EPTNBA General Discussion - Page 52
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JimmiC
Canada22817 Posts
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JimmiC
Canada22817 Posts
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JimmyJRaynor
Canada16710 Posts
On November 19 2020 09:37 JimmiC wrote: Almost no billionaires are getting crushed unlike the rest of people they are getting bailouts and have great tax strategies and a climbing market. And being the 10th richest NBA owner puts you in the .0001% He does not think his his team can win a championship and he is right. Also Westbrook and Harden are worth the most they ever will be right now. Those are depreciating assets. You hold them if you want to win now, you trade them if you want max value back. Arison's net worth fell 33% in 6 weeks. That's the kind of loss that makes a billionaire think twice about spending hundreds of millions of dollars on a basketball team. Arison's personal life style is secured. However, his spending habits will change or he'll go bankrupt pretending there is nothing wrong. any how, I'd say Fertitta is in cost-cutting mode and doesn't want to admit it. A fire sale lowers his player's trade value. The Rockets are the Florida Marlins of Texas.  https://www.cbssports.com/nba/news/rockets-owner-tilman-fertitta-is-hellbent-on-reducing-payroll-avoiding-luxury-tax-per-report/ Fertitta's own finances may contribute to that thriftiness. Fertitta had less than $300 million in cash when he purchased the Rockets, according to Forbes, but used a somewhat unusual deal structure to secure the team. In addition to assuming some debt and taking out a loan from previous owner Leslie Alexander, he sold over $1.4 billion in bonds to finance the purchase. That left him very heavily leveraged, and the coronavirus made matters significantly worse. Fertitta's fortune was made in the restaurant and casino business. Neither industry is doing particularly well during the pandemic. Fertitta took out a $300 million loan at a steep 13 percent interest rate to keep his business afloat in April, according to the Houston Chronicle. The Rockets, like the rest of the NBA, lost a good deal of revenue last season when the league was forced to shut down in March. They will lose more next season, when arenas will, at best, be only partially filled. Most projections have the league losing somewhere between 30-40 percent of its revenue, and while the league will recoup some losses in the form of increased escrow withholdings out of player salaries (up to 18 percent from the usual 10), owners are going to take the brunt of the hit here. 13%? wow. https://www.bloomberg.com/news/articles/2020-03-25/texas-billionaire-who-levered-restaurant-empire-hit-on-all-sides | ||
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andrewlt
United States7702 Posts
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JimmyJRaynor
Canada16710 Posts
On November 19 2020 10:45 andrewlt wrote: He sounds like one of those billionaires who look much better on paper and aren't as rich as Forbes thinks they are. I've found it curious why he was hell bent on avoiding the luxury tax pre-pandemic even when the Rockets were considered championship contenders. ur prolly right man. this bloomberg article seems to amplify or provide some details on your perspective/speculation. https://www.bloomberg.com/news/articles/2020-03-25/texas-billionaire-who-levered-restaurant-empire-hit-on-all-sides | ||
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JimmiC
Canada22817 Posts
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JimmyJRaynor
Canada16710 Posts
How many other NBA owners laid off 40,000 people? Fertitta prolly can't afford the payroll. The Rockets were projected to have the 5th highest payroll and he WAS the 10th richest owner who just laid off 40,000 workers. Looks like he is laying off a few members of his NBA squad. In the hospitality and restaurant industry you make huge money off the backs of low paid employees. Losing 40,000 employees represents a massive loss in both revenue and profit profit. welp, so much for the Bogdanovich deal. https://www.espn.com/nba/story/_/id/30345167/sources-sacramento-kings-bogdan-bogdanovic-enter-restricted-free-agency-scuttling-sign-trade-deal-milwaukee-bucks | ||
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JimmiC
Canada22817 Posts
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JimmyJRaynor
Canada16710 Posts
conspiracy is a crime . he is not committing any crimes. he is borrowing hundreds of millions of dollars at 14%+. Do you know who is in solid financial shape? The guys loaning him the hundreds of millions. They're doing great. Hilarious quote on reddit: If Kyrie couldn't handle being Robin when playing with Lebron... how will he handle being Alfred the Butler with Harden and Durant on his team? | ||
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JimmiC
Canada22817 Posts
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JimmyJRaynor
Canada16710 Posts
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cLutZ
United States19574 Posts
On November 19 2020 09:17 andrewlt wrote: Danny Green traded again. Something tells me he could get traded again but will eventually end up accepting a buyout and rejoining the Lakers or joining some other contender before all is said and done. I laugh about people who act like Danny Green was jetting off to OKC and now Philly (same with Rubio getting bounced around). He's just sitting in a hot tub in LA people! It does suck for the first trade if you like where you are, but the people who get traded lots literally don't care about their interim teams (and most of the midlevel guys treat every team as interim). | ||
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JimmiC
Canada22817 Posts
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JimmyJRaynor
Canada16710 Posts
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andrewlt
United States7702 Posts
On November 19 2020 12:49 cLutZ wrote: I laugh about people who act like Danny Green was jetting off to OKC and now Philly (same with Rubio getting bounced around). He's just sitting in a hot tub in LA people! It does suck for the first trade if you like where you are, but the people who get traded lots literally don't care about their interim teams (and most of the midlevel guys treat every team as interim). Haha, yeah. It doesn't matter if he gets traded to all 30 teams in the offseason. He doesn't need to move until he actually needs to play in a game. There may be some restrictions that prevent him from resigning with the Lakers if he gets bought out, but he could always join the Clippers in that scenario. On a side note that may only interest me, there's a 2nd round pick with the unfortunate name of Scrubb. | ||
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cLutZ
United States19574 Posts
On November 19 2020 14:26 andrewlt wrote: Haha, yeah. It doesn't matter if he gets traded to all 30 teams in the offseason. He doesn't need to move until he actually needs to play in a game. There may be some restrictions that prevent him from resigning with the Lakers if he gets bought out, but he could always join the Clippers in that scenario. On a side note that may only interest me, there's a 2nd round pick with the unfortunate name of Scrubb. Haha no thats great! | ||
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Vindicare605
United States16071 Posts
Ohhhh boy. Not good. Not good at all. | ||
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JimmyJRaynor
Canada16710 Posts
Speaking of Canada... ,um, where are the Raptors playing? LOL. On November 19 2020 12:53 JimmiC wrote: Both are rumors, Tilman's financial weakness is not a rumour. It is a fact. He borrowed $300 million at over 13% and furloughed 45,000 employees. | ||
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andrewlt
United States7702 Posts
On November 19 2020 15:23 Vindicare605 wrote: https://twitter.com/ChrisBHaynes/status/1329263895362502656 Ohhhh boy. Not good. Not good at all. I wonder how much the Warriors owe the devil for their recent run. Seems like the devil is getting his due now that the contract expired. | ||
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JimmyJRaynor
Canada16710 Posts
On November 20 2020 04:26 andrewlt wrote: I wonder how much the Warriors owe the devil for their recent run. Seems like the devil is getting his due now that the contract expired. LOL. a lot of injury luck definitely broke their way through their 5 year run. Durant's injury was a non-contact injury, therefore, it was not a matter of bad luck. Durant's muscles were writing cheques his connective tissues could not cash. If Durant tries to do what he did for the months, weeks and days leading up to his last injury he will wreck his ankle again. EDIT: Hayward opts for free agency. He was slated to get $34.2 million. I'll be surprised if he gets that this year. | ||
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