This thread is being hijacked by Hector well enough is enough and since I provided said links can someone answer my questions.
Since my post was too many posts ago I will repost it so you know what I was asking and I will also repost the links here so you will know where I am coming from.
Back to all of the trade talk and if you noticed that Otis Smith brought up the dreaded lux tax issue if the Magic were to go over that threshold it would cost the Magic millions.
What most people don't know is that teams that keep under that limit get a share of the money from the teams that go over the limit. I am not sure what the Magic got last year, but I heard it was around 2 million dollars and that is nothing to sneeze at.
Plus in these days where the economy has tanked and there is a credit freeze most of the NBA owners need every dollar they can get.
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Question for those of you who live in Orlando is the new arena still being built. The reason I ask this the city and county sold only a small amount of the bonds to pay for this project and those bonds cost a lot more because the economy was in trouble then. Now I have heard that other teams building new arena's are having problems because of the credit freeze. It is affecting the new Nets home slowing down construction. Since the city and county couldn't sell most of the bonds what if anything is going on with the new arena or is the city and county going to assume the costs a different way???????
TW here is a link about how the NBA handles the lux tax issue, plus any other NBA issue about different kinds of trades etc.
http://www.sportscity.com/NBA/Salary-Cap/Here is the link about the bonds and I love the part where the bond market will get better sooner then later. Instead as all know now it has gotten much, much worse with credit markets frozen. Here is an example the grocery store where I shop has shelves that are not full. I asked the manager what gives he told me that the company is only getting one order to the store a week instead of 3 because of the problem with the credit market. The company right now is not able to sell any of it's bonds because the interest rates are through the roof.
The link:
http://www.orlandosentinel.com/communit ... 5669.story
The city has many bond issues ahead to pay for the three downtown buildings.
But city leaders and their financial advisers insisted the venues financing is not in danger.
"We know the market will return to a more balanced state, and when it does, we'll have an easier time than we had this week," Sutton said. "I think we have a strong financing plan, and we left ourselves plenty of cushion to make the numbers."
Boy were they so wrong.
Oh and BTW here is another link about the Nets:
http://curbed.com/archives/2008/01/29/t ... usical.php
As the Court surely is aware, the credit markets are in turmoil at this time. Many lenders and bond insurers are facing financial difficulties, and are becoming much more cautious. It is not clear what the financial climate will be in several months, when the arena bond financing is made available to the public…there is a serious question as to whether, given the current state of the debt market, the underwriters will be able to proceed with the financing for the arena while the appeal is pending before this Court.
Another link about the Nets and Bonding problems:
http://www.brownstoner.com/brownstoner/ ... put_on.php