It's not farfetched he owns a stake in the Red Sox and the Fenway Group wants to own an NBA team.
Then we want a protected first for Bronny _________________ âThe main goal for the Lakers is to win a championship. All I care about, all we care about, is to raise another banner in the rafters.â
Yeah, wait until the Celtics sell and the new owners see how much everyone is making and need to make their billions back, start trading off players as they currently have the 4th highest Team salary, which is $57 Million OVER the salary cap!
Their four highest paid guys (alone) make a combined $7 mil over the Cap ...(ouch!) _________________ What does Marcellus Wallace look like?
Boston can really only have their group for another season or two. After that, the costs are punitive/outrageous. Itâs the new NBA. You canât pay multiple role players 20-30 million a year and expect to be able to have a sustained 5-7 year run. Itâs almost impossible.
Boston can really only have their group for another season or two. After that, the costs are punitive/outrageous. Itâs the new NBA. You canât pay multiple role players 20-30 million a year and expect to be able to have a sustained 5-7 year run. Itâs almost impossible.
Their top 5 guys make $200M next season. Thats crazy.
Wyc should want him to sell. Federal Estate taxes at that level are 40%, and Massachusetts adds on another 16%, so when Irving dies, Wyc and family will owe about $3 BILLION DOLLARS in taxes just on the Celtics.
If they sell now, they can shelter much of the proceeds.
Dr. Buss was cheap with the Lakers operation (allegedly) because he was pumping a lot of $$$ into insurance policies and other vehicles to cover estate taxes. _________________ On Lakersground, a concern troll is someone who is a fan of another team, but pretends to be a Lakers fan with "concerns".
There's speculation that it could be Bezos because he just dumped $5 billion in Amazon Stock.
He would be better off reviving the Seattle basketball team considering his company already pays for the naming rights of the arena. But I guess he knows what a valuable asset the Lakers are compared to an expansion team.
Joined: 24 Dec 2007 Posts: 36530 Location: Santa Clarita, CA (Hell) ->>>>>Ithaca, NY -â„â„â„â„â„Berkeley, CA
Posted: Fri Jul 05, 2024 12:54 pm Post subject:
lakersken80 wrote:
Basketball Fan wrote:
There's speculation that it could be Bezos because he just dumped $5 billion in Amazon Stock.
He would be better off reviving the Seattle basketball team considering his company already pays for the naming rights of the arena. But I guess he knows what a valuable asset the Lakers are compared to an expansion team.
Hopefully he makes an offer the Buss family canât refuse and we can have an owner who isnât broke. _________________ Damian Lillard shatters Dwight Coward's championship dreams:
The official reason for the placing "for sale" sign on the Celtics was due to "estate and family planning considerations" by the groupâs controlling members. I wonder if the slow-motion car wreck by the Buss family trust has something to do with it. I doubt the valuation of the Lakers franchise, for example, has increased by much (relatively speaking) during the current ownership structure.
Once again, streaming will promote direct to consumer revenues, which may disrupt the current model of the league negotiating and sharing subscription revenues equally. This has direct impact on the revenue model and profitability of every team. Of course revenues could be shared in one big pot per the CBA, but it begs the question as whether the emergence of the streaming model could make it vulnerable to antitrust laws. In other words, this impacts the profitability of each team, player salaries, and competitiveness.
There's speculation that it could be Bezos because he just dumped $5 billion in Amazon Stock.
He would be better off reviving the Seattle basketball team considering his company already pays for the naming rights of the arena. But I guess he knows what a valuable asset the Lakers are compared to an expansion team.
Hopefully he makes an offer the Buss family canât refuse and we can have an owner who isnât broke.
1 - He's bidding on Foston, not the Lakers,
2 - The issue isn't so much the net worth of the owners as it is the revenue stream. No owner is going to want to dip in their pockets to cover expenses, regardless of how rich they are (both Ballmer & the Dubs owners made tax saving moves whenever they could, especially during the Pandemic).
I posted a year or so ago that the Lakers' biggest mistake was re-upping the Crypto deal instead of moving to build their own arena. Ballmer is building his own arena primarily because it will greatly impact revenue (potentially trebling the Clippers' current revenue). The Warriors building is responsible for 60%+ of their ownership group's revenue, and the sorry ass Knicks have dominated team valuations for decades because of owning the building AND the cable network. Cuban brought in the Adelson's because the Mavs need to build an arena to max revenues and that family has the expertise.
It's really surprising to me that, with their experience owning/running The Forum, that the Lakers didn't decide to build their own arena. Maybe the family members didn't want to take on a mortgage, but I'd bet they could build one without cutting whatever income each sibling gets. _________________ On Lakersground, a concern troll is someone who is a fan of another team, but pretends to be a Lakers fan with "concerns".
Celtics Governor Wyc Grousbeck spoke about the sale of the team with
@CNBCClosingBell
âThe expectation is to sell the team in two parts, 51% going fairly soon. 49% then closing ⊠in 2028. Iâm planning or expected to stay on until 2028 (as governor).â
Ex-Goldman Sachs Execs in Celtics Deal Are Michael Dell Rainmakers
Brendan Coffey
Gregg Lemkau speaks during Grassroot Soccer World AIDS Day Gala
Once in line to take over as Goldman Sachs CEO, Gregg Lemkau's firm has scored a Wall Street coup by handling the Celtics sale.
Photo by Noam Galai/Getty Images
One of the banks handling the Boston Celtics sale is probably the best-known on Wall Street: JPMorgan Chase. The otherâBDT & MSD Partnersânot so much. But while the general public likely hasnât heard of the firm, what matters is that prospective buyers of the prized NBA franchise have. Formed at the start of 2023 by a merger, BDT & MSD Partners is led by two of the most well-regarded bankers who made their reputations at Goldman Sachs: Byron Trott and Gregg Lemkau.
Trott is usually described in financial media as Warren Buffettâs favorite banker. After all, not many people get name-checked in the Oracle of Omahaâs widely read shareholder lettersâbut Trott does.
âByron has now been instrumental in three Berkshire acquisitions,â Buffett wrote in 2004. âHe understands Berkshire far better than any investment banker with whom we have talked andâit hurts me to say thisâearns his fee.â
Trott met Buffett during his 27-year career at Goldman Sachs, a time when he focused on sophisticated wealth-building deals for ultra-affluent clients. One deal was helping the candy bar billionaire Mars family buy out Wrigley in 2008 for $23 billion, with a helpful multibillion-dollar investment from Buffett.
Trott left Goldman in 2009 to form BDT, a Chicago-based wealth management investment bank and advisory firm. BDT doesnât focus on allocating money to buckets of stocks and bonds like other wealth managers. Instead, it crafts bespoke deals in which wealthy clients make big, long-term bets: BDT helped Germanyâs multibillionaire Reimann family buy up Dr. Pepper Snapple in 2018 to combine with their Keurig ownership, for instance.
Oftentimes, BDT works with existing corporate owners, keeping them in the investment syndicate for a buyout, or providing capital for an extended plan of growth. âWeâre known to do deals in a very collaborative ownership way with owners of businesses and tailor-made capital designed to align interests and last for 10 to 15 years, rather than a shorter-term time period,â Trott explained on a 2020 University of Chicago virtual conference.
Lemkau more recently left Goldman, at the end of 2020, after being rumored to be in line to succeed chairman and CEO David Solomon. Lemkau was a banker at Goldman for 28 years, taking on high stakes deals, such as pulling together a plan for Elon Musk to be able to fulfill his contentious take-Tesla-private tweet of 2018 and getting Travis Kalanick to accept a $1.4 billion deal to walk away from Uber on behalf of client SoftBank that same year.
Like Buffett, Lemkauâs expertise earned billionaire praise. After the deal closed, Kalanick invited Lemkau for a drink, Lemkau said last year on the Capital Allocators podcast. The invitation was unexpected, since they had been on opposite sides of a contentious negotiation. At the bar, Kalanick told him, ââHey, for an investment banker, youâre okay. You probably even earned your fee here.â That was about as high praise as you could get from anybody,â Lemkau said.
Lemkau said in the interview he hadnât been looking to leave Goldman, but at some point client Michael Dell called up and asked him to evolve the family office that managed Dellâs fortune into an institutional investor that would open its strategies to other very wealthy investors. Dell convinced Lemkau with a text of 14 reasons to take the jobâincluding the promise to be CEO on day one. The result was MSD Partners (most of Dellâs money remains in the separate family office, now named DFO.) The business looks to do control buyouts, large minority stake investments, real estate development and structure large credit packages for businesses. One MSD deal backed a new Kalanick startup.
More recently, Trott and Lemkau have been advisors on some of sports high-profile deals, counseling David Rubenstein on the purchase of MLBâs Orioles and serving as sellside advisor on recent minority stake sales of the NFLâs Dolphins and Eagles. Lemkauâs now the lead advisor on the Celtics sale.
Given the similarities in investing philosophies and timeframes, it made sense for the two businesses to merge in January 2023, forming BDT & MSD Partners. The combined firm manages $70 billion in assets, the vast majority of which are for outside investors, according to information filed with the Securities & Exchange Commission. Clients include high net worth individuals as well as foundations, endowments and insurance companies, according to general information disclosed to regulators. Owners of the business include Trott, Lemkau and Dell.
While BDT & MSD isnât sports specificâit has a credit financing arm active in European soccer, but acts as a broker and investment advisor across any number of sectorsâboth principals have a sports background. Trott played baseball and football for the University of Chicago as an undergraduate before attending the business school there. A fellow ballplayer alumni suggested Trott would be a good fit with Goldman Sachs, leading to his career at the white shoe firm.
Lemkau played soccer at Dartmouth College. He planned to go pro in Zimbabweâa teammate had earlier played in the country, Lemkau told the podcastâuntil his parents called him one day toward the end of his senior year and told him to get a real job. He pivoted to plan to go to law school, but then investment banking seemed more exciting. A year later, he started at Goldman Sachs.
Now, both men are brokering the sale of the Celticsâcertainly a high-profile transaction their former employer would have wanted.
(This story has been updated with details of BDT & MSDâs history and holdings throughout.)
Joined: 14 Apr 2001 Posts: 144966 Location: The Gold Coast
Posted: Fri Aug 09, 2024 8:37 am Post subject:
unleasHell wrote:
Yeah, wait until the Celtics sell and the new owners see how much everyone is making and need to make their billions back, start trading off players as they currently have the 4th highest Team salary, which is $57 Million OVER the salary cap!
Their four highest paid guys (alone) make a combined $7 mil over the Cap ...(ouch!)
They will make a bundle by just voting yes on awarding Las Vegas and Seattle new franchises. It would all be profit. _________________ RIP mom. 11-21-1933 to 6-14-2023.
I hope a group of black millionaires buy them for the irony and lols
LeBron is part of the Fenway Group thatâs in contention since itâs a two part sake he canât buy into it until retirement by 2028 when the sale is supposed to be finalized
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