Will Smith New Part-Owner of Philadelphia 76ers
A deal to sell the Philadelphia 76ers to a group that includes Hollywood superstar Will Smith has been completed, reports ESPN.
The new ownership team is headlined by New York-based leveraged buyout specialist Joshua Harris, David Blitzer and former NBA agent and Sacramento Kings executive Jason Levien. Smith, one of the city’s favorite sons, has invested as a minority shareholder.
The sale ends Comcast-Spectacor’s 15-year run of ownership.
Named by Newsweek in April 2007 as the most powerful actor in Hollywood, Smith joins the Sixers in a capacity akin to music mogul Jay-Z’s role with the New Jersey Nets. And Levien is believed to be the first former agent to be part of an NBA ownership group since Lewis Schaffel served as the original managing partner of the Miami Heat.
Sources say that the Indonesian media magnate Erick Thohir is also joining the Sixers as the first Asian investor in an NBA team.
Comcast-Spectacor, led by chairman Ed Snider, purchased the Sixers from Harold Katz on April 24, 1996. Comcast-Spectacor also owns the NHL’s Philadelphia Flyers and the Wells Fargo Center. The Sixers will become a tenant in the building once the NBA lockout is over.
The 76ers were valued this year by Forbes at $330 million, 17th in the NBA, and have a television deal with cable station Comcast SportsNet through 2029.
T.I. Talks Prison Fights, Ecstacy During NY Book Tour
*T.I. is “on his NY sh**” today — which is how he describes his full day of New York press to promote his new novel “Power & Beauty A Love Story of Life on the Streets.”
The first stop was a visit to Howard Stern’s satellite radio show, where he gave details about a prison fight he had at Forest City Correctional facility in Arkansas. He told Stern that the fight took place in the bathroom.
Howard Stern asked: “And, like, a whole bunch of brothers standing around watching the fight? Puttin’ money down on it and everything?”
“Yeah,” said T.I. “Guys from this side, guys from that side.”
After appearing next on the radio show “Opie & Anthony,” T.I. stopped by “The View,” where Barbara Walters and company grilled him on his “drug use,” citing the ecstasy possession that landed him back in jail for 11 months following an initial stint for gun possession.
“I’ve accepted that in order to have a different result, you have to take a different approach,” he said of his knack for getting into trouble.
“I understand why people are so critical of me, and I accept that. Nobody is tougher on me than I am on myself. And I’m not trying to make excuses and I accept responsibility for everything that I’ve done.
“People say, ‘Well how can he just make that mistake again and again?’ I think that they don’t take into consideration how long, prior to me being T.I., how long that I had been living the life I’d been living, since I was about 14, 15, 16 years old, and I’m 31 now.
“I broke the habit, I think it was more recreational than anything else, and it’s just a discipline factor.”
Magic Johnson pokes fun at LeBron
If Magic Johnson ever wants to add stand-up comedian or celebrity roast master of ceremonies to his portfolio, he's got some material for his act -- at least, until LeBron James finally wins that elusive first NBA title.
In an on-campus speaking appearance Saturday at the University at Albany, Johnson, an NBA analyst for ESPN, poked some fun at King James' fourth-quarter playoff troubles during the NBA Finals, according to multiple media reports.
It all started when Johnson, a successful businessman in addition to a Hall of Fame basketball player, television personality and HIV activist, was asked which of his accomplishments he would prefer as his lasting legacy.
"That's easy: Putting people to work in minority communities," Johnson said. "There's going to always be great players in basketball. There's going to always be guys who win championships in the NBA, except LeBron ..."
That drew a loud mix of applause, laughter and shouts from the audience, to which Johnson replied "Don't be mad!"
And at that moment, Magic couldn't resist some fun at LeBron's expense. He did point out that he was kidding -- but the zingers kept coming, one after another.
"Everybody's always asking, 'Who is better between Kobe (Bryant) and LeBron?' I'm like, Are you kidding me? I'm like you're kidding me ... Kobe, five championships; LeBron, zero."
"I love the young man though. I know he's going to get better in the fourth quarter this year."
More laughter.
"I'm not hating on LeBron," he added. "He's a triple-double threat every single game and he's going to get better."
But one thing Magic seemed serious about was dismissing any comparisons between James and fellow Hall-of-Famer Michael Jordan.
"Come on, man, six championships for Jordan. You know that Michael averaged over 30 points every playoff series? Don't try to touch that," he said.
Johnson's quips came three months after he became an investor in Detroit Venture Partners, which is run by Dan Gilbert -- the owner of James' former team, the Cleveland Cavaliers.
Source:ESPN
NBA Players, owners in marathon talks
NBA labor talks stretched into the wee hours Wednesday morning as players and owners met with a federal mediator, hoping to deliver the progress Commissioner David Stern says is needed to avoid canceling more games.
Both sides met for more than 15 hours, their longest negotiating session since owners locked out players when the old collective bargaining agreement expired June 30.
The talks started about 10 a.m. Tuesday, the 110th day of the lockout.
Stern sought immediate results in just one day of mediation, saying during interviews last week that proposals could get worse and more games could be lost without a deal.
"If there's a breakthrough, it's going to come on Tuesday," he told NBA TV. "And if not, I think that the season is really going to potentially escape from us because we aren't making any progress."
In another interview, Stern told WFAN radio in New York that his "gut" was there wouldn't be NBA games on Christmas if the 110th day of the lockout ended without a deal.
Large gaps remain, with both sides seeking 53 percent of basketball revenues and players opposing owners' attempts to significantly change the salary cap system.
George Cohen, who was appointed director of the Federal Mediation and Conciliation Service in 2009, met with the sides individually at their offices Monday before both brought their full bargaining committees to a hotel Tuesday. The union said it wanted to have the whole week set aside for negotiations, but owners have two days of board meetings beginning Wednesday.
Stern wants to be able to bring them a deal. If not, they may have to discuss further cancellations after the first two weeks of the season were already wiped out.
Cohen was present for talks between NFL owners and players for 16 days in February and March before that mediation broke off.
He previously helped broker a deal between Major League Soccer and its players and was lead lawyer for the baseball players' union when it won an injunction against its owners in 1995, ending the 7½-month strike.
Source: AP
Carson Palmer traded to Raiders
Carson Palmer went to bed a retired football player resigned to the fact that the Cincinnati Bengals would never grant his wish to be traded.
He woke up to a text message early Tuesday morning telling him to fly to Oakland to complete a trade with the Raiders, who are counting on Palmer to replace the injured Jason Campbell and lead the team back to the playoffs for the first time since 2002.
"It's been a whirlwind," Palmer said. "I understand what's expected of me. I know what playing quarterback is about, and it's about winning. I want to come in a contribute and do whatever I can to help this team."
The Raiders are hoping he can do a lot, having traded a 2012 first-round pick and a conditional second-rounder in 2013 that can become another first if Oakland makes it to the AFC title game in either of the next two years.
Coach Hue Jackson believes Palmer is the ideal fit, having recruited and coached him at Southern California and been an assistant in Cincinnati with Palmer.
Jackson said Palmer has the strong arm and athleticism that late Raiders owner Al Davis always wanted in a quarterback.
"This guy can play and he knows how to play the game and he knows how to elevate the players around him," Jackson said.
"There's no question you go on offense as good as your quarterback is. I think he's one of the best and that's why he's on this football team now. I didn't bring him here because he was just a guy sitting out there. I brought him here because I think he can help this team win a championship."
The Bengals had been adamant about not trading Palmer, who wanted to be dealt from a team that has had only two winning records in the past 20 years.
Owner Mike Brown repeatedly insisted he wouldn't consider Palmer's request for a trade because he didn't want to reward him for holding out. He changed his mind after getting the big offer from the Raiders.
Brown said the play of rookie quarterback Andy Dalton made it easier to trade Palmer.
Source:ESPN
James prods FIFA - J'can urges world body to explain recent bans
Caribbean Football Union (CFU) presidential candidate Tony James, while expressing sympathy for Captain Horace Burrell, has called on FIFA to clearly state the reasons for recent bans on various regional officials in the wake of a probe into a slew of bribery allegations that have scarred the world game.
James and Jamaica Football Federation (JFF) president Burrell, along with Trinidad's Harold Taylor and Antigua's Gordon Derrick, were set to challenge for the vacant CFU top job at polls set for on November 20 in Montego Bay, Jamaica.
Speaking to the Jamaica Observer on Saturday — a day after the announcement of the six-month suspension (three months deferred for a two-year probationary period) handed to Burrell — James aimed criticism at certain aspects of FIFA's procedure thus far and declared that more transparency is needed.
"I think FIFA has spent a lot of money on these investigations and has made a lot of statements. Now they have to follow up with a press release indicating what they have done and why they have done it. People have been guessing and it shouldn't be like that. FIFA should explain why X person has been banned for X time," said the Manchester-based businessman.
Burrell and other CFU members were penalised by FIFA's Ethics Committee for their alleged roles in a "bribery conspiracy", but the Joseph 'Sepp' Blatter-led organisation has not specified the nature of the involvement, nor the reason for dishing out varying degrees of punishment.
In a statement last Friday, a remorseful Burrell said he would not be appealing the FIFA Ethics Committee's decision and stated that he fully understood the reason behind it as he said his initial decision not to co-operate with the foreign investigators was an error on his part.
"Those of us who live the Caribbean reality will understand my reluctance, while people who are unfamiliar with our Caribbean history will take offence, which is what happened, and for which I now suffer the consequences."
"A majority of the Caribbean football officials who had participated at the CFU meeting in Port of Spain had objected to the initial interviews being conducted outside of the Caribbean. This was consequent to the many statements emanating from the different sides and the lack of clarity on how the investigations were to be conducted," said Burrell as he attempted to paint a clearer picture as to the cause of FIFA's action.
Burrell, has consistently denied the JFF accepted any form of gifts at a controversial CFU meeting on May 10 and 11 in Trinidad & Tobago, where cash was offered to members by then FIFA presidential candidate Mohammed bin Hammam.
FIFA's move against Burrell came as a shock to many as Jamaica was not listed as one of the nations under investigation by the FIFA probes.
Meanwhile, James explained that he lacked the necessary information to pass judgement on the decisions, but insisted that actions were expected after the news of the Trinidad meeting.
"I would have to see the full range of decisions to say if FIFA has made a clear statement. Until FIFA is finished with the issue and lay out the criteria, it's hard for people to say if the findings are just.
"This was inevitable and I tried to analyse it and show people that it's ABC. It's a process. FIFA has said they would have meetings and they would have made decisions. You could know that by mid-October there would be some decisions," he said, while adding that more findings are expected in the coming days.
James, who was the head of the JFF between 1985 and 1992, expressed sympathy with Burrell and lauded the former army man for his role in football development in the country.
"The Captain is a very proud person and he has done a lot for this country. I'm his adversary in this particular election, but I'm his friend and I've always supported him, so I must feel for him," he said.
In recent months, world football has been rocked to its core following money-for-vote allegations against then FIFA vice-president and CONCACAF chief Austin 'Jack' Warner and ousted Asian Football Confederation boss bin Hammam.
Warner subsequently resigned, while bin Hammam was banned for life by the Ethics Committee.
The committee later swung its attention to the Caribbean region. Many followers have speculated that Burrell was a victim of his perceived close association to Warner, who was also the CFU head.
Another of Warner's long-standing allies, Colin Klass of Guyana, received a 26-month ban from FIFA's ethics panel last month, while another close Warner associate Barbados' Lisle Austin was banned for one year after he used a civil court in The Bahamas to pursue his bid, as interim president of CONCACAF, to fire general secretary Chuck Blazer in what was seen as an act of revenge on Warner's behalf.
In the Friday announcements, FIFA said a hearing into the case of Guyana official Noel Adonis was postponed and a case left open into the conduct of St Lucia official Patrick Mathurin.
Jamaica's Horace Reid was among other Caribbean officials to receive warnings by the world governing body.
Source: jamaicaobserver
Windies lose to Bangladesh
West Indies were shockingly routed for 61, their second lowest score ever in One-Day Internationals, as they crashed to a humiliating eight-wicket defeat to Bangladesh in the third and final ODI earlier today.
Sent in on a difficult wicket, the Windies plunged from a position of 33 for one in the 11th over, losing their last nine wickets for 28 runs in the space of 67 balls at the Zahur Ahmed Chowdhury Stadium.
Opener Tamim Iqbal then stroked an accomplished, unbeaten 36 to steer Bangladesh comfortably to their target, with 30 overs to spare.
Despite the result, West Indies took the series 2-1 following convincing back-to-back wins in Dhaka last week.
In a nightmare end to the one-day series and with the first Test starting Friday, the Windies narrowly avoided the embarrassment of falling to their lowest ever score, 54 against South Africa in Cape Town seven years ago.
Their batsmen struggled on a slow, low wicket and only 20-year-old opener Kieran Powell, drafted in for his first match of the series, showed any resistance with four fours in 25 off 36 balls.
The only other player to reach double figures was Carlos Brathwaite with 11.
Several batsmen were guilty of indiscretion, however, and Bangladesh capitalised to redeem themselves after two previous sub-par performances.
Holness to be sworn in as PM in jamaica
THE transition of leadership of the government will be completed on Sunday when Prime Minister Bruce Golding will formally tender his resignation to the Governor-General and a new prime minister will be sworn in.
This will take place at a special ceremony at King’s House starting at 4:00 pm.
After presiding over his final Cabinet meeting today, Golding convened a meeting of government MPs and received their unanimous formal endorsement of Andrew Holness to succeed him as prime minister.
Golding will convey this advice to the Governor-General.
At the meeting, Golding used the occasion to thank his ministers for their support and hard work under his leadership. He said the government had overcome significant challenges over the last four years but emphasised that much remains to be done to accelerate the pace of economic recovery in order to be able to tackle the country’s urgent social needs.
Golding noted, too, that while some elements of the government’s reform agenda had been completed, other important items are yet to be implemented.
He urged his colleagues to complete these a matter of urgency.
Source: jamaicaobserver
Boy killed in freak accident at Dover raceway
A young boy was reportedly hit by a racing car at Dover raceway yesterday after he ran on the track to view a car that had just been totalled according to THE JAMAICAN STAR understands.
Eyewitness reports are that the child was struck after running on the track along with other spectators to view a totalled car which had crashed on the raceway.
The child was rushed to St Ann's Bay Hospital and is in critical condition.
IMF proposes public sector wage freeze and spending cuts in Barbados
The International Monetary Fund (IMF) has proposed that the Barbados Government adopts a two-year wage freeze in the public sector as part of its prescription to bolster that Caribbean nation’s sagging economy.
An International Monetary Fund (IMF) mission, headed by Therese Turner-Jones, which visited Barbados from October 3-14 for the 2011 Article IV discussions, released a statement at the end of the visit which urged the government to look to limit its “social spending to the most vulnerable parts of society given its limited fiscal space.”
The IMF statement says: “The Barbadian economy has achieved modest growth only in the face of the prolonged global recession. Real Gross Domestic Product (GDP) growth will be tepid at around 1 percent this year despite higher tourist arrivals, as overall economic activity is subdued.
Similar to earlier forecasts, downside risks are mounting, especially as Barbados’ main trading partners face heightened uncertainty, while commodity prices, especially in food and fuel, continue to be at high levels.
The team expects negligible growth for at least the next twelve months, as tourism and offshore financial services only gradually improve in the hostile external environment.
“Discussions focused on challenges facing the authorities in light of the low growth, high debt scenario in the context of some increase in unemployment. Staff welcomed the authorities’ efforts to revise the medium-term fiscal strategy, suggesting that public enterprises should be included in the calculations.
While recent measures to bolster revenues, including the hike in the Value-Added Tax (VAT) rate were bearing fruit, losses in state owned bodies continue to be a drag, especially on the overall borrowing needs of the public sector, which has become heavily dependent on the National Insurance Scheme (NIS).
“While noting that in the current weak economy, fiscal consolidation will need to consider the need to keep priority social spending intact, additional measures will be needed and implemented quickly if the debt-to-GDP ratio is to stabilize from its high level and be further reduced over the medium term.
The team advised adoption of a wage freeze for the next two years to curb current spending and signal wage restraint in the economy generally to help boost competitiveness and lower inflation expectations.
Further, the government should look to improve targeting its social spending to the most vulnerable parts of society given its limited fiscal space. Importantly under a fixed exchange rate regime tightening the fiscal stance is essential to guarantee external sustainability and strengthen reserves, especially in light of the lower reserve accumulation so far this year, and the precarious global outlook.
The mission encouraged the engagement of the social partnership, a long-standing and effective Barbadian institution, to begin a national dialogue on the appropriate and sustainable level of social entitlements.
“Overall the Barbadian banking system shows resilience with excess liquidity and well capitalized institutions. However, the economic slowdown is beginning to impact some loan portfolios and non performing loans have crept up, which will require higher provisioning if this trend persists.
The newly established Financial Services Commission of Barbados should immediately turn its attention to creating a fully functional regulatory environment with priority on the insurance sector, especially against the backdrop of the failure of CLICO Life Insurance, which is yet to be resolved.
Staff encouraged the authorities to choose a course of action promptly and to exploit private sector led solutions that minimize fiscal costs. Staff shares the authorities’ concern for the need for a regional mechanism for coordination of crisis resolution in future events to ensure regional financial stability.
“The mission enjoyed open and transparent discussions during the two-week visit and thanks all government officials as well as other Barbadian stakeholders, with whom it had the privilege of meeting and exchanging views.”
Source:CSMENetwork News