ShotTracker, a company that got its start by launching a wearable sensor to track and analyze your basketball shots, has announced a $5M seed round that includes participation from basketball legend Magic Johnson and former NBA Commissioner David Stern. R/GA and Elysian Park Ventures, which manage the LA Dodgers’ sports accelerator also participated, as well as Greycroft Partners.
David Stern Rumors
There is at least some sense that Silver is especially eager to get something done. “I think he really wants to continue the good wave we’re on right now,” said one source with knowledge of the talks. It is always instructive to be cautious about such observations, though — while Silver’s style is less brusque than his predecessor, David Stern, he still has 30 owners to answer to, and they are not known for capitulating easily or quickly. But walking away from the current trend lines will take some doing.
Q: Folks wonder what you’re doing these days. What’s the Cliff Notes version of what you’re up to? David Stern: “I’m a senior adviser, in addition to the NBA, an investment bank, a venture capital firm, and a Big Four accounting firm, a strategy group. I advise three startups, and I’m spending a fair amount of time dealing with the charitable organizations that I feel as though I neglected (as Commissioner). I’m on the board (of the charities), like the Jazz at Lincoln Center, the Thurgood Marshall (College) Fund, and the Columbia University medical center, as well as giving speeches. I came here from Las Vegas (where he spoke at the Global Gaming Expo).”
Just a bounce pass from the doors of the Golden 1 Center, the glorious new arena in California’s capital that will now house the Sacramento Kings, there’s a street sign that tells the real story about why this is all here. “David J Stern Walk,” it reads. As the locals know by now, he built the road that led them to this point.
“Over time, I’ve come to accept the notion that a properly run gambling operation, or gaming as we like to say in Las Vegas, is protective and not deleterious to the health of sports,” Stern said. Stern has a slightly different view from the association on how to move ahead, suggesting that PASPA should be amended, not repealed. He proposes a national framework to keep consistent policy, but allow each state to monitor, regulate and tax it. Such a move also would likely cut down on compliance costs.
“Early on, we realized that this idea that gambling is bad — it’s a Nevada-regulated industry — and that it’s going to lead to bad things got to be an outdated notion as we learned more about illegal gaming and the size of the market,” Stern said in a question-and-answer format with Freeman. “That’s why we said ‘Let’s not talk as much as the leagues do about the evils of gambling and what’s going to happen,’ because we could really take care of ourselves.