Vegas getting NBA team? Hawks?(my own speculation)

[johnnyde]

An investment group seeking to build an arena on the Las Vegas Strip claims it is on the cusp of purchasing an NBA team to play in the facility.

For the deal to go through, said Chris Milam, CEO of International Development Management LLC, the group must strike a deal with the county to fund construction of the arena — dubbed the Silver State Arena — slated for the old Wet ’n Wild water park site.

“We have an NBA team under contract,” Milam said, declining to name the franchise. But the deal will take effect only if “other pieces of the puzzle fall into place: One of those pieces will be that a building (arena) is approved,” he said.

Here is the link for the rest of the story:

http://www.lasvegassun.com/news/2010/jul/14/nba-team-under-contract-if-las-vegas-builds-arena/

Edit: Sorry mods, I just realized should have put this is Around the NBA forum.

Edited July 14, 2010 by johnnyde

[johnnyde]

I highly doubt it is the Hawks but you do have to wonder with them being so thrifty and not wanting to get into luxury tax land as well as all the rumors of them selling the team(although they say they are only looking for minority owners).

[BudBall]

They need to take the Clippers

[pimp]

I think it's the Indiana Pacers,

There were a lot of rumors last year , that Pacers could be leaving Indy.

[lethalweapon3]

[Randy]

The Indy Star published a story just a few days ago that the Pacers have gotten a $10 M per year concession on the arena lease they have and some other goodies to stay in town. If they dont stay 3 years they have to pay it back. (I've been a Pacer fan since the 60's when they played in the ABA. I'd hate for Indy to lose its team.)

[Admin]

An investment group seeking to build an arena on the Las Vegas Strip claims it is on the cusp of purchasing an NBA team to play in the facility.

For the deal to go through, said Chris Milam, CEO of International Development Management LLC, the group must strike a deal with the county to fund construction of the arena — dubbed the Silver State Arena — slated for the old Wet ’n Wild water park site.

“We have an NBA team under contract,” Milam said, declining to name the franchise. But the deal will take effect only if “other pieces of the puzzle fall into place: One of those pieces will be that a building (arena) is approved,” he said.

Here is the link for the rest of the story:

http://www.lasvegass...s-builds-arena/

Edit: Sorry mods, I just realized should have put this is Around the NBA forum.

Eh, I am okay with this thread staying here since there is enough fear surrounding our ownership group that this could be talking about the Hawks ... but I sure hope not! It would make a lot more sense for a team like the Clippers to move since they'll always be in the Lakers shadow.

[AHF]

The Maloof brothers have a presence in Vegas and have been rumored to want to move the Kings to Vegas for years. They seem a good candidate for speculation if this has any legs.

[JJFAN4LF]

I'll be real pissed if it was the Hawks. I seriously doubt it though. Teams like LAC, SAC, and MIN are teams I would speculate first.

But if it does, would we still be in the Eastern Conference or would we be switched into the Western Conference? Memphis is currently in the West so I'm thinking that the location of the team doesn't signify what conference it plays for....or maybe they might swap the Grizzlies and the Hawks on the conference they are in right now.

[BossTweed]

The Atlanta Spirit Group owns Phillips Arena right?

Selling the Hawks and having them move to Vegas would probably hurt the ASG when they want to sell Phillips Arena. Why wouldn't these people buy a team that isn't as connected to the arena they play in?

[Sothron]

The Atlanta Spirit Group owns Phillips Arena right?

Selling the Hawks and having them move to Vegas would probably hurt the ASG when they want to sell Phillips Arena. Why wouldn't these people buy a team that isn't as connected to the arena they play in?

As usual most people forget the ASG own Phillips Arena, Hawks and Thrashers. Some new ownership would have to buy all three to make it work. The ASG are not going to sell one team and then have 42 plus empty dates a year in their own arena.

[Diesel]

An investment group seeking to build an arena on the Las Vegas Strip claims it is on the cusp of purchasing an NBA team to play in the facility.

For the deal to go through, said Chris Milam, CEO of International Development Management LLC, the group must strike a deal with the county to fund construction of the arena — dubbed the Silver State Arena — slated for the old Wet ’n Wild water park site.

“We have an NBA team under contract,” Milam said, declining to name the franchise. But the deal will take effect only if “other pieces of the puzzle fall into place: One of those pieces will be that a building (arena) is approved,” he said.

Here is the link for the rest of the story:

http://www.lasvegassun.com/news/2010/jul/14/nba-team-under-contract-if-las-vegas-builds-arena/

Edit: Sorry mods, I just realized should have put this is Around the NBA forum.

So, how will David Stern sign off on this. The gambling will stop the NBA from participating is my feel.

Plus, we're still locked into a deal with the city for the next 13 years.

Edited July 14, 2010 by Diesel

[Diesel]

So, how will David Stern sign off on this. The gambling will stop the NBA from participating is my feel.

Plus, we're still locked into a deal with the city for the next 13 years.

Here's why David McDavid couldn't get the team:

"

Paying off construction bonds for the arena will require annual debt payments of about $12.5 million for 30 years. Originally, the Hawks pledged all the team's revenue to back the bonds if the revenue from the arena itself fell short. But the NBA rejected that idea. Here are key parts of the Hawks' current proposal:

• Arena revenue will still be pledges. If a National Hockey League team joins the Hawks, there will be about twice as much money as required. If just the Hawks play, there will be about 1.3 times the required money.
  [* Hawks' unconditional guarantee to pay off the debt if arena revenues fall short.
  
• Title to the Hawks franchise as collateral is Hawks fail to make up any shortfall.
  

"

The funny little known fact is that the Hawks become city property if ASG were to default on the bond payment. That's why it's important for the ASG to find a new investor.

[Seano]

The Maloof brothers have a presence in Vegas and have been rumored to want to move the Kings to Vegas for years. They seem a good candidate for speculation if this has any legs.

I did not know that, and in my opinion they'd be crazy to leave Sac-town. Granted, Sacramento has about got all the glitz and glamor of a 1983 Yugo, but they've also got one of the best and most rabid fan-bases in the entire league, if not *the* best of all. I mean those fans are absolutely passionately crazy in love with their Kings. Compared to many teams, they have not had a lot to cheer about throughout the years, but yet they sell out game after game after game, and those fans are always loud, loud, LOUD. The Kings get a serious lift at home just from their fans being so supportive like that, and it would be really sh*tty (but probably typical, since so often it seems to be all about the $$$ anymore) for the Maloof brothers to take that team away from that city.

[Chaze]

if this happend i am no longer a hawks fan.

wats up Lakers and Bulls im your newest fan if this happpens

[coachx]

The Maloof brothers have a presence in Vegas and have been rumored to want to move the Kings to Vegas for years. They seem a good candidate for speculation if this has any legs.

Most possible scenerio....that has been talked about for years now.

My next guess would be the Hornets.......................the economic and ownership situation in N.O. is awful. Now with the oil spill it may be best to get out of town. The whole region needs a decade to get it back together after the spill and Katrina. I hope its not the Hornets b/c the new owner would spend money and keep Chris Paul happy.

Edited July 15, 2010 by coachx

[coachx]

As usual most people forget the ASG own Phillips Arena, Hawks and Thrashers. Some new ownership would have to buy all three to make it work. The ASG are not going to sell one team and then have 42 plus empty dates a year in their own arena.

I thought the ASG owned "operating rights" to the arena. I'm not sure what exactly that means. Does that mean they get some money when big concerts or circuses come to Phillips ? I do not know. Wikepedia says the ASG actually owns Phillips but I question the accuracy b/c:

1. Philips Arena cost $219,000,000 to build in 1999.

2. ASG paid only $250,000,000 for the Hawks, Thrashers, & Phillips Arena (or maybe just governing - operating rights of the arean).

I thought the actual ownership of Phillips Arena was the city of Atlanta.

[Sothron]

I thought the ASG owned "operating rights" to the arena. I'm not sure what exactly that means. Does that mean they get some money when big concerts or circuses come to Phillips ? I do not know. Wikepedia says the ASG actually owns Phillips but I question the accuracy b/c:

1. Philips Arena cost $219,000,000 to build in 1999.

2. ASG paid only $250,000,000 for the Hawks, Thrashers, & Phillips Arena (or maybe just governing - operating rights of the arean).

I thought the actual ownership of Phillips Arena was the city of Atlanta.

Its the same thing. They have operating rights to the facility which essentially means they can do whatever they want with it. Since they own the operating rights there is no way they'd sell one team and keep the arena and the other pro team. It makes no sense. The only way they'd sell is if they would sell all three together just like they bought it.