Basketball Wiretap

Adam Silver: Long-Term Financial Health OF NBA Is Very Solid

Mar 6, 2021 8:57 PM

Like many businesses, the NBA has had a reduction in revenues due to the COVID-19 pandemic. Adam Silver was asked on Saturday about the financial state of the league and he remains bullish on the long-term forecast.

"The long-term health of the league is very solid," said Silver. "Between last year and this year, we’re looking at considerable losses. I generally don’t talk about that publicly because teams are largely privately held. We’re not suggesting that is anybody else’s issue but ours.

"Last season and this season has required a significant investment on the part of the team owners. They accept that. Players will end up taking a reduction in salary this season because they are partners with the league and teams on revenue. The executives, team executives, have all taken haircuts on their salary.

"I think when we all step back, we feel very fortunate to be working under these circumstances. My sense is the players feel the same way."

RealGM Staff Report

Tags: NBA, NBA CBA

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NBA Won't Institute COVID-19 Vaccine Mandate, Expects 'Most People' To Opt-in

Mar 6, 2021 8:38 PM

The NBA will not institute a COVID-19 vaccine mande, but Adam Silver believes "most people" will ultimately choose to do so.

"We're seeing this now, both in the actual numbers of people getting vaccinated in the United States and opinion polls, that people are becoming more willing to get vaccinated," Silver said during his All-Star Weekend virtual news conference from Atlanta. "I think, as to those who have been hesitators, as tens of millions of people now in the United States have gotten the vaccine, that people are seeing, at least in the short-term, what the impact is, and they're hearing about how incredibly effective these vaccines are.

"My hunch is that most players ultimately will choose to get vaccinated. They have to make personal decisions at the end of the day -- and I take that very seriously, and I take concerns very seriously. But my sense is most [players] will, ultimately, decide it is in their interest to get vaccinated."

The league will loosen its COVID-19 protocols for players who receive the vaccine. 

Silver stated that no NBA player, to his knowledge, has been vaccinated so far.

Tim Bontemps/ESPN

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NBA, NBPA Agree To Eliminate Game Limit On Two-Way Contracts

Mar 2, 2021 2:13 PM

The NBA and NBPA plan to eliminate the 50-game limits for players on a Two-Way contract.

Players on Two-Way contracts will also be eligible for the playoffs.

The agreements are pending approval from the league's Board of Governors.

Shams Charania/The Athletic

Tags: NBA, D-League, NBA CBA

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NBA Rejected Glen Taylor's Bid To Sell Wolves To Private Equity Firm Arctos

Feb 25, 2021 10:01 PM

The NBA shot down a pitch from Glen Taylor to sell the Minnesota Timberwolves to Arctos, a private equity firm formed in 2019.

Arctos was initially formed to buy small stakes in teams.

The idea was shot down because the NBA has not approved Arctos to date.

Arctos recently filed to raise money via a blank check company that will be used to buy stakes in teams that need capital to cover losses. 

Josh Kosman, Thornton McEnery/New York Post

Tags: Minnesota Timberwolves, NBA, NBA CBA

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Warriors Attempted To Sell Minority Stake To SPAC

Feb 25, 2021 3:11 PM

The owners of the Golden State Warriors approached the NBA for approval to sell a minority stake in the franchise to a publicly traded blank-check company that had partnered with a private equity firm.

The unidentified institutional buyers had the support of Silicon Valley tycoon Chamath Palihapitiya, a minority owner in the Warriors, and were confident they would be approved.

The NBA’s Advisory/Finance Committee put off a decision and the Warriors withdrew the request under the assumption it would not be approved. 

There are now five SPACs looking to buy stakes in professional sports franchises. Frustration is mounting among some NBA owners that the NBA has been slow to work on a solution to sell to these entities. 

“The pressure on Adam [Silver] is extreme,” a source close to the NBA office said. 

Joe Lacob is now speaking only to private equity firms in his efforts to sell a stake of at least 5 percent of the pandemic-fueled money-losing team, including billionaire Howard Marks’ Oaktree Capital Management, sources said. 

The NBA is concerned that SPAC ownership could lead to league financials getting revealed via public filings. 

 

Josh Kosman, Thornton McEnery/NEw York Post

Tags: Golden State Warriors, NBA, NBA CBA

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