Newsstand Rumors | Hoops Rumors

Philadelphia Mayor Announces Agreement With Sixers For New Arena

September 18th, 2024 at 5:00pm CST by Arthur Hill

A tentative agreement has been reached to keep the Sixers in Philadelphia, Mayor Cherelle L. Parker announced on Twitter (video link). The deal, which must be approved by city council, involves a new arena in Center City.

“This is a historic agreement,” Parker said. “It is the best financial deal ever entered into by a Philadelphia mayor for a local sports arena. I wholeheartedly believe it is the right deal for the people of Philadelphia.”

The new arena would be located on Market Street East, which Jeff Gammage, Sean Collins Walsh and Ximena Conde of The Philadelphia Inquirer describe as a “beleaguered” section of the city. Parker promises that the new facility will generate tax revenue for the city and local schools, create hundreds of new jobs and launch “the start of an unprecedented revival of Market Street.”

According to the Inquirer, Parker’s statement followed a meeting with leaders from Chinatown, who have opposed development in the area. Dozens of Chinatown residents gathered outside City Hall on Wednesday to protest the proposed arena, vowing that they will continue to fight it.

The agreement with the Sixers comes after an offer from New Jersey to provide $400MM in tax credits and build a multi-purpose arena once the lease at Wells Fargo Arena expires in 2031. The team currently rents the arena from Comcast Spectacor and has plans to build a $1.3 billion facility when a location is officially secured.

The Sixers released a statement expressing optimism about the new agreement, relays Kyle Neubeck of PHLY Sports (Twitter link).

“We are grateful to Mayor Parker and her team for their time and diligence in evaluating our proposal,” the statement reads, “and look forward to advancing to the next steps with City Council.”

Adrian Wojnarowski Leaving ESPN To Become St. Bonaventure GM

September 18th, 2024 at 10:22am CST by Luke Adams

Adrian Wojnarowski, the longtime NBA reporter who has worked at ESPN since 2017, announced today (via Twitter) that he’s retiring from ESPN and from the news industry as a whole.

“I grew up the son of a factory worker two miles from ESPN’s campus and only ever dreamed of making a living as a sportswriter,” Wojnarowski wrote. “Thirty-seven years ago, the Hartford Courant gave me my first byline and I never stopped chasing the thrill of it all.

“This craft transformed my life, but I’ve decided to retire from ESPN and the news industry. I understand the commitment required in my role and it’s an investment that I’m no longer driven to make. Time isn’t in endless supply and I want to spend mine in ways that are more personally meaningful.”

While Wojnarowski’s statement didn’t include any details on the next phase of his career, his fellow news-breakers at ESPN – Adam Schefter (NFL), Jeff Passan (MLB), and Pete Thamel (NCAAF) – reported that Woj has agreed to become the general manager of the men’s basketball program at St. Bonaventure, his alma mater.

The school confirmed the news in a press release, indicating that Wojnarowski’s responsibilities in his new role will include “name, image and likeness (NIL) opportunities and a liaison with collectives; transfer portal management; recruit, family and alumni player relationships; professional player programs; and program fundraising.”

While Wojnarowski has been a regular presence on ESPN’s NBA broadcasts and studio programming over the past seven years, he’s best known for having been the league’s most prominent news-breaker for well over a decade. The term “Woj bomb” was coined to describe Wojnarowski’s scoops on Twitter, where he and former protégé Shams Charania have battled over the years to be the first to report the NBA’s biggest trades, signings, and other news.

I’d wager that no reporter’s name has shown up more on Hoops Rumors since our inception in 2012 than Wojnarowski’s. His career change will be a significant loss for the NBA news industry, but we wish him well as he prepares to begin work with the Bonnies.

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Rogers Buys Out Bell’s Stake In Raptors’ Parent Company

September 18th, 2024 at 8:18am CST by Luke Adams

8:18am: Rogers has put out a press release officially confirming the sale agreement.

Notably, for Raptors fans in Canada, the announcement clarifies that TSN, the sports network controlled by Bell Media, will get the opportunity to renew its broadcast rights for Raptors games at “fair market value.” In recent years, TSN and Rogers’ sports network (Sportsnet) have split those Raptors broadcasts 50/50, with each network airing 41 regular season games.

BCE announced in a press release of its own that it has reached a deal with Rogers to retain TSN’s share of the broadcast rights for the Raptors (and other MLSE teams) for the next 20 years, subject to league approval.

8:00am: Rogers Communications has acquired BCE (Bell)’s stake in Maple Leaf Sports and Entertainment, the parent company of the Raptors, according to a report from Scott Soshnick and Kurt Badenhausen of Sportico.

The two Canadian communications/media giants had each previously held 37.5% of Maple Leaf Sports and Entertainment. Rogers purchased Bell’s 37.5% stake in the company for $4.7 billion in Canadian dollars, per Sportico, which works out to approximately $3.48 billion USD based on the current exchange rate. That puts the overall valuation of MLSE at around $9.3 billion.

In addition to the Raptors, MLSE controls the NHL’s Toronto Maple Leafs, MLS club Toronto FC, and a handful of smaller sports teams, such as the Toronto Argonauts (Canadian Football League) and Raptors 905 (G League). The company also owns and operates Scotiabank Centre and OVO Athletic Centre, the Raptors’ home arena and practice facility, respectively.

Raptors governor and NBA Board of Governors chairman Larry Tanenbaum controls 20% of MLSE via his holding company Kilmer Sports Inc. He previously held the full remaining 25% but sold a 5% stake to OMERS, a Canadian pension fund, in 2023, per Michael Grange and Elliotte Friedman of Sportsnet.ca.

As Grange and Friedman note, the MLSE ownership agreement gave Rogers and Bell the right to buy out Tanenbaum by July 2026 and there had been an expectation that they’d do so. If Rogers still intends to move forward with that plan after purchasing Bell’s stake, the company could control nearly all of MLSE within two years. Rogers also owns MLB’s Toronto Blue Jays.

It’s unclear what sort of short- and long-term impact the sale might have on how the Raptors run their business, but the $9.3 billion overall valuation for MLSE is worth noting.

Sportico’s latest round of NBA franchise valuations in December 2023 pegged the Raptors’ value at $4.11 billion, making it the most valuable asset in MLSE’s portfolio. Sportico estimated the value of the Maple Leafs at $2.65 billion in November 2023 and Toronto FC at $725MM in January 2024.

Boban Marjanovic Signs With Fenerbahce

September 18th, 2024 at 6:54am CST by Luke Adams

SEPTEMBER 18: Marjanovic’s deal is official, according to a press release from Fenerbahce. NBA reporter Marc Stein confirms (via Twitter) that the agreement includes an opt-out window in December.

SEPTEMBER 17: Veteran free agent center Boban Marjanovic has reached an agreement to sign with the Turkish club Fenerbahce, reports Bugra Uzar of Eurohoops. The agreement, which was hinted at in a cryptic tweet by agent Misko Raznatovic, has also been confirmed by Donatas Urbonas of BasketNews.com.

According to Urbonas, Marjanovic and Fenerbahce are on track to complete a one-year contract that will allow both sides to opt out of the deal before January.

Marjanovic, 36, has been in the NBA since 2015, having spent time with the Spurs, Pistons, Clippers, Sixers, Mavericks, and Rockets over the past nine seasons. The Serbian’s size (7’4″) and skill set made him a situational specialist throughout his NBA career — he has never averaged more than 11.7 minutes per game or appeared in more than 58 games in a single season.

Marjanovic, who holds career NBA averages of 5.5 points and 3.6 rebounds in 8.7 minutes per game across 331 outings, appeared in just 14 contests for Houston last season, logging 71 total minutes.

For most of the offseason, Marjanovic has been seeking a new opportunity in the NBA. However, he drew more interest overseas and is no stranger to European competition, having played in Serbia, Russia, and Lithuania from 2006-15 before making the move across the Atlantic.

He’ll be joining a Fenerbahce team that has made an effort to fortify its frontcourt this month upon losing Luka Samanic — the Istanbul-based club, which competes in the EuroLeague, also added longtime NBA center Khem Birch last week. Nicolo Melli, Wade Baldwin, Nigel Hayes-Davis, Bonzie Colson, Devon Hall, and Marko Guduric are among the other former NBAers on Fenerbahce’s roster.

Cavaliers Re-Sign Isaac Okoro To Three-Year Contract

September 17th, 2024 at 7:18pm CST by Rory Maher

SEPTEMBER 17: Okoro’s new deal is official, the Cavaliers confirmed today in a press release.

SEPTEMBER 14: The Cavaliers are re-signing restricted free agent Isaac Okoro to a three-year, $38MM contract, agents Michael Tellem, Jeff Schwartz and Marcus Monk tell Adrian Wojnarowski of ESPN.

Okoro, 23, came in at No. 20 on our list of 2024’s top 50 free agents, making him the top remaining player who had yet to sign a new deal. It took more than two months, but the NBA’s lone restricted free agent has reached an agreement to return to Cleveland.

As ESPN’s Bobby Marks tweets, Okoro’s $11.8MM qualifying offer would have expired on Oct. 1, though he still would’ve been a restricted free agent had a deal not been reached by that point. The Cavs were approximately $10.4MM below the luxury tax line before accounting for Okoro’s new contract, Marks adds.

According to Chris Fedor of Cleveland.com (Twitter link), Okoro’s three-year deal features $33MM in guaranteed money. Sources tell Michael Scotto of HoopsHype that Okoro’s contract features some unlikely bonuses tied to his team’s success (Twitter link).

The No. 5 overall pick of the 2020 draft, Okoro averaged 9.4 points, 3.0 rebounds and 1.9 assists while shooting a career-best 39.1% from three-point range in 69 regular season games in 2023/24, including 42 starts (27.3 minutes per contest). The 6’5″ wing is primarily known for his defense, particularly on the ball, where he’s frequently tasked with guarding the opposing team’s best perimeter player.

When we polled our readers about Okoro’s situation last week, 59% of those who voted thought he would end up accepting his qualifying offer — essentially just a one-year contract — to hit unrestricted free agency in 2025. About 17% thought he would re-sign with the Cavs on a multiyear contract.

Scotto reports (via Twitter) that the Nets and Hornets were among the teams that showed sign-and-trade interest in Okoro before he agreed to a new contract with Cleveland.

Once Okoro’s signing is official, the Cavs will have 14 players on standard contracts, though only 11 of those deals are fully guaranteed. Tristan Thompson and Sam Merrill are on non-guaranteed contracts, while Craig Porter Jr. has a $1MM partial guarantee on his $1.89MM salary. All three of the team’s two-way slots are filled.

2027/28 Season Viewed As Target For NBA Expansion

September 17th, 2024 at 4:00pm CST by Luke Adams

One reason the NBA isn’t yet prepared to dive head-long into expansion talks is that a potential Celtics sale could reset the market, sources tell ESPN’s Tim Bontemps, Kevin Pelton, and Brian Windhorst. If the Celtics set a new record for the highest sale price ever for an NBA team, it would only increase the price tag for incoming expansion franchises, as ESPN’s trio notes.

Commissioner Adam Silver recently stated that the NBA is “not quite ready” to move forward on the expansion process, though he left the door open for those discussions to happen later on in the 2024/25 league year.

With the NBA continuing to drag its heels on expansion, league sources and people connected to potential bidding groups are viewing the 2027/28 season as the target date for when one or more expansion teams could begin playing, with the ’26/27 campaign considered an increasingly unrealistic – albeit not impossible – option, according to Bontemps, Pelton, and Windhorst.

Based on the growing valuations of NBA franchises, it’s not unrealistic to project that a pair of new teams could net the league $10 billion combined – or even more than that – in expansion fees, ESPN’s reporters suggest.

While some current NBA team owners are wary of further diluting their share of the league’s revenue by slicing off two more pieces of a “pie” currently being shared 30 ways, expansion fee payments (which don’t have to be shared with the players’ union) exceeding $300MM apiece could help sway those ownership groups, as Bontemps, Pelton, and Windhorst point out. Additionally, the $76 billion media rights deal negotiated by the NBA earlier this year has assuaged some owners’ concerns about sharing revenues with 31 partners instead of 29, the ESPN trio adds.

Here are a few more items of note from ESPN’s in-depth FAQ on the possibility of expansion:

Although the National Basketball Players Association has no real voice in the expansion process, the union would be “very much in favor” of adding 36 new jobs (30 standard roster spots and six two-way slots) for its members, sources tell ESPN.
Seattle and Las Vegas are widely considered the favorites to land expansion teams, but they likely won’t be the only cities receiving consideration. Sources who spoke to ESPN view Mexico City as the most likely candidate to seriously enter the mix along with Seattle and Vegas, though Bontemps, Pelton, and Windhorst acknowledge there would be a number of “logistical hurdles” to contend with.
If Seattle and Las Vegas land expansion teams, they would both have to be Western Conference clubs, meaning one current Western team would have to move to the Eastern Conference. According to ESPN, that decision would likely come down to the Pelicans, Grizzlies, and Timberwolves, with Minnesota considered the most logical choice to move East since the Wolves are geographically closer to five Eastern opponents than they are to their closest Western opponent (Denver). Still, it could be a “protracted fight” to determine which team would change conferences.
The ownership group of the NHL’s Seattle Kraken – led by Samantha Holloway and her father David Bonderman – is considered the most likely bidder for a Seattle franchise, per ESPN. Hall of Fame NBA executive Rick Welts has served as an advisor for the Kraken ownership group, which also includes the sons of former Sonics owner Barry Ackerley. Chris Hansen, who previously attempted to relocate the Sacramento Kings to Seattle, isn’t expected to lead a bid to bring the NBA to the city, but would be willing to assist in the process, ESPN’s trio adds.
Active NBA players aren’t permitted to own a stake in an existing franchise, but the rules for an active player becoming a stakeholder in an expansion franchise (before it begins play) aren’t as clear. Those rules may need to be clarified in the coming years, with LeBron James seriously interested in getting involved in a bid for a Las Vegas team. According to ESPN’s report, former Bucks co-owner Marc Lasry is putting together a group to bid for a Vegas franchise — that group is expected to include longtime WNBA star Candace Parker.

Kenrich Williams Undergoes Procedure On Right Knee

September 17th, 2024 at 9:49am CST by Luke Adams

Thunder forward Kenrich Williams underwent a successful arthroscopic debridement procedure on his right knee on Tuesday in New York, the team announced today.

According to the Thunder, Williams will be reevaluated after the preseason. That means he’ll miss all of training camp and the preseason, and there’s certainly no guarantee he’ll be ready to go when the regular season gets underway.

Williams, 29, saw his playing time decline last season for the Thunder after averaging 22.0 minutes per game in his first three years in Oklahoma City. In 69 games in 2023/24, the 6’6″ wing averaged 4.7 points and 3.0 rebounds in just 14.9 minutes per contest.

A solid defender who has made 38.8% of his attempts from beyond the arc since joining the Thunder in 2020, Williams slid down the depth chart as a result of younger players like Jalen Williams, Isaiah Joe, Aaron Wiggins, and Cason Wallace taking on increased roles. Although Williams is still a quality depth piece for OKC, it likely won’t have a significant impact on the team’s rotation if he has to miss time this fall.

Williams is under contract for approximately $13.8MM over the next two seasons, with the Thunder holding a $7.2MM team option for 2026/27.

Lakers Sign Christian Koloko To Two-Way Deal

September 16th, 2024 at 3:44pm CST by Rory Maher

SEPTEMBER 16: The Lakers have officially signed Koloko, according to the team, who confirmed in a press release that they’ve waived Hinson to open up a spot for the newcomer.

SEPTEMBER 14: The Lakers and free agent big man Christian Koloko have agreed to a contract, agent Calvin Andrews tells Shams Charania of The Athletic (Twitter link). Koloko will get a chance to compete for frontcourt minutes in Los Angeles, per Charania.

Koloko is expected to sign a two-way deal, according to Dan Woike of The Los Angeles Times (Twitter link), which means the Lakers will need to release one of their current two-way players. Armel Traore, Blake Hinson, or Colin Castleton currently occupy L.A.’s two-way slots.

Koloko is on the comeback trail after missing the entire 2023/24 season due to a blood clot issue. Sportsnet’s Blake Murphy reported in July that the seven-footer had received medical clearance to resume playing, while Andrews said last month that his client had a “major breakthrough” with his blood clot issue, which was addressed via corrective surgery.

Koloko is still awaiting formal clearance from the NBA’s Fitness-to-Play panel. Sources tell Woike (Twitter link) that while the 24-year-old can technically sign the contract before receiving clearance from the panel, the signing will have to be reviewed by the NBA, and he can’t participate in on-court work until he’s cleared.

The Clippers, the Spurs, and his former team, the Raptors, were also interested in signing Koloko, as Charania reported on Friday night.

The 33rd overall pick in the 2022 draft, Koloko appeared in 58 games for Toronto as a rookie, averaging 3.1 points, 2.9 rebounds, and 1.0 block in 13.8 minutes per game across 58 appearances (19 starts). He was the Pac 12’s Defensive Player of the Year and Most Improved Player in his final college season at Arizona in 2021/22.

The Lakers will be without center Christian Wood this fall after the big man recently underwent knee surgery that is expected to sideline him for at least eight weeks, so they could use more depth up front.

T.J. Warren, Nassir Little Working Out For Kings

September 16th, 2024 at 11:59am CST by Arthur Hill

T.J. Warren is among several veteran players working out for the Kings this week, sources tell Sam Amick of The Athletic (Twitter link). The team is also auditioning Nassir Little and Jae Crowder, whose workout was reported earlier.

Warren, 31, was out of the NBA for most of last year before landing a pair of two-way contracts with the Timberwolves in March and eventually signing for the rest of the season. He got into 11 games with Minnesota, averaging 3.7 points and 2.0 rebounds in 11.4 minutes per night, but made just three brief appearances during the playoffs.

Warren hasn’t played a full season with anyone since he suffered a left foot injury that caused him to miss the entire 2021/22 campaign. He spent most of his career with the Suns and Pacers and was a star with Indiana in the Orlando “bubble” after the 2020 hiatus ended.

Little, 24, has been a free agent since Phoenix waived him late last month. The combo forward appeared in 45 games for the Suns last season, making two starts and posting 3.4 points and 1.7 rebounds in 10.2 minutes per night. He spent his first four NBA seasons in Portland before coming to Phoenix in a three-team trade last September.

Crowder, 34, played the past year and a half with the Bucks and averaged 6.2 points and 3.2 rebounds in 50 games last season while making 25 starts.

The Kings already have 14 players on standard contracts and would move into luxury tax territory by filling their 15th roster spot. However, two of those contracts aren’t fully guaranteed, so they will have options if somebody is impressive in a workout.

Keon Ellis seems safe on a non-guaranteed contract, but Orlando Robinson only has a $500K partial guarantee. Their contracts won’t become fully guaranteed until January 10, the league-wide guarantee date.

With 20 players currently on its offseason roster, Sacramento can make one more addition before the start of training camp.

Kyle Kuzma Wants To Play In 2028 Olympics

September 16th, 2024 at 9:21am CST by Arthur Hill

Wizards forward Kyle Kuzma is hoping to play in the 2028 Olympics, and he’s willing to represent another nation if he doesn’t land a spot with Team USA. In an interview with All-Star Magazine (YouTube link), Kuzma talked about watching the U.S. win a gold medal in Paris last month and wanting to be part of that experience.

“My number one goal is to play with Team USA in the Olympics, 100%, in four years,” he said during a visit to Manila. “I had the opportunity to play for Team USA back in the 2019 FIBA World Cup before I broke my foot, but I think it’s really cool that other players are going other places to play. Because it’s very, very tough to play for Team USA. It’s the top of the top, and it’s a little political at some times. But I’m going to work really hard and hopefully one day I can get back there.”

Kuzma celebrated his 29th birthday this summer, so he’ll be 33 when the Olympic Games return to Los Angeles in four years, likely making it his last chance to participate. While the Flint, Michigan, native prefers to represent his native country, he expressed an openness to the idea of playing for the Philippines national team, which would require clearance from FIBA and Team USA.

“I could rock out with JC (Jordan Clarkson),” Kuzma said. “That’d be cool.”

Kuzma is currently preparing for his eighth NBA season and his fourth with Washington. He’s one of the few veteran players on the Wizards, who are in the midst of a youth movement and are likely to have one of the top picks in next year’s draft.

Kuzma’s long-term role with the franchise appears uncertain. He’s coming off one of the best seasons of his career — averaging 22.2 points, 6.6 rebounds and 4.2 assists in 70 games — so he could have more value to a contender, and the front office may be willing to part with him to add to its stockpile of draft assets. Kuzma has three seasons remaining on the extension he signed last summer, so he doesn’t have much leverage if he decides he’d rather play for a team with a better chance of winning.

Among the other topics Kuzma addressed in the interview was his admiration for Heat president Pat Riley, although their paths have never crossed in the NBA.

“I’ve always admired him,” Kuzma said. “I just admired his no-nonsense approach when it came to basketball, and being professional, because that’s me. When I’m off the court, I’m very fun, I have all these different passions, but when I step (on the court), I’m very serious because I love it and it’s important to me. I just love what he stands for and his tutelage of the sport. From the Showtime (Lakers) years up until just building what the Heat culture is, it’s pretty phenomenal.”