I just learned about this and thought this would be a cool factoid for the board. It looks like the Bobby Bonilla deal is in fact not the best/worst deal in sports history.
Quick Summary
1) The NBA only wanted to take 4 of the 7 ABA teams when the leagues merged in 1976.
2) One team folded on its own while the other was paid $3 million by the NBA to fold.
3) The third team, The Spirit of St. Louis, negotiated a deal where the owners would get paid 1/7th of the four ABA team's yearly television rights payout. This deal was to pay out in perpetuity.
4) From 1976-2014, the two brothers who previously owned the Spirit accumulated over $300 million in total compensation from the NBA.
5) The NBA and the brothers agreed to a settlement in 2014 of $500 million to end the deal.
www.forbes.com
Quick Summary
1) The NBA only wanted to take 4 of the 7 ABA teams when the leagues merged in 1976.
2) One team folded on its own while the other was paid $3 million by the NBA to fold.
3) The third team, The Spirit of St. Louis, negotiated a deal where the owners would get paid 1/7th of the four ABA team's yearly television rights payout. This deal was to pay out in perpetuity.
4) From 1976-2014, the two brothers who previously owned the Spirit accumulated over $300 million in total compensation from the NBA.
5) The NBA and the brothers agreed to a settlement in 2014 of $500 million to end the deal.
The NBA Finally Puts An End To The Greatest Sports Deal Of All Time
The New York Times is reporting that the National Basketball Association has finally reached an agreement with Ozzie and Daniel Silna, two brothers who owned the Spirits of St. Louis, a former American Basketball Association franchise through which they had negotiated what became known as “the...
www.forbes.com
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