The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:44 pm
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The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
https://forums.realgm.com/boards/viewtopic.php?f=6&t=2017818
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Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:47 pm
he needs to sell the team
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:48 pm
Paper empire build on loans
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:49 pm
Wouldn't you, if you could?
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:50 pm
shangrila wrote:
Wouldn't you, if you could?
Not if I wasn't willing to invest the resources required to compete. If I invest in a "fixer up" house for example, I'm going in knowing that I need to invest in the house to increase it's value. You don't just walk in and have a super lucrative operation from day one in sports often, without spending.
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:50 pm
Fertitta made his fortune in the restaurant business, which is struggling right now to say the least. This desire to not pay the luxury tax is very much related to that fact.
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:50 pm
Guys like this are why fans should have outs on supporting teams. Why would fans be loyal when the #1 person meant to benefit from the team and it doing well doesn't give a **** about the team's performance on the court?
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:51 pm
Should be some better NBA approval control on the person you are able to sell to
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:51 pm
Broke boi (over leveraged) billionaire
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:51 pm
Why is this even a story?
He didn't pay it the last three seasons after he inherited the reigning MVP and a 65 win team.
Why would anyone expect him to pay it now?
He didn't pay it the last three seasons after he inherited the reigning MVP and a 65 win team.
Why would anyone expect him to pay it now?
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:51 pm
LofJ wrote:Fertitta made his fortune in the restaurant business, which is struggling right now to say the least. This desire to not pay the luxury tax is very much related to that fact.
He's worth 4 billion still.
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:52 pm
Doesn't want to pay luxury tax but has millions to donate to Trump. Lol
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:52 pm
ClipsFanSince98 wrote:shangrila wrote:
Wouldn't you, if you could?
Not if I wasn't willing to invest the resources required to compete.
Eh, I would. It'd be fun. And if you did your job or found people capable of doing theirs, you could compete without going into the luxury tax every year. It'd be a challenge, sure, but it's doable.
Not sure I'd be buying a team in mid-championship runs with that mindset though.
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:53 pm
ClipsFanSince98 wrote:LofJ wrote:Fertitta made his fortune in the restaurant business, which is struggling right now to say the least. This desire to not pay the luxury tax is very much related to that fact.
He's worth 4 billion still.
Not in cash, which is where I guarantee he's really struggling right now.
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:54 pm
I expect a lot of teams are weary of luxury tax bills. Raptors parent company MLSE owns four Toronto franchises that can't have fans and are losing money. Micky Arison owns cruise lines. How are they doing? Why would any of these guys want to pay luxury tax this year outside of maybe Ballmer because he's so wealthy?
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:54 pm
ClipsFanSince98 wrote:LofJ wrote:Fertitta made his fortune in the restaurant business, which is struggling right now to say the least. This desire to not pay the luxury tax is very much related to that fact.
He's worth 4 billion still.
Net worth and cash in hand are not the same thing
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:54 pm
ClipsFanSince98 wrote:shangrila wrote:
Wouldn't you, if you could?
Not if I wasn't willing to invest the resources required to compete. If I invest in a "fixer up" house for example, I'm going in knowing that I need to invest in the house to increase it's value. You don't just walk in and have a super lucrative operation from day one in sports often, without spending.
Team ownership, winning or not, is pretty profitable. Plus it's a fun way to make money. I'd certainly do it if I could, even if I had to be a cellar team.
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:55 pm
Worst owner in the league imo....and I'm a Pistons fan saying that.
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:55 pm
ClipsFanSince98 wrote:LofJ wrote:Fertitta made his fortune in the restaurant business, which is struggling right now to say the least. This desire to not pay the luxury tax is very much related to that fact.
He's worth 4 billion still.
Cashflow and net worth can be pretty disconnected.
Re: The Athletic: Fertitta is hell-bent on getting Houston out of the luxury tax for the foreseeable future
Posted: Tue Nov 17, 2020 9:56 pm
LofJ wrote:Fertitta made his fortune in the restaurant business, which is struggling right now to say the least. This desire to not pay the luxury tax is very much related to that fact.
Sure, but let’s not pretend that he wasn’t already being very frugal with the Rockets before Covid hit. Even though they were a contender, Morey had to make every transaction while dancing around the tax line and subsequently had teams with very little depth on the floor the last few seasons.