Seven years ago, your average market NBA team could be purchased for a “mere” $250 million or so. Ever since the morally questionable relocation of the beloved Seattle SuperSonics to the puzzling destination of Oklahoma City, things haven’t been quite the same. This move did not set the benchmark for small market teams, as one would think, for two primary reasons: Kevin Durant was part of the deal and now Seattle has become leverage for the NBA in future negotiating deals.
See, the NBA, under David Stern, became infatuated with the notion that each team should have a new, state-of-the-art arena, equipped with cutting-edge restaurants, absurdly accommodating and expensive luxury boxes and multi-functional layouts, all at the cost of taxpayers and owners, for the sake of upping league revenue. When owners of small market teams could not meet Stern’s demands for new stadiums, he would use the threat of relocation of their team to Seattle as a bargaining chip. Continue reading Celtics Owner Wyc Grousbeck Received Two “Serious” Offers to Purchase Team »