NBA finally escapes horrendous contract

finance.yahoo.com Published: January 8, 2014
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The NBA has finally broken free from what may have been the worst contract in the history of professional sports, according to Business Insider.

The NBA will pay two brothers $500 million to end a deal that required the league to give the former ABA owners an annual share of the league's television revenue according to Richard Sandomir of The New York Times.

As part of the NBA-ABA merger in 1976, Ozzie and Daniel Silna accepted a share of the NBA's "visual media" rights in exchange for folding their ABA franchise, the Spirits of St. Louis. The deal was to last "in perpetuity." With the growth of the NBA and its television revenue, the brothers were receiving 1.9% of the revenue in recent years, or about $17.7 million annually.

H/T: Yahoo!
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