Report: NBA finally reaches buyout deal with former ABA owners still getting TV revenues

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It’s one of the great legends of the ABA:

When the NBA and ABA merged in 1976 four teams came in the league — the Nets, Pacers, Spurs and Nuggets — while the Spirits of St. Louis were left out (sort of like the Flint Michigan Tropics). The owners of the Spirit, Ozzie and Daniel Silna, wanted some compensation for missing out and they worked out a deal with the league to get one-seventh of the national television revenue that each of the four teams coming in was to get — in perpetuity. Forever.

Back in 1976 the sum was laughably small, but in the years since the NBA’s broadcast rights exploded and the Silnas got a piece of it every year, an estimated $300 million in the nearly 40 years since the merger. As you might imagine, the NBA has tried to get out from that agreement but to no avail, in fact a judge recently ruled that the Silnas should get a slice of international and league pass broadband rights, too.

However, finally the two sides have worked out a buyout, reports the New York Times.

On Tuesday, the Silnas, the league and the four former A.B.A. teams will announce a conditional deal that will end the Silnas’ golden annuity. Almost.

The Silnas are to receive a $500 million upfront payment, financed through a private placement of notes by JPMorgan Chase and Merrill Lynch, according to three people with direct knowledge of the agreement. The deal would end the enormous perpetual payments and settle a lawsuit filed in federal court by the Silnas that demanded additional compensation from sources of television revenue that did not exist in 1976, including NBA TV, foreign broadcasting of games and League Pass, the service that lets fans watch out-of-market games.

Still, the league is not getting rid of the Silnas altogether. They will continue to get some television revenue, some of it from the disputed sources named in their lawsuit, through a new partnership that is to be formed with the Nets, the Pacers, the Nuggets and the Spurs, according to the people with knowledge of the agreement. But at some point, the Silnas can be bought out of their interest in the partnership.

Why the Silnas chose to settle is the interesting question — while they had to fight the league for years and pay a lot of attorneys a lot of money, which deal was like a huge, never-ending annuity. The Times answered that as well.

But there is a reluctance, more by Daniel, 69, than Ozzie, 80, to keep fighting the league, said one of the people who discussed the agreement.

What does this mean to you the fan? Nada. It really means long term more money in the owners’ pockets.

And my guess is the Silna families will be able to live pretty darn comfortably on that sum for a few years.

“Ray Allen from long distance” with chip shot to save par at American Century Classic

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“Ray Allen from long distance, how many times have we said that?”

Ray Allen had a good weekend at the American Century Championships, the former NBA sharpshooter and future Hall of Famer finished third in the celebrity golf event. One of the reasons he was there, this chip shot on 13 Sunday.

Former Cowboy’s quarterback Tony Romo won the event, with former MLB pitcher Mark Mulder was second.

LeBron James sits courtside for Lakers’ Summer League win

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There are two, maybe three guys playing for the Lakers in Summer League likely to be sharing a locker room with LeBron James next season — Isaac Bonga and Josh Hart, with maybe Sviatoslav Mykhailiuk and/or Alex Caruso. Only Hart could see the court much.

LeBron was still courtside on Sunday for a quarterfinal game at Summer League, showing his support and being a good teammate. He gave Hart a hug on the court. Brandon Ingram stopped by and talked with LeBron for a bit.

LeBron watched the Lakers continue their strong run through the Summer League, racking up a 101-78 win. LeBron was into it, when Mykhailiuk took a shot midway through the first quarter LeBron yelled, ‘cash only!”  The shot was nothing but net.

The Lakers are on to the Summer League semifinals. Los Angeles won the Vegas Summer League last year.

 

After losing to his father in golf, Stephen Curry leaps into Lake Tahoe

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Golf fanatic Stephen Curry was clearly enjoying himself on the links at the American Century Championship celebrity golf event in Lake Tahoe this past weekend.

But he couldn’t beat his father, Dell.

The price? Curry (and his caddy) had to jump in the lake. Check out the video above.

For the record, Tony Romo won the event.

 

Spurs’ pick Chimezie Metu to miss time with fractured wrist

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Chimezie Metu showed some promise in the Summer League games he played for San Antonio, scoring 12.5 points a game on 55 percent shooting in Las Vegas, and 10.7 per game on 54 percent shooting in Salt Lake City. The second round pick of the Spurs (No. 49 overall) is raw and needs a lot of development, but he can get buckets. The potential is there.

That development is going to be on hold a while, as what was thought to be a sprained wrist has turned out to be a fracture.

From Tom Osborn of the San Antonio Express-News.

After an examination Saturday, the Spurs medical staff downgraded second-round pick Chimezie Metu’s left wrist injury from a sprain to a fracture, a league source said Saturday.

Metu was injured late in the Spurs’ 95-90 win over Washington on July 8 at the Las Vegas Summer League, when he landed awkwardly after leaping to catch a lob pass at the rim. The 6-foot-10 big man finished the game but was sidelined for the remainder of the schedule.

After undergoing X-rays at the Thomas & Mack Center, Metu was diagnosed with a sprain. But Spurs’ team doctors suspected a possible fracture, which was confirmed after Metu returned to San Antonio on Saturday.

Metu should be good to go by training camp. Metu is hoping his summer and training camp play will earn him a roster spot, although the Spurs tend not to sign second-round picks the year they were drafted (they tend to let them spend a year or two in the G-League or in Europe). A lot of his chances on making the roster depend on any other moves the Spurs make this summer and what their roster looks like come the fall.