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NBA To Buy Out Last Vestige Of ABA


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#1 DJ MC

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Posted 07 January 2014 - 04:35 PM

Deadspin: NBA To Pay $500 Million To Get Out Of The Worst Deal Ever Signed

 

Basically, when the ABA voted to merge with the NBA, the Kentucky Colonels and Spirits of St. Louis wanted to join as well, but the league did not wish to accept them along with the Nuggets, Pacers, Spurs and Nets. So they bought out those two franchises. The owner of the Colonels accepted $3 million. The owners of the Spirits took $2.2 million...and one-seventh of future television revenue due the four teams that joined.

 

According to the article, they've already made $300 million off of the deal, which will continue in perpetuity. Now the league is close to a buyout deal for $500 million.


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#2 BSLMikeLowe

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Posted 07 January 2014 - 04:42 PM

"....Worst Deal Ever Signed"

 

For who?

 

I can only imagine how the owner (or the heirs) of the KY Colonels must be feeling.






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