HoopsHype Business rumors

July 22, 2014 Updates

Carmelo Anthony will try his hand at picking winners among technology startups through a new venture fund called M7 Tech Partners, an LLC he co-founded with digital media and entertainment veteran Stuart Goldfarb. According to its Crunchbase profile, M7 Tech Partners will invest in “early stage digital media, consumer internet and technology ventures.” The fund’s name is a play on Carmelo’s nickname – “Melo” – and his jersey number seven. M7 made its first move by investing in children’s storytelling startup Hullabalu with more tech and media investments on the way. The Fields of Green

July 21, 2014 Updates

Mike Miller: Super excited to be opening my 1st BurgerFi!!! Thanks to my amazing team that help get it here.… instagram.com/p/qugy6rvyCT/ Twitter @MikeMiller_13

NBA All Star and two-time Olympic gold medalist Carmelo Anthony is getting in the seed investing game in partnership with Stuart Goldfarb, the former executive vice president of NBC and chief executive of Bertelsmann Direct North America. The pro athlete and the media entrepreneur have formed a fund, M7 Tech Partners, to invest in seed-stage tech startups. Andreessen Horowitz’s Ben Horowitz, among other institutional investors, helped the duo become familiar with the early-stage startup scene over the past 12 months, Mr. Goldfarb said. Wall Street Journal

July 17, 2014 Updates
July 16, 2014 Updates

A City of Akron spokeswoman told the Associated Press that the city is working with the LeBron James Family Foundation to plan "a city-wide community event where everyone can welcome him home," but the details are still being worked out. Akron City Council President Garry Moneypenny announced the event during Monday's council meeting, just before members passed a resolution thanking James for deciding to come home. FOXSports.com

The much-anticipated LeBron James homecoming is actually hitting home. James is due back in Akron and will be shooting a commercial for Beats headphones at his high school alma mater, St. Vincent-St. Mary, this week. Staffers started setting up for the shoot on Tuesday. FOXSports.com

July 14, 2014 Updates

Landing LeBron James will mean hundreds of millions of dollars in economic benefit to Cleveland and Northeast Ohio, Cuyahoga County officials said. The return of the star forward to his hometown Cleveland Cavaliers will mean $500 million a year in additional ticket sales and spending, County Executive Ed FitzGerald said today. The 2016 Republican National Convention in the city will bring an additional one-time windfall of $200 million, he said. “While we already know that LeBron’s decision is a tremendous boost for our civic pride, it is also going to have very real benefits for the middle class families who live here in Cuyahoga County,” FitzGerald, a Democrat running for governor this year, said in a release. Akron Beacon Journal

July 12, 2014 Updates

The National Basketball Association has hired former State Farm marketing executive Pam El as its chief marketing officer. Ms. El will report directly to NBA Deputy Commissioner Mark Tatum and oversee the league's global marketing operation, "directing brand development, overall marketing and advertising for the NBA, WNBA and NBA Development League," according to a statement from the NBA. Advertising Age

July 11, 2014 Updates

Cleveland embraced the return of the "King" as expected, as the Cavaliers had all but sold out of season tickets less than eight hours after LeBron James announced he would come back to accomplish some unfinished business with the team. A Cavaliers source confirmed to ESPN.com that the team capped season-ticket sales at slightly more than 12,000 tickets Friday, leaving roughly 8,000 tickets per game to be used for group sales and ticket plans. ESPN.com

July 10, 2014 Updates
July 9, 2014 Updates

The Brooklyn Nets will pay a record $90.57 million in luxury taxes for the 2013-14 season, sources told ESPN.com. The NBA released its audit to teams ahead of the start of the new fiscal year at midnight Wednesday and revealed the numbers, including the Nets' penalty for splurging after trading for Paul Pierce and Kevin Garnett last year. In all, the Nets paid more than $197 million in salaries and luxury taxes this past season. Only three other teams had paid more than $90 million in total tax since its inception in 2001. ESPN.com

Andrew Wiggins, the first overall pick of this year's NBA draft by the Cleveland Cavaliers, has signed a shoe endorsement deal with adidas, sources have told ESPN.com. Sources with knowledge of the signing say the contract is a multiyear deal that comes with a guarantee of at least $2 million annually. ESPN.com

July 6, 2014 Updates

Notwithstanding any plans the league has to come back, Metro Vancouver is in a better position now to host an NBA basketball franchise and would be an increasingly attractive market over the next 20 years, according to a report from the Conference Board of Canada released Monday. Vancouver Sun

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