ABA NBA merger

[Madison]

Don't know if anyone can find the full story but here's an excerpt. Even though they weren't allowed to join the NBA the franchise owners got VERY wealthy. They collected from the NBA for decades afterward and for all I know may be still collecting.

Instead of just trying to fight it out, the Spirits folded over their rights and received $2.2 million in return. On top of that, they received a large share of all television revenues for the four teams that merged into the NBA. Fast forward a few decades and they accrued about $500 million in payments from that deal. They may not have made the league, but did receive plenty of compensation in their deal with the NBA.

[Madison]

Report: NBA finally reaches buyout deal with former ABA owners still getting TV revenues - ProBasketballTalk | NBC Sports

The rest of the story. Unbelievable. What a deal for doing nothing.

[ChuckyTheGoat]

Yes, sir. I'm a student of Sports History. Have tried to brush up on my ABA knowledge periodically:

1) The ABA really had great players.
2) Four team transitioned from ABA to NBA. The Denver ROCKETS changed their name to the NUGGETS in 1974 in anticipation of a potential move to the NBA, where the ROCKETS nickname was already taken.
3) I came across that note about the ABA owners some years ago. They made a great deal and continue to reap the financial rewards.

The parallel that comes to mind is the McDonald brothers selling the company to Ray Kroc. They made the movie "The Founder" which starred Michael Keaton. Kroc gave each of the McDonald brothers $1Million...but he reneged on the handshake deal for 1% profit in perpetuity. Would have been a boatload of money going forward but Kroc didn't pay it (if you believe the movie).

[Headsterx]

Best deal in sports a history. Heard about a few years ago when they were disputing about cable tv rights or something.

[DrunkHorseplayer]

David Stern was the NBA lawyer who negotiated it, he got taken to to the cleaners.

[ChuckyTheGoat]

2:40 The St Louis owners (Silna brothers) got:

$2.2M Buyout + (1/7 of TV revenue from the four teams joining NBA: Nets/Pacers/Spurs/Nuggs in perpetuity)

Really two big factors on the explosion of the NBA:
1) Dr J. Nets sold his contract to the Sixers to cover some financial problems.
2) Emergence of Bird/Magic and the rivalry they developed.

[Madison]

2:40 The St Louis owners (Silna brothers) got:

$2.2M Buyout + (1/7 of TV revenue from the four teams joining NBA: Nets/Pacers/Spurs/Nuggs in perpetuity)

Really two big factors on the explosion of the NBA:
1) Dr J. Nets sold his contract to the Sixers to cover some financial problems.
2) Emergence of Bird/Magic and the rivalry they developed.

Wonder what became of them and their prodigy??

[ChuckyTheGoat]

Wonder what became of them and their prodigy??

When you say THEM...are you talking about the Silna brothers? Or the players?

[Madison]

When you say THEM...are you talking about the Silna brothers? Or the players?

The Silna brothers.

[ChuckyTheGoat]

The Silna brothers.

Oh. Older brother passed away some years ago.

Younger brother is surely living life to the fullest. Guy probably has a harem and has fun with the $$.

[ChuckyTheGoat]

The Silna brothers.

See the very last note of this article:

https://en.wikipedia.org/wiki/Ozzie_and_Daniel_Silna

Silna Brothers lost a portion (but surely not all) of their fortune in the Bernie Madoff scandal.