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Michael Ozanian of Forbes wrote last week that LeBron James would be going to the Knicks because he could use his salary to buy some stock in MSG, the Cablevision spin-off consisting of the Knicks, NHL Rangers and a few other related assets, including Madison Square Garden, the mecca. As a Knick with stock in the Knicks, LeBron would in a way control his own wealth -- he could see more rewards for his high play. Mind you, Ozanian, the national editor of Forbes, bases his entire assertion that LeBron will be a Knick on this one little idea ...
... regardless of the fact that it is actually against league rules for an active player to own stock in a corporation which owns his team. It's not just a collective bargaining violation to pay a player in stock, but to allow a player to buy stock. It's easy to see why: that constitutes an unfair advantage for teams owned by publicly-traded companies. Ozanian's correct that being able to own stock in a team on which you're the star is a smart self-investment. It's just, unfortunately, illegal in the NBA. LeBron could of course stay in Cleveland and buy stock in MSG, especially smart if the Knicks land Dwyane Wade and Amar'e Stoudemire.
I look forward to Ozanian, who previously predicted James would leave Cleveland because a group of Chinese investors purchased 15% of the franchise -- because everyone runs away from business opportunities in China, apparently! -- modifying his prediction on LeBron's future. Maybe he'll go to the Nets because Mikhail Prokhorov can name LeBron an unpaid adviser to Onexim, which just so happens to get James a secret lounge at Newark Liberty International Airport and unlimited Fast Passes at Disneyland Moscow. (And because this ought to be mentioned every time Ozanian is mentioned: in the throes of Arenas-Crittenton, this prominent member of the media called the NBA "full of thugs." He does not appear to consider his words about the NBA too carefully.)
LeBron James Can Only Buy Knicks' Stock If He Doesn't Join the Knicks
May 23, 2010 – 9:47 AM
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