Las Vegas group "under contract" to buy NBA team if it builds arena

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LasVegasSign.jpgLas Vegas might be home to more than the NBA Summer League soon.

International Development Management LLC, has a deal to buy an NBA team if they can get an arena built in the city, Chris Milam, CEO of the group, told the Las Vegas Sun.

“We have an NBA team under contract,” Milam said, declining to name the franchise. But the deal will take effect only if “other pieces of the puzzle fall into place: One of those pieces will be that a building (arena) is approved,” he said.

It’s a chicken and egg scenario — no NBA team will commit to move to Vegas until there is a new arena, but you can’t get money for an arena until a team is committed. If Milam and group really do have a deal with an NBA team, it breaks the cycle. But there are always contingencies built into this kind of deal.

There are a number of NBA teams up for sale right now — Detroit is on the block, Golden State is about to announce a new owner, allegedly so is New Orleans, Indiana has been rumored but just struck a deal with the city — and others that could be had for the right price.

The NBA establishment has been slow to embrace Vegas, because of the gambling and potential distractions to visiting teams. Some owners and execs do not like it. But money talks. If you can build a new state-of-the-art arena that will generate revenue, the other concerns will fade away.

It’s always about the money.

The key to Milam’s plan to build that arena is persuading Clark County to revive its redevelopment area and fund the arena using what is known as tax-increment financing.

It’s clear why this went public — pressuring the county to back their plans. He makes is pitch Aug. 4.

What he wants is a Redevelopment Agency to be reconstituted. The way that financing works is this: The state agrees to keep getting the exact amount of property tax from a piece of land that it is getting now for the coming 20 years (or longer). Then it sells bonds and uses the money to upgrade the property (in this case with a new arena). The increased property taxes from that improved land go to pay off the bonds. It’s a process to pump money into blighted areas that might otherwise struggle to get investments, but it is a system that has been abused in some places.

The property being discussed in Vegas used to be home to a waterslide right in the heart of the city, on the Strip toward downtown from most of the large hotels.

Vegas has grown in recent years and is a large metropolitan area now. It also has big businesses here, plus you can bet casinos would buy suites to entertain high rollers. But there are still questions about how well a town of transports would rally around a major league sports franchise.

Shaq doesn’t want LeBron James to chase rings to close his career

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Shaquille O’Neal was a dominant NBA center, playing with the Orlando Magic, Los Angeles Lakers, and Miami Heat.

He was also a ring chaser.

At the end of his career, O’Neal decided to switch between teams, including the Phoenix Suns, Cleveland Cavaliers, and Boston Celtics. It was an open and futile effort to beat his rival and former Lakers teammate Kobe Bryant in number of championships won.

After they retired, O’Neal finished with four championships to Bryant’s five.

Now, as Cavaliers star LeBron James starts to wrap up his own career, Shaq says that James should not follow in his footsteps. Specifically, O’Neal said that he thinks LeBron’s story has already been written, and that he should not try to chase rings elsewhere.

Via ESPN:

“Somebody told me a long time ago — they said your book is already set [before the later stages of your career]. You can add index pages toward the end, but your book is already set. So LeBron’s book is already set,” O’Neal said. “He done already passed up legends; he done already made his mark — he has three rings

I think I tend to agree with O’Neal on this point. Specifically, because the only thing that LeBron could do to boost his resume would be to win multiple championships, consecutively, to close his career. He would need to surpass Michael Jordan at six rings, and approach Bill Russell with 11.

I don’t particularly think that LeBron is trying to ring chase. He’s just trying to get with one good team to close his career (or the Lakers). I don’t think we will ever see LeBron skip around from team to team the way that O’Neal did in the twilight of his playing career.

We’re launching the PBT Mailbag, so what questions do you want answered?

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The 2017-18 NBA season is over, and the Golden State Warriors are champions once again. What that means the offseason is here, and for many fans that is the best time of the year. The summer in the NBA the past few years has given us some incredible stories. For many, this past postseason was rather boring, and the outcome was all but decided.

And so it is time to dig into our postseason favorites, starting with the 2018 NBA Draft. We here at Pro Basketball Talk would like to announce the start of our weekly mail bag, which will run each week on Wednesday mornings.

The first of mailbag will run this Wednesday, the day before the draft. Questions can be submitted via Twitter or by sending us an email directly at pbtmailbag@gmail.com.

The draft is obviously the big focus for many fans as we approach this next week, and much about the situation for many teams heading up into the event in Brooklyn is murky. If you have a burning question about the draft, now is the time to ask it.

Of course, you are encouraged to ask any kind of question you want to hear about from the Pro Basketball Talk crew such as:

  • Where is LeBron going?
  • Is a hotdog a sandwich?
  • Has Nick Young put his shirt back on yet?
  • Will Jordan Bell run out of Hennessy ever again?
  • Where will Kawhi Leonard play next season?

All of these questions are fair game, and more.

We are looking forward to the kind of queries you need answered on a weekly basis as we roll through the summer in anticipation for the start of the 2018-19 NBA season.

Report: Cavaliers have made calls to Spurs about Kawhi Leonard

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We still don’t know where San Antonio Spurs forward Kawhi Leonard will end up playing at the start of the 2018-2019 NBA season.

The former NBA Finals MVP reportedly wants to head to Los Angeles, apparently to play for the Lakers. However, there are other teams in the mix for Leonard, and the Spurs themselves want to try to keep him and mend the relationship.

One intriguing team for Leonard is the Cleveland Cavaliers, who reportedly have made calls to San Antonio about landing their star. According to Cleveland.com writer Terry Pluto, the Cavs have made it known they are interested in Leonard.

It’s not clear whether that call was simple due diligence, a whack at trying to entice LeBron James to stay, or a long shot way to replace James if he decides to leave this summer.

The Cavaliers are hilariously over the cap for next season, and don’t have much to offer the Spurs that they’d likely want. The best player on the roster that helps match most of Leonard’s salary is Kevin Love, who already plays the position occupied by LaMarcus Aldridge.

Cleveland does have the No. 8 overall pick in the 2018 NBA Draft, but that’s not enough to snag Leonard. If the Cavaliers had a realistic shot at getting Leonard, it would likely need to be in the form of a three-team deal with another party that has a need for Love.

NBA trades can be weird, and this summer is wrapping up to be a special one. However, Cleveland grabbing Leonard from San Antonio is still a long shot.

NBA players celebrate Father’s Day on social media

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Sunday was Father’s Day in the United States, and as such several players around the league decided to share their feelings on the national day of appreciation.

Many got together with their kids or with their fathers, posting photos and giving us a nice little peek into the family lives of some of the league’s players.

Some guys, like Baron Davis and Jameer Nelson, sent out messages wishing well to those whose fathers had passed on.

Via Instagram and Twitter:

Make sure you appreciate your pops today.