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National Basketball Association Sports Facility Reports, Volume 11, Appendix 2 National Basketball Associaton Team: Atlanta Hawks Principal Owner: Atlanta Spirit, LLC Year Established: 1946 in the National Basketball League, joined the NBA in 1949. Team Website Most Recent Purchase Price ($/Mil): $250 (2004) includes Atlanta Hawks, Atlanta Thrashers, and operating rights in Philips Arena. Current Value ($/Mil): $306 Percent Change From Last Year: 0% Arena: Philips Arena Date Built: 1999 Facility Cost (millions): $213.5 Percentage of Arena Publicly Financed: 91% Facility Financing: The facility was financed through $149.5 million in government-backed bonds to be paid back at $12.5 million a year for 30 years. A 3% car rental tax was created to pay for $62 million of the public infrastructure costs and Time Warner contributed $20 million for the remaining infrastructure costs. Facility Website UPDATE: Atlanta Spirit, LLC has denied rumors of a pending sale of the Atlanta Hawks, Thrashers, and Phillips Arena citing the uncertain economic future of Atlanta as making the sale too difficult. The Hawks previous owner, Turner Broadcasting System, in December 2008, was found liable for reneging on a promise to sell the team to David McDavid. Instead, Turner sold the team to the current Spirit Investment Group. In March of 2010 the Georgia Court of Appeals upheld the judgment. The final award, with interest, was nearly $300 million dollars. © Copyright 2010, National Sports Law Institute of Marquette University Law School Page 1 Phillips Arena became the first NBA or NHL arena to earn a LEED certification from the United States Green Building Council. The certification is given to buildings that meet a high level of environmental building operating standards. NAMING RIGHTS: Philips Electronics is paying $180 million over 20 years for the naming rights that expire in 2019. Team: Boston Celtics Principal Owner: Boston Basketball Partners, LP; consisting of Wycliffe Grousbeck, H. Irving Grousbeck, and Stephen Pagliuca Year Established: 1946 Team Website Most Recent Purchase Price ($/Mil): $360 (2002) Current Value ($/Mil): $433 Percent Change From Last Year: -3% Arena: TD Banknorth Garden Date Built: 1995 Facility Cost (millions): $160 Percentage of Arena Publicly Financed: 0% Facility Financing: Primarily from bank financing, Delaware North (25%), City bonds and land (10%) and 2% ticket surcharge. Facility Website UPDATE: The Celtics signed Arbella Insurance Group as the presenting sponsor of their 2010 playoff games. Arbella had previously been a sponsor for the team, but now are the namesake of Celtic playoff runs. NAMING RIGHTS: TD Banknorth Inc. is paying $120 million over 20 years for the naming rights that expire in 2025. Team: Charlotte Bobcats Principal Owner: Michael Jordan Year Established: 2004 Team Website Most Recent Purchase Price ($/Mil): $275 (2010) Current Value ($/Mil): $278 Percent Change From Last Year: -2% © Copyright 2010, National Sports Law Institute of Marquette University Law School Page 2 Arena: Time Warner Cable Arena Date Built: 2005 Facility Cost (millions): $265 Percentage of Arena Publicly Financed: 100% Facility Financing: The facility was paid for with two bond issues, backed by revenue from city tourist taxes. Bank of America, Duke Energy and Wachovia are underwriting $100 million in exchange for approximately $50 million from the sale of real estate downtown, where the venue is located. $16.8 million is coming from exclusive food and beverage rights, and there is a 3% seat tax at events in city arenas generating $15 million. Facility Website UPDATE: Michael Jordan became the majority owner of the Charlotte Bobcats in 2010. He owns an 80% majority share of the team and will continue to have the final say in basketball operations for the team, a responsibility he has had since 2006. In addition to his basketball responsibilities, Jordan will use his marketing experience to revive the failing business side of the franchise. Jordan will make the Bobcats his number one priority and believes he has a unique perspective because he is the league's only former player turned owner. Mario Lemieux - co-owner of the NHL's Pittsburgh Penguins - is the only other major North American franchise owner who was a former player. NAMING RIGHTS: Time Warner Cable and the Bobcats have not released terms and years involved in the deal. Team: Chicago Bulls Principal Owner: Jerry Reinsdorf and Rocky Wirtz Year Established: 1966 Team Website Most Recent Purchase Price ($/Mil): $16 (1985) Current Value ($/Mil): $511 Percent Change From Last Year: +2% Arena: United Center Date Built: 1994 Facility Cost (millions): $175 Percentage of Arena Publicly Financed: 7% Facility Financing: A joint venture between the NBA's Bulls and NHL's Blackhawks paid for the facility. The city contributed some of the infrastructure costs. Facility Website © Copyright 2010, National Sports Law Institute of Marquette University Law School Page 3 UPDATE: The United Center added Theater Box seating to the arena in late 2009. For $90,000 per season, fans get tickets to all Bulls and Blackhawks games for four people. Theater Box owners also have first priority when it comes to playoff tickets for either franchise. NAMING RIGHTS: United Airlines is paying $1.8 million annually for 20 years for the naming rights that expire in 2014. © Copyright 2010, National Sports Law Institute of Marquette University Law School Page 4 Team: Cleveland Cavaliers Principal Owner: Dan Gilbert and David Katzman Year Established: 1970 Team Website Most Recent Purchase Price ($/Mil): $375 (2005) Current Value ($/Mil): $476 Percent Change From Last Year: 0% Arena: The Quicken Loans Arena Date Built: 1994 Facility Cost (millions): $152 Percentage of Arena Publicly Financed: 48% Facility Financing: The arena was built as part of a city sports complex that was funded both publicly and privately. Public funding came from state capital improvement funds and countywide sin taxes on alcohol ($3/gallon on liquor, 16 cents/gallon on beer) and cigarettes (4.5 cents/pack) for 15 years. Facility Website UPDATE: Cavs owner Dan Gilbert was fined $100,000 by the NBA for a scathing public letter he wrote after former Cavalier Lebron James decided to leave the team and join the Miami Heat via free agency. The letter claimed that James' move was cowardly and guaranteed Cleveland fans that their team would win a title before Lebron. Thousands of fans responded to Gilbert's letter by offering to pay the fine themselves, but Gilbert asked for these fans to donate to the Cavaliers Youth Fund instead. Voters in Ohio granted the rights to Cavs owner Dan Gilbert to build a casino in downtown Cleveland in 2009. In 2010, Gilbert announced that Harrah's, a long time casino management and development company would manage the casino. NAMING RIGHTS: Naming rights for the Quicken Loans Arena was part of the $375 million purchase deal from Gordon Gund in 2005. Team: Dallas Mavericks Principal Owner: Mark Cuban Year Established: 1980 Team Website Most Recent Purchase Price ($/Mil): $280 for 54% of team and 50% of American Airlines Center (2000). In January of 2002, Belo Corp. sold its 12.38% share to Cuban for $27 million. Current Value ($/Mil): $446 Percent Change From Last Year: -4% © Copyright 2010, National Sports Law Institute of Marquette University Law School Page 5 Arena: American Airlines Center Date Built: 2001 Facility Cost (millions): $420 Percentage of Arena Publicly Financed: 30% Facility Financing: The city capped its spending at $125 million. The Mavericks owner, Mark Cuban, and then Stars owner, Tom Hicks, covered the remaining amount. Team owners spent $295 million in private investment dollars. The funds to repay the public portion of the financing are coming from a 5% car rental tax, 2% hotel tax and a $3.4 million per-year lease agreement with the teams for 30 years. Facility Website UPDATE: The Mavericks announced that they have agreed to a four-year extension of their radio rights deal with Dallas-based ESPN Radio 103.3 through the '12-13 season. The new agreement calls for additional Mavs programming on the station that has aired Mavs games since '01-02. Former Mavs owner - and current 5% minority owner - Ross Perot, Jr. has sued Mark Cuban for the second time in less than a year. His claims are based on the $200 million debt the Mavericks carry and claims that the team is in immediate danger of becoming insolvent. Cuban denies the allegation, a position strengthened by the fact that Cuban was reportedly interested in purchasing both the Texas Rangers MLB franchise and Dallas Stars NHL franchise after the Hicks Sports Group was forced to sell both teams after bankruptcy proceedings. NAMING RIGHTS: With one of the largest naming rights deals, American Airlines is paying $195 million over 30 years for the naming rights that expire in 2031. In 2003, when American Airlines restructured to prevent filing for bankruptcy, the annual payments were restructured as well. Team: Denver Nuggets Principal Owner: Stan Kroenke Year Established: 1967 Team Website Most Recent Purchase Price ($/Mil): $450 million in 2000 for the Denver Nuggets, the Pepsi Center and 93% of the Avalanche. The Nuggets alone were $202 million. Current Value ($/Mil): $321 Percent Change From Last Year: -3% Arena: Pepsi Center Date Built: 1999 Facility Cost (millions): $164.5 Percentage of Arena Publicly Financed: 3% Facility Financing: Financed mostly through private loans. The team also received $15 million © Copyright 2010, National Sports Law Institute of Marquette University Law School Page 6 from Liberty Media, $4.5 million for infrastructure, $2.25 million in construction sales tax rebates and $2.1 million annually in property tax exemptions. Facility Website NAMING RIGHTS: Pepsi is paying $68 million over 20 years for the naming rights that expire in 2019. Team: Detroit Pistons Principal Owner: William Davidson and Karen Davidson Year Established: Ft.
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