Some mistakes are forgotten with time, and some seem to get worse with each passing year. The NBA's long-standing financial blunder is most definitely one of the latter.
ESPN's Chris Broussard (h/t Business Insider) brings our attention to a financial mistake that continues to cost the NBA millions of dollars in television revenue.
Back in 1976, Ozzie and Daniel Silna were given the unfortunate news that they needed to fold their ABA team, the Spirits of St. Louis, for a sum of $3 million.
We say unfortunate because at the time, it seemed to be far more lucrative to be among the four ABA franchises welcomed into the NBA fold.
As it turns out, it is far easier to just sit back and watch the millions roll in. Business Insider's Cork Gaines reports the brothers rake in a reported $17.7 million (Broussard puts that sum at $19 million) per year at the moment and have accumulated a sum of $300 million because of a deal they brokered with the NBA back in 1976.
Broussard reports the NBA and the Silna brothers are locked in negotiations at the moment to bring a close t ...
Read Full Article at Bleacher Report - NBA
Article written by Gabe Zaldivar
NBA Negotiating with Silna Brothers to Remedy Their Egregious $300M TV Mistake
November 12th, 2013 by Gabe Zaldivar Leave a reply »
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