New owner... Tom Dundon? (1 Viewer)

[wizenheimer]

Rumor has it JA & BK will have 20% ownership? Jaynes

I thought that rumor was debunked months ago?

 

[BBert]

Rumor has it JA & BK will have 20% ownership? Jaynes

Ja Rule and Burger King? Sweet.

 

[kjironman1]

Wait....you were 21 in 1990?

You're only in your mid 50s?!?! I assumed you were at LEAST 65

Makes him at least 350 in dog years.

 

[SharpesTriumph]

I thought that rumor was debunked months ago?

It's not really a rumor - its just that Jody will still own a % of the team until the final funding is complete in a year or whenever. So its technically true in the short term but not true in the long term.

Pretty standard for NBA teams sold such as the Celtics. Or any large business worth billions - that its sold in phases. Its not easy to come up with over $4 billion cash in a single day.

 

[wizenheimer]

It's not really a rumor - its just that Jody will still own a % of the team until the final funding is complete in a year or whenever. So its technically true in the short term but not true in the long term.

Pretty standard for NBA teams sold such as the Celtics. Or any large business worth billions - that its sold in phases. Its not easy to come up with over $4 billion cash in a single day.

well sure...that makes sense, although the Dundon Group has had months, not a single day. But I get what you're saying

maybe my memory is wrong but I sure seem to remember Jaynes not only promoting that rumor but using it to question the sale and suggest the Vulcans would still have a major say

 

[BoBoBREWSKI]

Jaynes is just trying to stir shit up to keep his name relevant. He's clueless.
as SharpesTriumph said, this is VERY normal. The recent Celtics sale is an example.
Simmer down, no need to get your panties in a bunch over this.

 

[RR7]

well sure...that makes sense, although the Dundon Group has had months, not a single day. But I get what you're saying

maybe my memory is wrong but I sure seem to remember Jaynes not only promoting that rumor but using it to question the sale and suggest the Vulcans would still have a major say

Wasn't in Canzano previously? I don't read/listen to either, so I could also be misremembering. Thought he brought it up, and then it was revealed that the 20% was a temporary funding thing, not long term ownership. I guess now it's Dwight's turn to be confidently inaccurate.

 

[julius]

Jaynes is just trying to stir shit up to keep his name relevant. He's clueless.
as SharpesTriumph said, this is VERY normal. The recent Celtics sale is an example.
Simmer down, no need to get your panties in a bunch over this.

Dwight is talking now on twitter about how he'll "release" some information that he found once Dundon is announced as owner.
It comes off as a desperate plea for attention from the old man.

 

[wizenheimer]

Wasn't in Canzano previously? I don't read/listen to either, so I could also be misremembering. Thought he brought it up, and then it was revealed that the 20% was a temporary funding thing, not long term ownership. I guess now it's Dwight's turn to be confidently inaccurate.

you might be right. Jaynes<--->Canzano are morphed in my mind

like ST said, 20% of 4.25B is 850M. That could be the last of installment payments

Dundon doesn't seem to give interviews, at least not yet

 

[SharpesTriumph]

well sure...that makes sense, although the Dundon Group has had months, not a single day. But I get what you're saying

Even with months its just a lot of cash. Dundon had to sell shares of the Hurricanes already. Makes sense he and other owners might need time to get the the rest of the cash out of other investments. The NBA has very strict rules about ownership groups not using debt to buy NBA franchises. So even if the new owners have tons of wealth its not always easy to have that wealth moved into immediately available cash, and without a bad price on your investments. Look how many years its taking Paul Allen estate to get a good cash return on the Blazers. As you say its only been months, not a year since the Dundon group had the 4+ billion sale agreement.

Anyone who's changed houses with a lot of equity can probably relate. You might have 500k equity in your old house and plan to put only 50k down on the new house. Would seem you have 450k of cash coming your way - and eventually you will. But if you have an agreement to buy your new house and the sale on your our old house gets pushed back for repairs or negotiations or whatever it can get very difficult to close the deals.

 

[SharpesTriumph]

The other reason for the final payment could just be if there is some kind of assessment or audit of Blazer assets, or other contingency, and that could potentially lower or even raise the price Dundon group has to pay. Then the ~850million amounts might change with a final addendum to complete the sale.

None of these issues really matter - once Dundon group funds the majority of the purchase and the NBA approves him any day now he will be the new controlling owner with full control of the team. Minority owners are entitled to cash but not decision making, so Jody, Vulcan and others will be irrelevant to us fans.

 

[wizenheimer]

The other reason for the final payment could just be if there is some kind of assessment or audit of Blazer assets, or other contingency, and that could potentially lower or even raise the price Dundon group has to pay. Then the ~850million amounts might change with a final addendum to complete the sale.

the complexity might also be related to the current owner being a trust rather than an individual

 

[SharpesTriumph]

the complexity might also be related to the current owner being a trust rather than an individual

Yup. Another reason could be a tax reason that either buyer or seller wants to for example sell something that would be long term gain next year but short term this year.

If Canzano or Jaynes actually wanted to investigate the reason and report on it - that might be interesting. Instead they just want to throw out controversy, hysteria and conspiracies that are misleading.

 

[BoBoBREWSKI]

I heard on the radio, and I think it was pure speculation, that maybe the final 20% of the sale $ will be given to Vulcan when Tom gets the expansion $ from the two new teams.

 

[Hoopguru]

II thought a Trust would be easier to execute an asset sale than a private individual asset?

 

[wizenheimer]

I heard on the radio, and I think it was pure speculation, that maybe the final 20% of the sale $ will be given to Vulcan when Tom gets the expansion $ from the two new teams.

looks like pure speculation because that money probably won't arrive till 2027 or 2028

 

[BigGameDamian]

 

[SlyPokerDog]

Interesting.

New Portland Trail Blazers Owner Played Key Role at Company Oregon Accused of Predatory Lending

As CEO of Santander Consumer USA, the incoming Portland Trail Blazers owner was behind what regulators called an “aggressive push” to waive proof-of-income requirements.

www.propublica.org

 

[BoBoBREWSKI]

Well no shit sherlock! Thanks Captain Obvious Dwight Dipshit Jaynes.

 

[Hoopguru]

Interesting.

New Portland Trail Blazers Owner Played Key Role at Company Oregon Accused of Predatory Lending

As CEO of Santander Consumer USA, the incoming Portland Trail Blazers owner was behind what regulators called an “aggressive push” to waive proof-of-income requirements.

www.propublica.org

Here we go......

 

[HailBlazers]

Here we go......

“Can talk after 3/31.”

 

[PDXFonz]

Im not really surprised, because Dundon is not someone who purchased this team for the preservation of the franchise. He purchased it solely with the intent of it being a profitable business expenditure.

Writing on the wall was that we were taking a step back regardless. Paul really loved his teams. While for him it was always a business investment, as we know he really enjoyed the sports and supported his teams. In that regard left behind by Paul, I guess it’s hard to ask Dundon and anybody else able to afford purchasing the team to have that same level of passion for that team. It’s not like Dundon is an outlier in this regard. Any conglomeration going in on owning a team is in it for money and nothing else.

Dundon is also like a Tilapia being dropped into a shark tank.

 

[santeesioux]

Dwight is talking now on twitter about how he'll "release" some information that he found once Dundon is announced as owner.
It comes off as a desperate plea for attention from the old man.

Wait the dude does something on there besides retweeting conflicting political stuff?

 

[julius]

Wait the dude does something on there besides retweeting conflicting political stuff?

At least if he didn't just retweeted political stuff that is clearly hollow propaganda, I wouldn't mind. But he tweets stuff Dudley says (that has almost no substance) and pulls a musk and acts like it's something brilliant

 

[BBert]

Interesting.

New Portland Trail Blazers Owner Played Key Role at Company Oregon Accused of Predatory Lending

As CEO of Santander Consumer USA, the incoming Portland Trail Blazers owner was behind what regulators called an “aggressive push” to waive proof-of-income requirements.

www.propublica.org

Is this Dwight's super secret inside info bombshell?

 

[Cugel]

What a douche. Yeah what kind of research can he actually do? It’s not like he is knocking on doors with notepad and licking his pencil. Idiot.