Latest news with #ClayBennett
Yahoo
4 days ago
- Business
- Yahoo
NBA will take a harder look at expansion, Commissioner Silver says
Clay Bennett, center right, chairman the ownership group of the Oklahoma City Thunder, receives the Larry O'Brien Championship Trophy from NBA Commissioner Adam Silver, center left, after winning the NBA basketball championship with a Game 7 victory against the Indiana Pacers Sunday, June 22, 2025, in Oklahoma City. (AP Photo/Nate Billings) NBA commissioner Adam Silver announces the start of the first round of the NBA basketball draft, Wednesday, June 25, 2025, in New York. (AP Photo/Adam Hunger) NBA commissioner Adam Silver announces the start of the first round of the NBA basketball draft, Wednesday, June 25, 2025, in New York. (AP Photo/Adam Hunger) Clay Bennett, center right, chairman the ownership group of the Oklahoma City Thunder, receives the Larry O'Brien Championship Trophy from NBA Commissioner Adam Silver, center left, after winning the NBA basketball championship with a Game 7 victory against the Indiana Pacers Sunday, June 22, 2025, in Oklahoma City. (AP Photo/Nate Billings) NBA commissioner Adam Silver announces the start of the first round of the NBA basketball draft, Wednesday, June 25, 2025, in New York. (AP Photo/Adam Hunger) LAS VEGAS (AP) — The NBA may finally be one step closer on the long road to expansion. Commissioner Adam Silver said Tuesday that the league has been tasked by team owners to study the issue more formally, which would be the first official move in a long process toward adding franchises. Advertisement 'A lot of analysis still needs to be done and nothing has been predetermined,' Silver said. The decision to take a harder look at expansion wasn't totally unexpected, since the notion of adding clubs has been a talking point for several years. Cities like Las Vegas and Seattle — long perceived to be the front-runners should the NBA decide to expand past its current 30-team footprint — will surely continue to push to be the eventual picks. And Silver himself has said previously that he expects expansion will happen at some point. The next board of governors meeting will likely take place sometime in September. Expansion has long been a complicated issue, since it'll mean that the current owners will have decided to sell equity in a league that is on a financial roll right now. Advertisement 'For every team you add, you're diluting the economics of the current league,' Silver said. A new series of media rights deals worth $76 billion kicks in for this coming season, franchise values across the league have soared and the two most title-laden franchises in the NBA, the Boston Celtics and Los Angeles Lakers, clubs that have combined for about half of the titles handed out in league history, are in the process of being sold with a combined valuation of at least $16.1 billion. The Celtics are being sold to private equity mogul Bill Chisholm with a valuation of at least $6.1 billion, which was a record until the Buss family agreed to sell the Lakers to businessman Mark Walter — also the owner of the Los Angeles Dodgers — with a valuation of $10 billion. The league has added seven franchises since 1988, but none since 2004. There has been several instances of rebranding and relocating since — most notably, the Seattle SuperSonics moving to Oklahoma City in 2008 and becoming the Thunder — but the league has been at 30 teams for the past two decades. ___ AP NBA:
Yahoo
05-07-2025
- Business
- Yahoo
Thunder Ownership Could Follow Celtics' Lead By Selling Team After Winning NBA Title
Thunder Ownership Could Follow Celtics' Lead By Selling Team After Winning NBA Title originally appeared on Fadeaway World. The Oklahoma City Thunder won their first NBA championship in 2025, but the team could soon be under new ownership. Tulsa World's Berry Tramel revealed why the Clay Bennett-led group would be interested in selling the Thunder. Advertisement "A source close to Thunder Chairman Clay Bennett told the Tulsa World that the rising value of NBA franchises makes it quite likely that the Thunder's partners will want to sell soon. "And now that a championship parade has come to downtown OKC, there is one fewer reason for the ownership group to retain the franchise. Apart from bringing an NBA franchise to their home state, the owners have achieved the ultimate goal, winning the O'Brien Trophy. ''Soon' is a variable. The owners could wait until the Thunder's new $1 billion arena opens in 2028, which will be another landmark event for the franchise, city, and state." Bennett's Professional Basketball Club LLC had purchased the Seattle SuperSonics for $350 million in 2006. He had promised to keep the team in Seattle, but failure to secure public funding for a new arena meant he moved the team to Oklahoma before the 2008-09 season. Advertisement The expectation is that the new ownership group would keep the team in Oklahoma City. There would be a heavy penalty for moving, as per the lease with the new arena. Relocation within five years of playing there would incur a $1 billion fine, which would drop to $850 million if the exit comes in years six through 10. As for how much the Thunder would go for, Forbes valued them at $3.65 billion in 2024. The price might have gone up, though, based on some recent sales. The Boston Celtics, the 2024 NBA champions, were sold for $6.1 billion earlier this year to a group headed by Bill Chisholm, the managing partner of Symphony Technology Group. The Thunder's ownership would be following in the Celtics' lead if they sell the team right after winning it all. More recently, the Buss family agreed to sell the majority stake of the Los Angeles Lakers at a $10 billion valuation to Mark Walter, the CEO and chairman of diversified holding company TWG Global. Advertisement Now, the Thunder are not the Celtics or the Lakers, so it's unlikely they'll be sold for more than $5 billion. Still, Bennett and his group would get a great return on their investment. The James Harden debacle aside, Bennett has proven to be a good owner for the Thunder. The team has a 793-565 record under his leadership and has made the playoffs 12 times in 17 seasons. The Thunder finally won that elusive championship this year, and the future is extremely bright at this point. Related: 10 Greatest OKC Thunder Players Of All Time This story was originally reported by Fadeaway World on Jul 5, 2025, where it first appeared.
Yahoo
30-06-2025
- Business
- Yahoo
NBA sets salary cap for 2025-26 at $154.647M, the maximum 10% increase over this past season
Clay Bennett, center right, chairman the ownership group of the Oklahoma City Thunder, receives the Larry O'Brien Championship Trophy from NBA Commissioner Adam Silver, center left, after winning the NBA basketball championship with a Game 7 victory against the Indiana Pacers Sunday, June 22, 2025, in Oklahoma City. (AP Photo/Nate Billings) NBA commissioner Adam Silver announces the start of the first round of the NBA basketball draft, Wednesday, June 25, 2025, in New York. (AP Photo/Adam Hunger) NBA commissioner Adam Silver announces the start of the first round of the NBA basketball draft, Wednesday, June 25, 2025, in New York. (AP Photo/Adam Hunger) Clay Bennett, center right, chairman the ownership group of the Oklahoma City Thunder, receives the Larry O'Brien Championship Trophy from NBA Commissioner Adam Silver, center left, after winning the NBA basketball championship with a Game 7 victory against the Indiana Pacers Sunday, June 22, 2025, in Oklahoma City. (AP Photo/Nate Billings) NBA commissioner Adam Silver announces the start of the first round of the NBA basketball draft, Wednesday, June 25, 2025, in New York. (AP Photo/Adam Hunger) NEW YORK (AP) — The NBA has set the salary cap for the coming season at $154.647 million, the maximum allowed 10% increase over the level for this past season. The tax level for the 2025-26 season is $187.895 million, the league said Monday. The cap and tax go into effect on Tuesday, and the league's moratorium period for most signings will be lifted at noon on Sunday. Advertisement Other numbers set by the league for the coming season: — The minimum team salary is $139.182 million. — The first apron level is $195.945 million. — The second apron level is $207.824 million. The midlevel exception levels were set at $14.104 million for non-taxpayer levels, $5.685 million for taxpayer levels and $8.781 million for teams with room under the salary cap. The cap for next season, if it were to rise 7% as planned, would be around $165.5 million. That figure will not be set until June 2026. ___ AP NBA:
Globe and Mail
25-06-2025
- Sport
- Globe and Mail
Oklahoma City Thunder fans bask in NBA title parade
Jalen Ross couldn't stop smiling after attending the Oklahoma City Thunder's championship parade. The 19-year-old Ross was among thousands of Oklahoma City's unwavering fans who finally got to celebrate an NBA championship after their team suffered through several close calls and heartbreaking moments the past two decades. The Oklahoma City Thunder defeated the Indiana Pacers on Sunday to clinch the title. On Tuesday, finals MVP Shai Gilgeous-Alexander, all-star Jalen Williams and their teammates joyfully greeted their adoring fans, who lined the downtown streets despite 32-degree Celsius heat. Ross said it was well worth it. 'It's crazy,' he said. 'From the days of wearing my KD (Kevin Durant) jersey every day, to crying when he left, having the Russell Westbrook Fathead in the living room during the playoffs, and all the Thunder playoff shirts, programs, hats hanging up on my wall to this day — it's crazy to think about. But we did it.' The parade route ended at Scissortail Park, where Mayor David Holt declared a city holiday for Clay Bennett, the head of the Thunder's ownership group, then added days for general manager Sam Presti, coach Mark Daigneault and every player on the roster. The fans cheered loudly for each announcement. 'I just feel like they really represent us as Oklahomans and put us — the whole state and the whole city — on their backs,' said Chris Willert, a 15-year-old fan from nearby Norman. Oklahoma City first hosted an NBA team during the 2005-06 season, when the New Orleans Hornets temporarily relocated after Hurricane Katrina. Oklahoma City's fans fell in love with the team and a young point guard named Chris Paul who would be named rookie of the year. The Seattle SuperSonics relocated to Oklahoma City in time for the 2008-09 season, and fans feverishly supported the team, despite its early struggles. The Thunder became contenders with young stars Durant, Westbrook and James Harden. Even with all that talent, they couldn't break through. They lost to the Miami Heat in the NBA Finals in 2012, and Harden left for Houston. A possible run in 2013 was derailed when Westbrook was injured during the playoffs. The 2015-16 team led the Golden State Warriors 3-1 in the Western Conference final before losing the series in seven games. Durant left to join the Warriors after that season, ending that version of the Thunder. Westbrook was the league MVP in 2017 and averaged a triple-double for three straight seasons, but the Thunder never got out of the first round those years. But after rebuilding with its new set of superstars, finally, Oklahoma City has its moment. Daniel Sweet, a longtime fan and pastor at Calvary Church in Norman, said it's about resilience, loyalty and community. 'To see this team rise and win, bringing a title to Oklahoma City — it feels like all of us just won something bigger than a trophy,' Sweet said. 'It's our story now. This team embodies what every family and community wants to be. Tough, passionate, and together no matter what.'
USA Today
24-06-2025
- Sport
- USA Today
OKC Mayor David Holt fills out June, July calendar with Thunder holidays
The Oklahoma City Thunder walked around downtown to celebrate their 2025 NBA championship on Tuesday. It's one of the sport's best traditions as the title winner gets a chance to party with their fans on a franchise's biggest goal. At a gathering at a local park near Paycom Center, OKC Mayor David Holt took to the stage to rally the crowd. He concluded his speech by announcing the entire Thunder roster plus Clay Bennett, Sam Presti and Mark Daigneault will have their own designated holiday from June 30 to July 30. Bennett will kick things off on June 30. Gilgeous-Alexander will wrap it up on July 30. Only appropriate for the MVP winner to go last in line for the month-long festival. Here's the full list of the Thunder-related holidays during June and July:
