  Deandub11 Member Username: Deandub11 Post Number: 152 Registered: 05-2006 |
This is a quote from an article by Sam Smith in the Chicago Tribune.... "The mortgage crisis you've heard about is playing a part in the Cavs' failure to re-sign regulars Sasha Pavlovic and Anderson Varejao. Cavs owner Dan Gilbert is heavily into the mortgage business as the owner of Quicken Loans. LeBron James is not pleased with the situation." I know some have said on this board, in addition to the man himself, that the mortgage crisis of course has some effect on quicken, but that for the most part quicken is in the clear. Does this sports writer has any idea what he's talking about? | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 635 Registered: 11-2006 |
well that is not a good sign. i would have to think though, that it could be more related to the Cavs organization and their profitability, rather than it being solely the mortgage crisis situation. | ||
Kenp Member Username: Kenp Post Number: 839 Registered: 03-2006 |
They should ship LeBron to the Yankees. (Message edited by kenp on October 08, 2007) | ||
Rjlj Member Username: Rjlj Post Number: 404 Registered: 11-2003 |
He is a sports writer, not a business writer. The Cavs organization and Quicken Loans run independently from each other just as most business do. Bill Davidson's Guardian glass does not support the Piston's. | ||
Jelk Member Username: Jelk Post Number: 4660 Registered: 10-2003 |
Sam Smith's book "The Jordan Rules" about the Chicago Bulls 1990-91 championship season remains one of the best "season from the inside" books ever written. So he's hardly just another sports writer. Clearly something us up, LeBron wasn't wearing a Yankees hat at the Jac by accident. Should be fun to watch. Cleveland fans might burn down Gund is LeBron leaves the Cavs. | ||
Viziondetroit Member Username: Viziondetroit Post Number: 1140 Registered: 11-2003 |
Quicken Loans the business is not part owner of the Cavs, if they were this article would make sense. A professional team does not sign players based on their own pockets, they base it on the TEAM's budget, goals, etc. It sounds like he has eaten some bitter grapes and wants something to gripe about against Detroit. The bigger question is about the team's profitability and how Sasha Pavlovic and Anderson Varejao fit with the long term vision of the team. | ||
Thejesus Member Username: Thejesus Post Number: 2328 Registered: 06-2006 |
An owner's personal net worth and income streams do in fact affect their sports franchises... when Tom Clancy tried to by the Minnesota Vikings a few years ago, he had already reached a tentative agreement to buy the team and had the cash available to do so, but then the NFL objected to the sale after they learned that Clancy's net worth was cut in half due to his divorce and that he might not have enough $$$ to keep the team afloat and run it at a loss if necessary... Not saying this journalist is correct...I just wanted to point out the a franchise owners' personal income does affect the sports franchise... | ||
Viziondetroit Member Username: Viziondetroit Post Number: 1144 Registered: 11-2003 |
..... that might be true in that case, and that makes perfect sense in that situation. That is the same with any franchise. There are a number of owners for the Cavs and I doubt one monkey spoils the show. Quicken Loans is not hurting for business by any means... | ||
Detroitrulez Member Username: Detroitrulez Post Number: 467 Registered: 12-2006 |
you seem so quick to point out that "Quicken Loans is not hurting for business by any means..." Any theories to back that up? Data? Empirical evidence? Or is it just feel-good ill-informed generalities and homespun know-nothingness that leads you to your conclusion? | ||
Thejesus Member Username: Thejesus Post Number: 2332 Registered: 06-2006 |
You guys are hilarious... It's either "they aren't hurting for business by any means" or "they are going under at the beginning of next year" Gotta be one extreme or the other, does it now? None of you (especially Detroitrulez) have any clue what you're talking about... | ||
Professorscott Member Username: Professorscott Post Number: 854 Registered: 12-2006 |
'rulez, Vision's claim has no more and no less data to back it up than the statement in the original news story - but Vizion is just posting on a blog, and the original unsubstantiated nonsense was in a major daily. | ||
Johnlodge Member Username: Johnlodge Post Number: 2978 Registered: 10-2003 |
Detroitrulez seems to be on a crusade today to convince us all Quicken is going out of business tomorrow. Meanwhile, Gilbert buys another sports team. http://www.denverpost.com/aval anche/ci_7057402 Yeah, he must be really hurting. | ||
Llyn Member Username: Llyn Post Number: 1868 Registered: 06-2004 |
Like the Quicken bankruptcy countdown thread...kill this thread too! | ||
Thejesus Member Username: Thejesus Post Number: 2334 Registered: 06-2006 |
JL: That isn't a recent development...Gilbert bought that franchise almost two years ago back when they were the Utah Grizzlies ... I'm not alluding to anything other than the fact that the article you posted doesn't reflect what's going on currently w/ Gilbert's financial situation | ||
Dds Member Username: Dds Post Number: 388 Registered: 10-2006 |
quote: Or making sure he's diversified in case something goes wrong with one of his other businesses. Like a smart business person. | ||
Viziondetroit Member Username: Viziondetroit Post Number: 1147 Registered: 11-2003 |
Diversification is key..... as taken from www.nba.com "Dan and his partners also operate and invest in several consumer–based, technology-centered businesses, including: online promotions company, ePrize (www.eprize.com); Fathead LLC (www.fathead.com); and Flashseats LLC (www.flashseats.com). Fathead LLC, exclusively licenses and sells a new category of product for the true sports enthusiast. A "Fathead" is a life-size, colorful, vinyl wall graphic of popular sports stars from the NBA, NFL, NHL and MLB in an action pose, as well as pro and college team helmets and logos, in addition to NASCAR racecars and Hollywood entertainment characters. Flashseats has created technology and processes that replaces physical tickets for large sports and entertainment events with an electronic approach and offers a secure, online marketplace for transferring and selling tickets in a digital format. The Cavaliers are the first team in professional sports to use this new technology which will soon be rolled out to many teams in the major sports as well as concert venues and other sports and entertainment events. In addition, Gilbert was Rawlings Sporting Goods' largest shareholder and was instrumental in effecting the sale of Rawlings to K2 in March, 2003. Other recent significant investments led by Gilbert include: Xenith LLC, a Boston area new wave sports protective headgear company utilizing patent pending technology targeted at reducing concussion and other head traumas; and the Matter Group LLC, which owns Xeko (www.xeko.com), a Seattle based children’s property that includes a trading game, and planned cartoon series, movies and licensing of colorful illustrations of various animals in the 34 identified environmentally declared “hot spots” in the world. Gilbert is an investor, financier and partner with Rock Companies (www.rockcompanies.com) in multiple residential and commercial real estate developments in several states. Dan recently launched Bizdom U (www.bizdom.com) in Detroit. This Detroit-based non-profit entrepreneur academy trains, mentors and finances young entrepreneurs and their start-up businesses in the city of Detroit. Bizdom U's mission is to create jobs, growth and wealth in large urban cities. Gilbert also sits on the board of the Children's Tumor Foundation (www.ctf.org) in New York City and the Children's Hospital of Michigan, Foundation. Dan has been the keynote speaker at Harvard Business School, the University of Michigan Business School, the national NAACP conference as well as at numerous other private businesses, non–profits and educational groups. He is a frequent guest on CNBC's business programs including "guest hosting" CNBC's Morning Call as well as numerous appearances on ESPN, CNN, FOX, ABC and other networks. Mr. Gilbert earned his bachelor's degree from Michigan State University and his law degree from Wayne State University. He has received the "Entrepreneur of the Year" award from Ernst and Young and has been inducted into the Junior Achievement Hall of Fame. Forbes Magazine has recently named Dan in their annual "Forbes 400" rankings. " |
