edens for a record $550 million, Kohl said he was confident the team was not moving. Lasry and Edens talked about putting together a unified effort to get a new arena built — and started by 2017 when the current lease is up — because their goal is to keep the team in Milwaukee.
Now we know why.
The contract to sell the team says if Lasry and Edens can’t get the area built the league can buy the team back from them rather than let them move it, reports Brian Windhorst at ESPN.
The NBA has the right to buy back the Milwaukee Bucks from incoming owners Wesley Edens and Mark Lasry if a deal to a bring a new arena to the city is not in place by November 2017, according to sources briefed on the situation.
Sources told ESPN.com that the sale agreement announced last week to transfer the Bucks from longtime owner Herb Kohl to Edens and Lasry for a purchase price of $550 million includes a provision that allows the league to buy back the team for $575 million if construction on a new building in Milwaukee is not underway by the deadline.
What that means is that Lasry and Edens can’t turn around and sell to Chris Hansen in Seattle or some other outside group looking to move the team and just turn a healthy profit as the middlemen (not that $25 million is shabby).
The question becomes if Lasry and Edens can’t get it built — with Kohl putting $100 million in the kitty and the new owners putting up that much or more of their own cash — then who can? And if this group can’t get an arena built, should the team be sold to be moved?
Adam Silver doesn’t want that (he pushed behind the scenes to give Sacramento the chance to hold off Seattle’s efforts last year), he believes in franchise stability. This seems like a situation that is prime to get that new arena built in Milwaukee and keep that historic franchise right there.
But now we know what the consequences are if the arena deal falters.
Tributes have poured in all over the NBA world since Kevin Garnett announced his retirement on Friday afternoon — from other players, commissioner Adam Silver and media members who covered him. Garnett and Tom Thibodeau have a lengthy history together: Thibodeau coached Garnett in Boston as an assistant under Doc Rivers, and they won a championship in 2008. This spring, Thibodeau took over as head coach and president of basketball operations for the Minnesota Timberwolves, the team that drafted Garnett, saw his best years and saw him end his career. Thibodeau released a heartfelt statement on Saturday congratulating Garnett:
“I would like to take this opportunity to congratulate and thank Kevin for all of his great accomplishments and contributions to the NBA, the Minnesota Timberwolves organization, and for me personally with the Boston Celtics. Kevin combined great talent with a relentless drive and intelligence. I will always cherish the memories of the way in which he led the Celtics to the 2008 NBA Championship. His willingness to sacrifice and his unselfishness led us to that title. Kevin will always be remembered for the way in which he played the game. His fierce competitiveness, his unequalled passion for the game, and the many ways in which he cared about this team was truly special. KG is without question the all-time best player to wear a Minnesota Timberwolves jersey, and he is also one of the best to ever play this game.”
It’s a shame that Thibodeau didn’t get to coach Garnett again in Minnesota, but the team is in good hands with Andrew Wiggins and Karl-Anthony Towns.
The Indiana Pacers have been a franchise for 50 years — 10 in the ABA and 40 in the NBA. To celebrate this anniversary, they’ve unveiled a new patch that they will wear on their uniforms this season. You can check it out below:
It looks pretty sleek, combining the Pacers’ logo with the zero in “50.” It’s subtle and well-designed.
This summer, three of this generation’s defining NBA players, and three of the greatest players of all time, called it a career: Tim Duncan, Kobe Bryant and Kevin Garnett. The latter two in particular had a lot in common, as psychotic competitors and polarizing personalities. They had many memorable battles over the years, including the Lakers-Celtics Finals in 2008 and 2010 (they each won one) and the playoffs in 2003 and 2004, when Garnett was in Minnesota. On Saturday afternoon, a day after Garnett officially announced his retirement, Kobe paid tribute to him with a tweet.
The next time they’ll be together is 2021, when they go into the Hall of Fame together.
With the NBA season around the corner, there are a lot of eyes on how teams and players will handle the national anthem protests that have become prominent in the NFL. Clippers head coach Doc Rivers wholeheartedly supports the notion of his players participating, and hopes the whole team can figure out a statement to make together. Via Dan Woike of the Orange County Register:
“Listen, we need social change. If anyone wants to deny that, they just need to study the history of our country,” he told the Southern California News Group on Friday. “… I’ve said it 100 times. There’s no more American thing to do than to protest. It’s the most patriotic thing we can do. There are protests I like and protests I don’t like. It doesn’t matter. …Protests are meant to start conversation. The conversation, you hope, leads to acknowledgement, and the acknowledgement leads to action. We’re, right now, still in the conversation.”
“I hope we do it as a group. I know whenever you protest as one solid group, the protest has more teeth if you want to protest,” he said. “… I’m supporting our guys’ right to protest. I’m saying that up front. My hope is you believe it and do it for the right reasons and not just because it’s a hot topic on Instagram.
Rivers has a unique perspective — his father was a police officer, but he’s seen plenty of racism in his life. This won’t be his first time leading a team when it comes to social issues — he was able to unite the Clippers in the spring of 2014 when the Donald Sterling racism scandal broke. It’s encouraging to see NBA coaches trending towards fostering open dialogue on their teams about these issues.