How Two Brothers Robbed The NBA For Millions Of Dollars...By Accident

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How Two Brothers Robbed The NBA For Millions Of Dollars...By Accident

Post by bobheckler on Tue Sep 11, 2018 3:32 pm





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Re: How Two Brothers Robbed The NBA For Millions Of Dollars...By Accident

Post by RosalieTCeltics on Tue Sep 11, 2018 5:21 pm

What a story!!!! Wish he was my Daddy!
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Re: How Two Brothers Robbed The NBA For Millions Of Dollars...By Accident

Post by Ktronic1 on Wed Sep 12, 2018 12:08 pm

Ive watched this video twice and maybe I’m missing something. Can ya help a brother out?
Why did the league even sign any deal with the brothers? It appears that the brothers had very little leverage. Was this some sort of goodwill payback to the ABA by the NBA for taking those 4 ABA teams into the NBA? If so, how and why did they agree to the deal with the brothers and did the other ABA teams receive anything from the NBA?
Color me confused...
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Re: How Two Brothers Robbed The NBA For Millions Of Dollars...By Accident

Post by RosalieTCeltics on Wed Sep 12, 2018 1:28 pm

that is basically what it seemed like to me and then it steamrollered into more and more.It seemed to me that David Stern let this go on and on, and Adam Silver stepped in and finally stopped it all

Hell of a retirement savings program, huh???
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Re: How Two Brothers Robbed The NBA For Millions Of Dollars...By Accident

Post by kdp59 on Thu Sep 13, 2018 1:47 pm

Ktronic1 wrote:Ive watched this video twice and maybe I’m missing something. Can ya help a brother out?
Why did the league even sign any deal with the brothers? It appears that the brothers had very little leverage. Was this some sort of goodwill payback to the ABA by the NBA for taking those 4 ABA teams into the NBA? If so, how and why did they agree to the deal with the brothers and did the other ABA teams receive anything from the NBA?
Color me confused...


here is the main details:


While the Silna brothers were left out of the NBA, they nonetheless managed to turn it into one of the greatest deals in the history of professional sports.[10][11][12] Of the seven teams that finished the final ABA season, the NBA would only accept 4 in the merger. The Virginia Squires folded shortly after the season.[13] The Colonels negotiated a $3.3 million buyout from the remaining ABA teams.[14] [13] However, the Spirits held out for more[15] and in June 1976, the owners of the four merging ABA teams, the Denver Nuggets, Indiana Pacers, New York Nets and the San Antonio Spurs, agreed to pay the St. Louis owners $2.2 million in cash up front and an additional 1/7 share of the four remaining teams' television broadcast revenue "for as long as the NBA or its successors continues in its existence" in return for the Spirits folding


so while John Brown (the Kentucky owner and furure Governer of the state) took cold hard cash form the FOUR ABA teams moving to the NBA...the Silna brothers gambled and took a portion of the TV money each of those 4 teams would get...FOREVER!!

since back in the mid to late 70's the NBA's TV deals were very little (hell even the Championship games were sometime on tape delay late at night), it seemed like a fools deal back then.

but the Silna brothers ended up with the last laugh, as the NBA blew up starting with Magic and Bird at the end of the 70's.


The first year the deal yielded revenue for the Silnas, in 1980-81, they received only a modest $521,749.[19] However, as the NBA's popularity exploded in 1980s and 1990s, the league's television rights were sold to CBS and then NBC, and additional deals were struck with the TNT and TBS cable networks; league television revenue soared into the hundreds of millions of dollars. Thanks to the deal, the Silnas made millions through 1980s and at least $4.4 million per year through 1990s.[17] From 1999 through 2002 the deal netted the Spirits' owners at least $12.53 million per year; from 2003-2006 their take was at least $15.6 million per year.[10] By 2010-11 they were receiving $17.45 million annually.[19] In 2014, the deal was costing each former ABA team $5 million a year.[20] The Silna brothers have received roughly $300 million in revenue as of 2014,[21] despite the fact that the Spirits never played an NBA game.[22] The two Silna brothers each get 45% of that television revenue per year and their attorney Schupak receives 10%.[10] They credit their terrific deal to planning they had done ahead of the merger for the Virginia Squires owners; the Silnas had expected the Spirits and Colonels to enter the NBA but for the ailing Squires to be left out, and the Silnas thought up the television revenue deal as a way to treat the Squires' owners fairly if the Squires did not join the NBA with the other ABA teams.[10] However, the deal cut by the Silna brothers and the incredible amount of revenue it has produced over the years has itself become legend.[10]

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Re: How Two Brothers Robbed The NBA For Millions Of Dollars...By Accident

Post by RosalieTCeltics on Thu Sep 13, 2018 2:44 pm

All you can say is WOW!!!!!Unbelievable. Only in America!!!
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Re: How Two Brothers Robbed The NBA For Millions Of Dollars...By Accident

Post by Ktronic1 on Thu Sep 13, 2018 9:48 pm

kdp59 wrote:
Ktronic1 wrote:Ive watched this video twice and maybe I’m missing something. Can ya help a brother out?
Why did the league even sign any deal with the brothers? It appears that the brothers had very little leverage. Was this some sort of goodwill payback to the ABA by the NBA for taking those 4 ABA teams into the NBA? If so, how and why did they agree to the deal with the brothers and did the other ABA teams receive anything from the NBA?
Color me confused...


here is the main details:


While the Silna brothers were left out of the NBA, they nonetheless managed to turn it into one of the greatest deals in the history of professional sports.[10][11][12] Of the seven teams that finished the final ABA season, the NBA would only accept 4 in the merger. The Virginia Squires folded shortly after the season.[13] The Colonels negotiated a $3.3 million buyout from the remaining ABA teams.[14] [13] However, the Spirits held out for more[15] and in June 1976, the owners of the four merging ABA teams, the Denver Nuggets, Indiana Pacers, New York Nets and the San Antonio Spurs, agreed to pay the St. Louis owners $2.2 million in cash up front and an additional 1/7 share of the four remaining teams' television broadcast revenue "for as long as the NBA or its successors continues in its existence" in return for the Spirits folding


so while John Brown (the Kentucky owner and furure Governer of the state) took cold hard cash form the FOUR ABA teams moving to the NBA...the Silna brothers gambled and took  a portion of the TV money each of those 4 teams would get...FOREVER!!

since back in the mid to late 70's the NBA's TV deals were very little (hell even the Championship games were sometime on tape delay late at night), it seemed like a fools deal back then.

but the Silna brothers ended up with the last laugh, as the NBA blew up starting with Magic and Bird at the end of the 70's.


The first year the deal yielded revenue for the Silnas, in 1980-81, they received only a modest $521,749.[19] However, as the NBA's popularity exploded in 1980s and 1990s, the league's television rights were sold to CBS and then NBC, and additional deals were struck with the TNT and TBS cable networks; league television revenue soared into the hundreds of millions of dollars. Thanks to the deal, the Silnas made millions through 1980s and at least $4.4 million per year through 1990s.[17] From 1999 through 2002 the deal netted the Spirits' owners at least $12.53 million per year; from 2003-2006 their take was at least $15.6 million per year.[10] By 2010-11 they were receiving $17.45 million annually.[19] In 2014, the deal was costing each former ABA team $5 million a year.[20] The Silna brothers have received roughly $300 million in revenue as of 2014,[21] despite the fact that the Spirits never played an NBA game.[22] The two Silna brothers each get 45% of that television revenue per year and their attorney Schupak receives 10%.[10] They credit their terrific deal to planning they had done ahead of the merger for the Virginia Squires owners; the Silnas had expected the Spirits and Colonels to enter the NBA but for the ailing Squires to be left out, and the Silnas thought up the television revenue deal as a way to treat the Squires' owners fairly if the Squires did not join the NBA with the other ABA teams.[10] However, the deal cut by the Silna brothers and the incredible amount of revenue it has produced over the years has itself become legend.[10]

Thanks. This certainly puts my 401K in perspective. GD it!!!
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Re: How Two Brothers Robbed The NBA For Millions Of Dollars...By Accident

Post by kdp59 on Fri Sep 14, 2018 7:35 am

I would note the deal was with the four ABA teams that wanted to join the NBA, not the NBA itself.

you can find various stories in the web about this over the years and the whole story is very interesting.

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