fishmike
Posts: 53685
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Joined: 7/19/2002
Member: #298 USA
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Isiah and the CBA
The Isiah Thomas Years (1999-2001) In 1999, the CBA had survived for 54 years. By 2001, the league had shut down, declared bankruptcy, and several of its teams joined a rival league. Popular opinion lays the blame for the CBA's demise on former NBA superstar and Hall of Famer Isiah Thomas, who purchased the CBA and ran it as a single-entity league, only to abandon it a year later for an NBA coaching job.
The following is a timeline of the events surrounding Thomas' ownership of the CBA:
August 3, 1999 - Former NBA superstar Isiah Thomas purchases the CBA - the entire league, including all the teams, and its marketing company, CBA Properties - for $10 million. Thomas says that the league will now operate as a single-owner entity, and that the CBA will continue to be the official developmental league of the NBA.
October 7, 1999 - the sale of the CBA to Thomas is finalized. Thomas paid $5 million up front and agreed to make four additional payments to the CBA's former team owners for the balance of the debt.
October 24, 1999 - Thomas announces that there will be salary cuts in the CBA. The average salary of $1,500 per week will be reduced to $1,100 per week, with rookies getting $800 a week. Thomas' reasoning is that by reducing the number of veterans in the league, there will be more young talent available for NBA teams.
January 18, 2000 - For the first time in three years, the CBA holds an All-Star Game. The Sioux Falls SkyForce hosts the event. The All-Star Game also features an All-Rookie game, featuring the CBA's top 16 rookies.
March 2000 - the NBA offers Thomas $11 million and a percentage of the profits for the CBA. Thomas chose not to sell the league to the NBA. "The NBA made an offer that wasn't what Isiah expected," said Brendan Suhr, a former coach and co-owner of the CBA's Grand Rapids Hoops, "so he decided not to sell the league at that time."
May 2000 - a CBA All-Star team travels to China for a three-game series.
June 28, 2000 - Isiah Thomas is offered the head coaching job of the NBA's Indiana Pacers. Since the NBA rules forbid a coach from owning his own league, as it would be a conflict of interest (he could sign the minor league's best talent to his NBA team, for example), Thomas has to sell the CBA. On this day, Thomas signs a letter of intent to sell the CBA to the NBA Players' Union. In the summer of 2000, after twenty years of using the CBA as its developmental league, the NBA announces it will form its own minor league feeder system, creating the National Basketball Development League (NBDL or "D-League"). The CBA will no longer be the NBA's official developmental league after the 2001 season.
On October 2, 2000, Isiah Thomas, unable to sell his ownership in the CBA, places the league into a blind trust, and accepts the head coaching job of the Pacers. With the league in a blind trust, there are no funds available to pay players, to buy plane tickets for away games, or to handle day-to-day operations.
February 8, 2001 - the CBA suspends play and folds. The blind trust that was to find a new owner for the league gives up. The league has over $2 million in debts. The teams are offered back to their original owners.
February 24, 2001 - 18 months after Thomas purchased the CBA, the league declared bankruptcy. Five of the former CBA team owners repurchased their franchises and joined the rival International Basketball League (IBL) to finish out the season. Other team owners chose to let their franchises fold completely, rather than reincur debts that were not theirs originally. Summer 2001 - The IBL folds.
November 2001 - The CBA reorganizes for the 2001-02 season, as CBA franchises in Rockford, Gary, Grand Rapids and Sioux Falls merge with the smaller International Basketball Association (IBA), with franchises in Bismarck (Dakota Wizards), Fargo (Fargo-Moorhead Beez) and Saskatoon (Saskatchewan Hawks). The Flint (Mich.) Fuze joining as an expansion team.
http://en.wikipedia.org/wiki/Continental_Basketball_Association
[Edited by - fishmike on 06-25-2006 11:04 AM]
"winning is more fun... then fun is fun" -Thibs
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