WEBVTT - Professional Development: THE BEST CONTRACT IN SPORTS HISTORY

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:00:07.720 --> 0:00:11.840
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:00:11.920 --> 0:00:15.840
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:00:15.920 --> 0:00:19.680
<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J.

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<v Speaker 2>Trump's leadership.

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<v Speaker 1>I'm Christy nom the United States Secretary of Homeland Security.

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<v Speaker 1>Under President Trump, attempted illegal border crossings are at the

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<v Speaker 1>lowest levels ever recorded, and over one hundred thousand illegal

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<v Speaker 1>aliens have been arrested. If you are here illegally, your

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<v Speaker 1>next you will be fined nearly one thousand dollars a day, imprisoned,

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<v Speaker 1>and deported.

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<v Speaker 2>You will never return.

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<v Speaker 1>But if you register using our CBP home app and

0:00:47.240 --> 0:00:50.120
<v Speaker 1>leave now, you could be allowed to return legally.

0:00:50.479 --> 0:00:52.720
<v Speaker 2>Do what's right. Leave now.

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<v Speaker 1>Under President Trump, America's laws, border and families will be protected.

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<v Speaker 3>Sponsored by the United States Department of Homeland Security.

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<v Speaker 4>Today, we have a very special story, very interesting story,

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<v Speaker 4>and we're going to talk about the best sports deal

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<v Speaker 4>ever made.

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<v Speaker 5>Is that when you say the word interesting, that means

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<v Speaker 5>it's about to get real. That's facts about to get real.

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<v Speaker 4>So this this is the best sports deal ever made

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<v Speaker 4>in history, the history of sports. Right. So in the

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<v Speaker 4>nineteen seventies, there was a league called the.

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<v Speaker 6>ABA American Basketball Association.

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<v Speaker 4>Right. So there was an NBA, which everybody knows about

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<v Speaker 4>the NBA, right, but then there was the ABA. So

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<v Speaker 4>the best way I could really describe the ABA. If

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<v Speaker 4>anybody's a football fan, remember the AFL.

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<v Speaker 6>Yeah, so even not an XFL, right.

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<v Speaker 4>But the AFL was pretty big at one point. They

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<v Speaker 4>had herschel Walker up think yeah, yeah in the eighties. Yeah,

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<v Speaker 4>so the AFL was a was a football league in

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<v Speaker 4>the eighties and they was just wild, like they had

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<v Speaker 4>the cheerleaders, just it was the whole vibe was just.

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<v Speaker 6>Like, yeah, they wanted to be everything in the NFL.

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<v Speaker 4>Wan, Yeah, it was just more renegade.

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<v Speaker 5>You know, it would be better like WWF and w

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<v Speaker 5>CW okay, you know what I mean.

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<v Speaker 4>That was for the kids. Similar. So the ABA was

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<v Speaker 4>like the NBA at the time was kind of boring.

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<v Speaker 4>It was like the Celtics, you know, just blue collar.

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<v Speaker 4>You know, it's just kind of boring. For the ABA.

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<v Speaker 4>They had the stripe basketball, they had the cheerleaders, they

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<v Speaker 4>had the Duncan and they had good players too. They

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<v Speaker 4>had great they had Doctor j. They had Moses Malone,

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<v Speaker 4>David Thompson, David Thompson, so they had like George Gervin Iceman.

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<v Speaker 4>So the ABA was just like flail like street ball.

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<v Speaker 4>That's that's that's the that's the comparison. A BA was

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<v Speaker 4>like the an one street Ball, like the Rucker stuff

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<v Speaker 4>like that All.

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<v Speaker 6>Star Game like that comes from the NBA.

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<v Speaker 4>All the festivity, the All Star Game, all that dunk contest,

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<v Speaker 4>a BA exactly. So ABA was they was they was

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<v Speaker 4>for excitement, right, but financially they it just wasn't working

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<v Speaker 4>out for them, right. So what happened is that there

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<v Speaker 4>was seven teams in the A B A and the

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<v Speaker 4>NBA wanted to merge, right because it was just didn't

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<v Speaker 4>make sense to just kind of compete with them, and

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<v Speaker 4>the ABA was kind of one of the last like financially,

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<v Speaker 4>so the NB he went to them and they proposed

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<v Speaker 4>the merger, right, So the merger, the ABA accepted the merger,

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<v Speaker 4>and it was seven teams at the time, so four

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<v Speaker 4>teams were brought into the NBA. Those four teams were

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<v Speaker 4>the Nets, the Nuggets, the Pacers, and the Spurs, which

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<v Speaker 4>are still in the NBA today, right, And then so

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<v Speaker 4>that was three more teams left. So one team in Virginia.

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<v Speaker 4>They they actually fizzled out and then they didn't get

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<v Speaker 4>brought in because they just didn't make it right, they

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<v Speaker 4>bellied up, So that that left two teams. Right. So

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<v Speaker 4>you had Kentucky the team from Kentucky, Kentucky, I think Colonels.

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<v Speaker 4>Kentucky Colonels.

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<v Speaker 5>You crazy about them? The crazy thing about them is

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<v Speaker 5>that they were owned by the owner of Kentucky Fried Chicken, Yes,

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<v Speaker 5>which is crazy, John Brown.

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<v Speaker 6>Yeah.

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<v Speaker 5>So the NBA buys him out for three million dollars

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<v Speaker 5>at the time nineteen seventy six. It like that's a

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<v Speaker 5>lot of money. But this like that's a side business

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<v Speaker 5>for me, Like I got Kentucky Fried Chicken.

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<v Speaker 4>So he takes the deal and he also was the

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<v Speaker 4>own he became the governor of Kentucky.

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<v Speaker 6>Yeah, Governor of Kentucky.

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<v Speaker 4>Two yeah sor right. So they had the Kentucky Colonels

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<v Speaker 4>and the Saint Louis Squire.

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<v Speaker 6>Spirits spirits, Saint Lewis Spirits.

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<v Speaker 4>So they offer the Kentucky team and the Saint Louis

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<v Speaker 4>team three million dollars as a buyout. Kentucky takes it, right,

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<v Speaker 4>Saint Louis says, it's not so fast, not interested, not interested.

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<v Speaker 5>Well, they said no because they had the vision. They

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<v Speaker 5>were like, look, well, before.

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<v Speaker 4>You go to that, before you go to that. So

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<v Speaker 4>they said no, right, but they had good talent. Yeah,

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<v Speaker 4>they had Moses Malone a few other players.

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<v Speaker 5>Right, yeah, I think that was his rookie year in

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<v Speaker 5>nineteen seventy six. He's the first man child.

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<v Speaker 4>First, he's the first person to come from high school.

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<v Speaker 6>He's the first professional.

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<v Speaker 4>Right. So they rejected it, right, And the owners of

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<v Speaker 4>the team they had it was two brothers, Ozzie and

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<v Speaker 4>Dan and what's the last.

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<v Speaker 6>Name, Silna Silna.

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<v Speaker 4>And Dan Silna. So what they negotiated was a two

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<v Speaker 4>million dollar buyout and a part of the four teams

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<v Speaker 4>that were going into the NBA TV rights, So they

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<v Speaker 4>got one seventh of the TV rights of those four

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<v Speaker 4>teams that went to the NBA.

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<v Speaker 6>Right.

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<v Speaker 4>So, at the time TV wasn't really big. It was

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<v Speaker 4>like black and white, the things with the wire or

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<v Speaker 4>stuff like that. The seventies barely, but nobody was making money.

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<v Speaker 4>Nobody was making money on team yet yet, so they say, okay,

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<v Speaker 4>one seventh of four teams TV rights. They were so

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<v Speaker 4>eager to get the deal. The NBA just wanted to

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<v Speaker 4>get the deal done, right, He said, give them two

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<v Speaker 4>million and give them one seventh and let it, you know,

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<v Speaker 4>let them go on their way.

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<v Speaker 6>At that time, I think the biggest star in the NBA.

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<v Speaker 5>You have Oscar Robertson, Kareem Abdul Jabbar, and doctor Jay

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<v Speaker 5>is right there on that line was becoming superstar. Bill

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<v Speaker 5>Russells probably is one of the big stars too, not

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<v Speaker 5>the Russell, Bill Walton, Bill Warton.

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<v Speaker 4>Okay, So all right, so now this is nineteen seventy six,

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<v Speaker 4>seventy six, nineteen seventy six, so a few years past

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<v Speaker 4>and the eighties come and Larry Bird and Magic Johnson

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<v Speaker 4>coming to the league, right, Yeah, and the NBA changes

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<v Speaker 4>fever right. And then a few years after Larry Bird

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<v Speaker 4>and Magic Johnson coming to the league, is this.

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<v Speaker 6>Guy Michael Jordan, Michael Jeffrey Jordan, And then.

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<v Speaker 4>The league changes even more forever as.

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<v Speaker 5>Far as yeah, obviously landscape and now TV.

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<v Speaker 4>So now television television comes into play, right, and you

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<v Speaker 4>have a network called ESPN, and now sports is just

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<v Speaker 4>American television staple, right, everybody watching sports on TV now

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<v Speaker 4>in the eighties, nineties. So now.

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:08:49.520 --> 0:08:53.319
<v Speaker 1>in Massachusetts. An MS thirteen gang member from El Salvador

0:08:53.559 --> 0:08:57.680
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:08:57.760 --> 0:09:01.640
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:09:01.760 --> 0:09:05.520
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:09:05.520 --> 0:09:05.960
<v Speaker 1>Donald J.

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<v Speaker 2>Trump's leadership. I'm Christy Noman, the.

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<v Speaker 1>United States Secretary of Homeland Security. Under President Trump, attempted

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<v Speaker 1>illegal border crossings are at the lowest levels ever recorded,

0:09:17.160 --> 0:09:20.200
<v Speaker 1>and over one hundred thousand illegal aliens have been arrested.

0:09:20.480 --> 0:09:24.040
<v Speaker 1>If you are here illegally, your next you will be

0:09:24.080 --> 0:09:27.520
<v Speaker 1>fine nearly one thousand dollars a day, imprisoned and.

0:09:27.440 --> 0:09:29.600
<v Speaker 2>Deported, you will never return.

0:09:29.920 --> 0:09:32.960
<v Speaker 1>But if you register using our CBP home app and

0:09:33.040 --> 0:09:35.920
<v Speaker 1>leave now, you could be allowed to return legally.

0:09:36.280 --> 0:09:38.520
<v Speaker 2>Do what's right. Leave now.

0:09:38.840 --> 0:09:43.640
<v Speaker 1>Under President Trump, America's laws, border and families will be protected.

0:09:43.760 --> 0:09:45.880
<v Speaker 3>Sponsored by the United States Department of Homeland Security.

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<v Speaker 4>What happened as nobody would have watched sports on TV.

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<v Speaker 4>Let's just give these guys one seventh. They ended up

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<v Speaker 4>as the league grule to the league v to thirty teens. Right,

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<v Speaker 4>So their TV revenue those the two brothers equal two

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<v Speaker 4>percent of the total TV revenue for the NBA. Right,

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<v Speaker 4>So every year they got two percent of TV revenue

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<v Speaker 4>in perpetuity. That was the best part of the deal.

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<v Speaker 4>It was in purpetuity. It's no end dates forever.

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<v Speaker 6>So you want to just tell them what perpetuities some

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<v Speaker 6>people don't even know.

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<v Speaker 4>Yeah, perpetuity means forever, continuous. That's the easy answer, continuous.

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<v Speaker 4>So so now they have two percent of all NBA

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<v Speaker 4>TV revenue forever. Right, So this thing is one of

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<v Speaker 4>the most embarrassing things that the NBA has ever dealt with, right,

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<v Speaker 4>because they end up paying these guys three hundred million

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<v Speaker 4>dollars right from they started from from nineteen seventy six

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<v Speaker 4>to twenty fourteen.

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<v Speaker 5>The crazy part is that from seventy six to seventy

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<v Speaker 5>nine they didn't make a dollar, but from eighty to

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<v Speaker 5>ninety seven or eighty to like two thousands to two thousand,

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<v Speaker 5>three hundred million, three.

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<v Speaker 4>Hundred million, twenty fourteen eight it was three hundred million, right.

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<v Speaker 4>So finally in fourteen, the NBA they're going to reap

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<v Speaker 4>on the TV deal.

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<v Speaker 5>Right, right, So like they're about to They had a

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<v Speaker 5>few TV deals prior. They had one with NBC and

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<v Speaker 5>then they had one with ESPN, and right, like you said,

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<v Speaker 5>sports were build over there, Like that's a twenty four

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<v Speaker 5>to seven sports network, so you could imagine like people

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<v Speaker 5>are going to be consuming sports at all time. I

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<v Speaker 5>But in twenty fourteen they re up with Turn of

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<v Speaker 5>Sports and ESPN a nine year deal for twenty four

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<v Speaker 5>billion dollars.

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<v Speaker 4>Right, So right, Before they do that, they say, Okay,

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<v Speaker 4>we have to get away from this deal because we've

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<v Speaker 4>been bleeding money for thirty years and it's only going

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<v Speaker 4>to get worse as we continue to grow. And now

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<v Speaker 4>they see that, Okay, the TV deals is going to

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<v Speaker 4>keep getting bigger and bigger, right, and we're not going

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<v Speaker 4>to keep paying these guys two percent forever, right, So

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<v Speaker 4>we got to get away from this. So they agree

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<v Speaker 4>on a deal in twenty fourteen for a lump sum

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<v Speaker 4>buy out of five hundred million dollars. Right. So now

0:11:55.000 --> 0:11:56.960
<v Speaker 4>you added three hundred million that they got up into

0:11:56.960 --> 0:11:59.520
<v Speaker 4>two for that number. Up, you add the five hundred million,

0:12:00.080 --> 0:12:02.760
<v Speaker 4>eight hundred million dollars. They got eight hundred million dollars

0:12:03.000 --> 0:12:05.839
<v Speaker 4>on a three million dollar deal. Yeah, three million dollar

0:12:05.920 --> 0:12:09.480
<v Speaker 4>buyout originally that they turned down. They ended up getting

0:12:09.520 --> 0:12:10.439
<v Speaker 4>eight hundred million.

0:12:10.520 --> 0:12:12.760
<v Speaker 6>The NBA didn't even have to have this problem. They

0:12:12.760 --> 0:12:13.400
<v Speaker 6>didn't even have to.

0:12:13.559 --> 0:12:16.200
<v Speaker 5>Like they wanted to buy teams, they wanted to buy

0:12:16.200 --> 0:12:20.000
<v Speaker 5>Detroit in the late seventies. They wanted to buy the

0:12:20.120 --> 0:12:22.520
<v Speaker 5>Jersey Nets at that time in the nineties, they would

0:12:22.559 --> 0:12:26.600
<v Speaker 5>have had been owners. In two thousand and two. Out

0:12:26.600 --> 0:12:29.439
<v Speaker 5>of twenty ten they had accumulated almost three hundred million.

0:12:29.520 --> 0:12:32.760
<v Speaker 5>They were worth more than the Indiana Pacers were.

0:12:33.160 --> 0:12:33.240
<v Speaker 6>No.

0:12:33.400 --> 0:12:35.120
<v Speaker 4>But the best part about the story is that, so

0:12:35.120 --> 0:12:39.280
<v Speaker 4>they make eight hundred million dollars from the NBA without

0:12:39.320 --> 0:12:42.199
<v Speaker 4>any overhead, no a team that nobody's heard of, a

0:12:42.240 --> 0:12:43.760
<v Speaker 4>phantom team that nobody's.

0:12:43.400 --> 0:12:45.840
<v Speaker 6>Heard off straightfit, no.

0:12:45.120 --> 0:12:50.360
<v Speaker 4>No players, no roster, no overhead, no building, nothing. They

0:12:50.440 --> 0:12:57.200
<v Speaker 4>literally made almost a billion dollars just cause yeah forever.

0:12:57.400 --> 0:13:00.080
<v Speaker 4>So that people say, Okay, well why did they take

0:13:00.120 --> 0:13:02.120
<v Speaker 4>the buyout? They could have just kept this going forever. Right,

0:13:02.200 --> 0:13:04.560
<v Speaker 4>So the guy, one of the guys died rest in

0:13:04.559 --> 0:13:06.000
<v Speaker 4>peace a couple of years ago, so I think, you know,

0:13:06.040 --> 0:13:07.360
<v Speaker 4>he probably gets to a point where it's like, Okay,

0:13:07.360 --> 0:13:09.240
<v Speaker 4>I'm about to die soon, so I might just get

0:13:09.240 --> 0:13:13.920
<v Speaker 4>five hundred million up front. Yeah, you know right. And

0:13:13.960 --> 0:13:16.400
<v Speaker 4>then also it was a headache for them because they

0:13:16.480 --> 0:13:18.679
<v Speaker 4>hired lawyers. They kept going back and forth because they

0:13:18.679 --> 0:13:20.240
<v Speaker 4>felt like the NBA was kind of cheating them with

0:13:20.280 --> 0:13:22.360
<v Speaker 4>the numbers and it wasn't correct. So they that was

0:13:22.440 --> 0:13:25.720
<v Speaker 4>kind of and then their name was always associated with that.

0:13:26.000 --> 0:13:28.000
<v Speaker 4>They didn't really want to be associated with that forever.

0:13:28.480 --> 0:13:30.600
<v Speaker 4>I went, yeah, it's not a bad thing. They kind

0:13:30.600 --> 0:13:33.000
<v Speaker 4>of wanted to just get it over with. Uh, but

0:13:33.880 --> 0:13:37.240
<v Speaker 4>in life ups and downs. Right, So they make almost

0:13:37.280 --> 0:13:40.120
<v Speaker 4>eight hundred million dollars doing nothing, but then they lose

0:13:40.160 --> 0:13:42.080
<v Speaker 4>a substantial amount of money.

0:13:41.360 --> 0:13:46.360
<v Speaker 5>Yeah, from connect with this, the notorious notorious one Bernie made.

0:13:46.200 --> 0:13:50.000
<v Speaker 4>Of Bernie Madoff. Bernie Madoff. So Bernie Madoff burns him

0:13:50.000 --> 0:13:55.000
<v Speaker 4>pretty bad. Yeah, man, Bernie Madoff Berson pretty bad. And

0:13:55.000 --> 0:13:56.400
<v Speaker 4>they lose a lot of money with Bernie made Off.

0:13:56.440 --> 0:13:58.120
<v Speaker 5>Yeah, they said, thank god they didn't lose it at all,

0:13:58.200 --> 0:14:01.200
<v Speaker 5>because they would. They had the firstified their portfolio, which

0:14:01.240 --> 0:14:03.959
<v Speaker 5>is good, but they did lose a substantial amount with Bernie.

0:14:04.000 --> 0:14:04.640
<v Speaker 4>They lost a lot.

0:14:05.160 --> 0:14:06.920
<v Speaker 6>He's doing fifty years.

0:14:08.120 --> 0:14:10.280
<v Speaker 4>Yeah, he's doing a lot. He's doing a lot of time.

0:14:10.640 --> 0:14:12.640
<v Speaker 4>Bernie Madeo plays a part in METS as well.

0:14:12.760 --> 0:14:14.480
<v Speaker 6>Yeah, the will Palm family lost a lot of money.

0:14:14.480 --> 0:14:16.360
<v Speaker 4>We'll talk about some we'll talk about that sometimes. But

0:14:16.920 --> 0:14:20.280
<v Speaker 4>so yeah, so by day they won. Even though they

0:14:20.280 --> 0:14:21.800
<v Speaker 4>lost a lot of money with Bernie made Off, they

0:14:21.840 --> 0:14:24.520
<v Speaker 4>still won. And the grand scheme of things, and it's

0:14:24.520 --> 0:14:26.720
<v Speaker 4>a good story. And how we bring it back to

0:14:26.760 --> 0:14:30.000
<v Speaker 4>the everyday person is that we always talk about equity, right,

0:14:30.080 --> 0:14:32.840
<v Speaker 4>and the power of equity and the power of the

0:14:32.920 --> 0:14:36.920
<v Speaker 4>layed gratification not taking everything up front. So they still

0:14:36.920 --> 0:14:40.480
<v Speaker 4>got two million dollars up front. But that TV deal

0:14:40.520 --> 0:14:42.720
<v Speaker 4>that they struck was brilliant, right and met in the

0:14:42.760 --> 0:14:47.320
<v Speaker 4>almost a billion dollars. So the guy from KFC, I mean,

0:14:47.800 --> 0:14:50.040
<v Speaker 4>he's filthy rich. I'm sure you know. It's not the

0:14:50.120 --> 0:14:52.880
<v Speaker 4>end of the world. But he has to be kicking

0:14:52.920 --> 0:14:55.720
<v Speaker 4>himself or his family. I mean, you took three million

0:14:55.800 --> 0:14:57.400
<v Speaker 4>dollars and the other guys.

0:14:57.360 --> 0:15:02.000
<v Speaker 6>About the owners of the Virginia Squires, they left before

0:15:02.040 --> 0:15:04.440
<v Speaker 6>they could even get the three million, the two million

0:15:04.440 --> 0:15:06.360
<v Speaker 6>dollar offer to be bought out.

0:15:06.440 --> 0:15:08.480
<v Speaker 4>Man, they weren't ollers.

0:15:08.840 --> 0:15:11.800
<v Speaker 6>No, the Virginia's wives, Oh Virginia Squires folded before they

0:15:11.840 --> 0:15:12.200
<v Speaker 6>can get it.

0:15:12.280 --> 0:15:29.080
<v Speaker 4>They folded. They wasn't their fault. They folded well.

0:15:39.960 --> 0:15:43.640
<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:15:43.680 --> 0:15:47.479
<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:15:47.720 --> 0:15:51.840
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:15:51.920 --> 0:15:55.800
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:15:55.920 --> 0:15:59.640
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:15:59.640 --> 0:16:00.120
<v Speaker 1>Donald J.

0:16:00.240 --> 0:16:02.680
<v Speaker 2>Trump's leadership. I'm Christy Noman, the.

0:16:02.680 --> 0:16:07.280
<v Speaker 1>United States Secretary of Homeland Security. Under President Trump, attempted

0:16:07.320 --> 0:16:11.000
<v Speaker 1>illegal border crossings are at the lowest levels ever recorded,

0:16:11.320 --> 0:16:14.000
<v Speaker 1>and over one hundred thousand illegal aliens.

0:16:13.560 --> 0:16:14.400
<v Speaker 2>Have been arrested.

0:16:14.680 --> 0:16:18.200
<v Speaker 1>If you are here illegally, your next you will be

0:16:18.280 --> 0:16:22.160
<v Speaker 1>fined nearly one thousand dollars a day, imprisoned, and deported.

0:16:22.600 --> 0:16:23.800
<v Speaker 2>You will never return.

0:16:24.120 --> 0:16:27.120
<v Speaker 1>But if you register using our CBP home app and

0:16:27.200 --> 0:16:30.080
<v Speaker 1>leave now, you could be allowed to return legally.

0:16:30.480 --> 0:16:32.720
<v Speaker 2>Do what's right. Leave now.

0:16:33.040 --> 0:16:37.840
<v Speaker 1>Under President Trump, America's laws, border and families will be protected.

0:16:37.920 --> 0:16:40.040
<v Speaker 3>Sponsored by the United States Department of Homeland Security,