Unique, entertaining possibly, but no so much Good
Posted on: April 18, 2012 at 10:51:58 CT
Was a financial disaster, save for the two St. Louis guys who orchestrated what many consider to be the all time trade in Sports Franchise history.
From Wikepedia -
The NBA placated John Y. Brown, owner of the Kentucky Colonels, by giving him a $3.3 million settlement in exchange for shutting his team down. (Brown later used much of that money to buy the Buffalo Braves of the NBA.) But the owners of the Spirits, the brothers Ozzie and Dan Silna, struck a prescient deal to acquire future television money from the teams that joined the NBA, a one-seventh share from each franchise, in perpetuity. With network TV deals becoming more and more lucrative, the deal has made the Silnas wealthy, earning them $186 million as of 2008, according to the Cleveland The Plain Dealer. (The NBA nearly succeeded in buying out the Silnas in 1982 by offering $5 million over eight years, but negotiations stalled when the siblings demanded $8 million over five.) On June 27, 2007, it was extended for another eight years, ensuring another $100 million-plus windfall for the Silnas. Presently, the Silnas receive $14.57 million a year, despite being owners of a team that hasn't played one minute of basketball in 35 years.