NBA slam dunks MSG stock plan for LeBron
As per NBA spokesman Michael Bass regarding our earlier blog post and the report by Forbes Magazine national editor Michael Ozanian:
"Ownership of shares in MSG in a situation such as this would constitute Salary Cap circumvention."
Clearly the CBA rule outlined in my previous blog -- a player may own shares in a publicly-traded company that directly or indirectly owns an NBA team -- is reviewed on a case-by-case basis.
In this case, as the Forbes story reached the NBA offices, the loophole was closed.
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