@newyorkdepression

6mo

When the Sports World shut down: a follow-up (P1)

(Credit to Zach for the original Rudy Gobert DYK, this is just a follow-up because I personally find this topic really interesting.) 6 years ago today, the NBA stopped. The Thunder-Jazz tip-off was delayed for about 10 minutes. Then everybody was asked to exit the building. This was the day Rudy Gobert got COVID-19. Every NBA game that did not start yet was delayed, but controversially, the Mavericks game kept going. Then the NBA suspended their season. March 12th, 2020. The effects are in full swing. The first league in response was the MLB. They cancelled spring training and delayed Opening Day by two weeks Then, the NHL indefinitely suspends their season. The 12 Hours of Sebring is cancelled. MLS is suspended. The PGA tour cancells all tournament prior to May 13th. March 13th, 2020. Formula One suspends the first 3 rounds of the 2020 season. The Premier League season is put on emergency hold. The Masters is put on indefinite hold. Indycar cancells all events through May First. It cools down a bit Calm before the storm, et tu world? March 16th. MLB fully delays play. The NFL draft will be virtual. And Orlando is marked as a safe spot for the sports world. Tom Brady signs with the Bucs. Not important, just funny it happened this year. The Premier League Season is delayed through April 30th. We cool? No. The 2020 Summer Olympics are postponed to 2021 for the first time ever. WNBA draft is virtual. The Indy 500 will be delayed until August, the first time it is not held in May. Rudy Gobert is finally clear. Part 2 will come soon (focusing on how the seasons actually went, mostly) Sources: Wikipedia because screw my English teachers

NBA

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Blocked By Jeanie

The Buss family’s 47 year ownership of the Lakers may be approaching a messy conclusion. ESPN’s Shams Charania reported that at least five of Jerry Buss’s six children voted to sell the family trust’s remaining 17.8% stake to the prospective ownership group led by Josh Kushner and Bob Iger. If completed, the sale would leave Jeanie Buss below the NBA’s reported 15% ownership requirement for serving as team governor. But Jeanie is challenging the vote. In a legal letter first obtained by CNBC, her attorney argued that the shares cannot be sold without the approval of the trust’s co-trustees - Jeanie, Janie and Joey Bus - and cited a court order requiring the family to retain enough ownership for Jeanie to remain in control. The dispute follows Mark Walter’s agreement to sell his controlling interest in the Lakers to the Kushner-Iger group at a $12.5 billion valuation - less than a year after purchasing it at a $10 billion valuation. The Lakers may be changing hands for the second time in a year, but the Buss family’s fight over the franchise is not over yet.

@nick

Mark Walter Under Investigation

Mark Walter’s sudden sale of the Lakers may be connected to a federal investigation involving his insurance companies. Joe Pompliano reports that Walter revised the amount of insurance company assets loaned to businesses he controlled from $1.4 billion to $21 billion. Federal prosecutors and the SEC are investigating, having already seized Walter’s phone and computer. Meanwhile Walter has reportedly been working to raise billions and restructure those loans. Pompliano believes the financial pressure likely contributed to Walter selling the Lakers shortly after acquiring control of the franchise, although that connection has not been officially confirmed. The potential fallout could extend across Walter’s sports portfolio that includes not only the Lakers but other top tier franchises like the Dodgers, Chelsea FC, and the Cadillac Formula 1 team. Darren Rovell warned that the Guggenheim related entanglements could, at minimum, lead to additional team sales. Jacob of @AndThatsBB also noted that Shohei Ohtani’s Dodgers contract contains a provision allowing him to opt out if Walter or Andrew Friedman is no longer involved with the team. This remains a developing story but the dominos that are in place to fall here are massive. Sources: Joe Pompliano/Huddle Up; Darren Rovell (@darrenrovell); Jacob (@AndThatsBB); Reuters; ESPN.

@nick

Lakers Sold for Record $12B

Per Ramona Shelbourne (X @ramonashelburne) - The Los Angeles Lakers are being sold to American businessman Josh Kushner and Bob Iger for a record breaking price over $12 billion, multiple sources told ESPN. Kushner and Iger were involved in the expansion process in Las Vegas, but a stunning turn, they pivoted to make an aggressive offer to buy the Lakers from Mark Walter, who had purchased a controlling interest in the team from the Buss family last year.