OT: Bob Whitsiit Claims The Cavs' Franchise Could Lose.....................

[ABM]

..up to $250 mil in value should LeBron choose to leave them for another team.

http://www.crainsdetroit.com/article/20100704/SUB01/307049966

If NBA superstar LeBron James abandons the Cleveland Cavaliers now that he's a free agent, the value of the franchise owned by Detroit's Dan Gilbert could plunge by $250 million.

That's according to a report last week from Bloomberg News Service.

The team, which was bought by an investor group led by Gilbert for $375 million in 2005, is valued now at $476 million by Forbes.com. Gilbert is the founder of Livonia-based Quicken Loans.

James, a two-time National Basketball Association Most Valuable Player, became a free agent last week. He's being courted by teams including the New York Knicks, New Jersey Nets, Chicago Bulls and Miami Heat, but could also re-sign with the Cavaliers.

The average value for an NBA franchise is $367 million, based on Forbes' estimates. Bloomberg quoted former Portland Trail Blazers President Bob Whitsitt as saying the team could lose up to a quarter-billion dollars in value. Whitsitt now runs consulting firm Whitsitt Enterprises LLC.

Others, such as former NBA Deputy Commissioner Russ Granik, now vice chairman of New York-based Galatioto Sports Partners, predict the Cavaliers will see a more modest value slide.

The team was valued at $258 million in 2003, the year James was drafted.

 

[maxiep]

I tend to think that Whitsitt is probably closer to correct than Granik. If James leaves, the Cavaliers go back to being like the Bucks, Bobcats or Blazers--a team no one but the local fans care about. They cease to be a nationally popular team.

 

[Mediocre Man]

I tend to think that Whitsitt is probably closer to correct than Granik. If James leaves, the Cavaliers go back to being like the Bucks, Bobcats or Blazers--a team no one but the local fans care about. They cease to be a nationally popular team.

Exactly.


I also think it's important to point out to fans that no one really cares about the team other than it's own fans.

 

[hasoos]

I tend to think that Whitsitt is probably closer to correct than Granik. If James leaves, the Cavaliers go back to being like the Bucks, Bobcats or Blazers--a team no one but the local fans care about. They cease to be a nationally popular team.

Not only that, but they are saddled with Shaq's and Jamisons contract for years to come. Does the word "Fucked" explain it properly?

 

[Mediocre Man]

Isn't Shaq a FA?

Jamison has only 2 years left on his deal.

 

[Nikolokolus]

Not only that, but they are saddled with Shaq's and Jamisons contract for years to come. Does the word "Fucked" explain it properly?

Shaq is a free agent as far as I can recall. Jamison's deal only runs for two more seasons (including the upcoming year). The Cavs can't really stand to lose Lebron from a competitive standpoint, but financially (in terms of salary) they're fine.

http://www.shamsports.com/content/pages/data/salaries/cavaliers.jsp

 

[THE HCP]

Shaq is leaving. If they lose "THE" Bron, they win 35 games with that roster..... at best!

 

[julius]

I tend to think that Whitsitt is probably closer to correct than Granik. If James leaves, the Cavaliers go back to being like the Bucks, Bobcats or Blazers--a team no one but the local fans care about. They cease to be a nationally popular team.

Basically, if you're not the Lakers, Knicks, Celtics, Heat, maybe the Magic and Spurs, you just described most NBA teams.

 

[BGrantFan]

If anybody would know about making a franchise lose hundreds of millions of dollars, it's Bob Whitsitt!

 

[jlprk]

The greatest human in the history of humanity!

One day He will return!

You will deny it, and you will be smited by us the smitten!

Bring back Bob!