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Old 01-07-2014, 09:32 AM
 
Location: Gulf Coast Texas
28,538 posts, read 15,479,779 times
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There was an ESPN 30 for 30 show that chronicled the ABA St. Louis franchise. At the end, St. Louis did not get included into the NBA when the two leagues merged, so these brothers got written into the contract for the NBA TV revenue. Well how'd that turn out after 30 years?

Report: NBA to announce settlement agreement with Silna brothers over TV revenue

The NBA is reportedly poised to announce an agreement with Ozzie and Daniel Silna, two brothers who have made a fortune from a contract that has paid them a portion of the league’s national television revenue for decades.

The New York Times reports that the deal, expected to be announced Tuesday, could be worth half a billion dollars to the brothers, who owned the ABA’s Spirits of St. Louis.

...
As Sports Illustrated’s Kelley King wrote in 2003, the Silna brothers decided in 1976 to accept, in perpetuity, one-seventh of the television revenue generated by the four ABA franchises (the Nets, Nuggets, Pacers and Spurs) that were allowed into the NBA. They opted for this open-ended approach rather than taking a cash buyout when the Spirits were not included in the newly merged league, and that decision has resulted in more than 30 years’ worth of free money.
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Old 01-07-2014, 10:32 AM
 
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And this is why every time I watch Shark Tank and see someone take a deal with revenue for perpetuity I weep a little.
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Old 01-09-2014, 10:48 PM
 
Location: Orange Blossom Trail
6,416 posts, read 4,840,566 times
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Are they in the new ABA?
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Old 01-15-2014, 10:59 PM
 
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Ahh... the Spirits of St. Louis with the ghetto-fabulous, wide-brimmed hat, platform shoes and floor-length mink coat wearing Marvin Barnes.

Barnes who became the wildest player on the wildest team in the wildest league.

Chosen second in the '74 NBA draft, the lightning-fast forward signed instead with the ABA's Spirits of St. Louis for $2.1 million. There his greatest accomplishment was winning Rookie of the Year in '74-75 while leading the league in fines, missed flights and broken curfews. Highlight reel: showed up late for one practice because he claimed to have lost his Bentley in a parking lot. Refused a flight from Louisville to St. Louis because it left at 8 and arrived at 7:59. Time out, said Barnes: "I ain't getting on no time machine, man."

The ABA poster boy for squandered potential, he didn't go to the Hall of Fame, but to the Big House instead. "I used to think I was a superstar," said Barnes, who was sentenced to seven years on a drug-related charge in 1994.
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