feddoc
Long Time Member
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Not many of you are sports fans. Meh. To me this story is more about having some foresight and leveraging time and money.
I loved watching the ABA play. A young friend of mine played for the Nets and did quite well, eventually breaking Julius Erving's scoring record.
Anyway...as the ABA was folding in 76 or so, the NBA absorbed 4 of 7 remaining teams after the 1976 finals. One team, (not absorbed) the Kentucky Colonels accepted a $3M buyout. The owners of the Spirits of Saint Louis asked for $2.2 AND 1/7th of revenue from TV 'as long as the NBA remained'.
The brothers who owned the team raked in $300M before the NBA wised up and bought them out for another $500M. Free money.
I loved watching the ABA play. A young friend of mine played for the Nets and did quite well, eventually breaking Julius Erving's scoring record.
Anyway...as the ABA was folding in 76 or so, the NBA absorbed 4 of 7 remaining teams after the 1976 finals. One team, (not absorbed) the Kentucky Colonels accepted a $3M buyout. The owners of the Spirits of Saint Louis asked for $2.2 AND 1/7th of revenue from TV 'as long as the NBA remained'.
The brothers who owned the team raked in $300M before the NBA wised up and bought them out for another $500M. Free money.
