How would you like to receive $15 million a year for doing absolutely nothing?
That's about how much Ozzie and Daniel Silna and Donald Schupak collect as owners of the defunct Spirits of St. Louis, of the old American Basketball Association.
Here's the deal, as recently reported by Richard Sandomir, of the New York Times:
After the 1975-76 season the NBA absorbed four ABA teams, including the New Jersey Nets and San Antonio Spurs, who continue their NBA Finals series tomorrow night. St. Louis was not one of the four. But the team's owners struck a deal by which they receive a portion of the television rights from the four teams that went to the NBA. And the deal is for perpetuity. In other words, forever.
At first, the trio netted less than $500,000 a year. But in the aftermath of contracts with major networks such as ESPN, ABC and TNT, they receive an average of $15 million a year. This year. Next year. Every year.
That's about how much Ozzie and Daniel Silna and Donald Schupak collect as owners of the defunct Spirits of St. Louis, of the old American Basketball Association.
Here's the deal, as recently reported by Richard Sandomir, of the New York Times:
After the 1975-76 season the NBA absorbed four ABA teams, including the New Jersey Nets and San Antonio Spurs, who continue their NBA Finals series tomorrow night. St. Louis was not one of the four. But the team's owners struck a deal by which they receive a portion of the television rights from the four teams that went to the NBA. And the deal is for perpetuity. In other words, forever.
At first, the trio netted less than $500,000 a year. But in the aftermath of contracts with major networks such as ESPN, ABC and TNT, they receive an average of $15 million a year. This year. Next year. Every year.
