Ben Gilbert: evaluation

Transcript context

…Yeah, absolutely. And then in a press conference following announcing this band, Adam Silver the commissioner states that he is planning and he will try to force Sterling to sell the Clippers and that they are going to basically kick him out of the league which the league can do with a ¾ vote of the other 29 team owners, which they do. Yeah. That's super interesting. I think so when this all went down, I remember reading about it briefly but diving into all the details has been super interesting to understand how the mechanics of all this go down. So when you open an NBA franchise, it’s truly that – a franchise. I mean, you can imagine it’s like owning a McDonald’s where yes, you’ve put all this money into this thing and you own this asset but there’s actually a corporate governance structure above you that can force a lot of decisions with, in this case, a ¾ vote like yes, you own that team but if ¾ of the other owners don’t want you to own that team, then you don’t get to own that team. Yeah. It would be like if they were like a social network council that if Snapchat or Instagram did something horrible and Facebook and Google and Twitter could make themselves a company. So this is now where we sort of pick up from the Acquired standpoint where things get interesting. So obviously this is a distressed sale. You have a terrible situation going on.…

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