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TEKK - Tekkorp Digital Acquisition Corp: Who's Who of Gaming Mgmt Teams!
Team has been involved in a substantial number of the digital media, sports, entertainment, leisure and gaming industries’ most significant merger and acquisition transactions, holding key positions at, and transacting with Scientific Games Corp, Inspired Gaming Group, FOX Bets, Ocean Casino Resort, Resorts International Holdings, PokerStars, DraftKings, Mohegan Sun, Caesars Entertainment Corporation, Harrah’s Entertainment,Tropicana Entertainment, Inc., TSG/Sky Betting & Gaming, Facebook, Inc, Wynn Resorts, Dubai World/MGM Resorts Here's all the Bios. These guys are stellar! TEKK closed at $10.30 today. Still cheap! If you don't like to read... you don't like to make money!!!! ---------------------------------------------------------------------------------------- Matthew Davey — Chief Executive Officer and Director Mr. Davey has over 25 years of experience within the digital media, sports, entertainment, leisure and gaming ecosystems, as well as experience in the public sector. He is an experienced public company executive officer and board member. He has served in executive management positions across the gaming technology arena. Over the course of Mr. Davey’s career, he oversaw more than ten mergers and acquisitions and over $1.2 billion in debt and equity capital raised to support the companies he has led. Most recently, Mr. Davey was Chief Executive Officer of SG Digital, the Digital Division of Scientific Games Corp. (“Scientific Games”) (Nasdaq: SGMS). SG Digital was established following the purchase by Scientific Games of NYX Gaming Group Limited (“NYX”) (formerly TSXV: NYX), where Mr. Davey served as Chief Executive Officer and Director. The NYX acquisition provided Scientific Games with a vehicle to significantly accelerate the scale and breadth of its existing digital gaming business, including the strategic expansion into sports betting. In his capacity as Chief Executive Officer of NYX, Mr. Davey developed and implemented a corporate strategy that generated strong revenue growth. Mr. Davey shaped company strategy to focus on digital gaming supplier platforms and content that provided various gaming operators with the underlying gaming and sports betting systems for their online gaming business. In 2014, Mr. Davey oversaw the initial public offering of NYX, and his experience in the digital media, sports, entertainment, leisure and gaming industries helped NYX recognize momentum as a public company. After the public offering, from 2014 to 2018, Mr. Davey oversaw seven acquisitions which helped establish NYX as one of the fastest growing global B2B real-money digital gaming and sports betting platforms. These acquisitions included: • OpenBet: In 2016, NYX completed the $385 million acquisition of OpenBet. This was one of the more complex and transformative acquisitions that Mr. Davey oversaw at NYX. Through securing co-investments from William Hill (LSE: WMH), Sky Betting & Gaming and The Stars Group (formerly Nasdaq: TSG, TSX: TSGI), Mr. Davey was able to get the acquisition from Vitruvian Partners completed successfully, winning the deal against much larger and well capitalized competitors. By combining two established and proven B2B betting and gaming suppliers, NYX was well positioned to provide customers with exciting player-driven solutions across all major product verticals and distribution channels. This allowed NYX to become the leading B2B omni-channel sportsbook platform in the market and the supplier to over 300 gaming operators globally with an extensive library of desktop and mobile game titles, including more than 700 on NYX platforms and more than 2,000 on the OpenBet platform. • Cryptologic/Chartwell: In 2015, NYX completed the $119 million acquisition of Cryptologic and Chartwell. The acquisition provided NYX with more than 400 titles of additional leading gaming content, a broader customer base, and direct exposure to PokerStars and Intercasino, part of the Gamesys Group (LSE: GYS) — two of the world’s largest online casino offerings. • OnGame: In 2014, NYX completed the distressed acquisition of OnGame, a premier poker content, platform and service provider. This acquisition provided NYX with one of the best poker products in the industry, access to several regulated jurisdictions, and a valuable talent pool that was instrumental in the growth of NYX. The addition of OnGame further established a path for NYX to continue its growth in both European and U.S. markets. These acquisitions, together with meaningful organic growth, increased NYX’s revenue from $24 million in 2014 to $184 million annualized in 2017. During that time, Mr. Davey helped build NYX to have over 200 customers in the global gaming industry and a team of 1,000 employees. Mr. Davey’s success at NYX ultimately led to its sale to Scientific Games for $631 million in 2018. Mr. Davey joined Next Gen Gaming, the predecessor to NYX, in 2000 as the Vice President of Technology, was appointed as Executive Director in 2003 and named Chief Executive Officer in 2005. Prior to that, he was the Senior Consultant for Access Systems, a company that specializes in the provision of back-end software for licensed online casinos. Prior to joining Access, Mr. Davey worked for the Northern Territory Government specializing in matters pertaining to the internet and e-commerce along with roles in the Department of Racing and Gaming. Mr. Davey received a Bachelor of Electrical & Electronic Engineering from Northern Territory University, Australia (also known as Charles Darwin University). Robin Chhabra — President Mr. Chhabra has been at the forefront of corporate acquisition activity within the digital gaming landscape for over a decade. His prior experience includes leading corporate strategy, M&A, and business development at two of the global leaders in the digital gaming industry, The Stars Group (“TSG”) and William Hill, and a leading supplier, Inspired Gaming Group (Nasdaq: INSE). Mr. Chhabra served on the Group Executive Committees of each of these companies. From 2017 to May 2020, Mr. Chhabra served as Chief Corporate Development Officer at TSG and, from 2019 to August 2020, he also served as the Chief Executive Officer of Fox Bet, a leading U.S. online gaming business which is the product of a landmark partnership between TSG and FOX Sports, a transaction which he led. During that period, Mr. Chhabra led several transactions which transformed TSG into the largest publicly listed online gambling operator in the world by both revenue and market capitalization and one of the most diversified from a product and geographic perspective with revenues of over $2.5 billion. Mr. Chhabra’s M&A experience is extensive and covers multiple global geographies across the digital gaming value chain and includes the following: • TSG/Flutter Entertainment Merger: In 2019, Mr. Chhabra led the TSG M&A team that was responsible for TSG’s $12.2 billion merger with Flutter Entertainment (LSE: FLTR). The merger between TSG and Flutter Entertainment is the largest transaction in the digital gaming industry to date. The combination created the largest publicly listed online gaming company with approximately 13 million active customers and leading product offerings, which include sports betting, online casino, fantasy sports and poker. The combined entity includes some of the world’s most iconic digital gaming brands such as Fanduel, Fox Bet, Sky Bet, PaddyPower, Betfair, PokerStars and SportsBet. TSG/Flutter Entertainment is one of the most geographically diverse digital gaming and media companies with leading positions in the United States, United Kingdom, Australia, Ireland, Italy, Spain, Germany and Georgia. • TSG/Sky Betting and Gaming (“SBG”): In 2018, Mr. Chhabra led the acquisition of SBG from CVC Capital Partners and Sky plc, Europe’s largest media company, in a transaction valued at $4.7 billion. At the time of the acquisition SBG was the largest mobile gambling operator in the United Kingdom and one of the fastest growing of the major operators having doubled its online market share in three years. The acquisition of SBG provided TSG with (a) greater revenue diversification, significantly enhanced expertise and exposure to sports betting just ahead of the judicial overturn of The Professional and Amateur Sports Protection Act of 1992 (PASPA) by the U.S. Supreme Court, (b) a leading position within the United Kingdom, the world’s largest regulated online gaming market, (c) improved products and technology as a result of the addition of SBG’s innovative casino and sports book offerings and a portfolio of popular mobile apps, and (d) expertise in deeply integrating sports betting with leading sports media companies, positioning TSG to create more engaging content, deliver faster growth and decrease customer acquisition costs. • William Hill (LSE: WMH): At William Hill, from 2010 to 2017, Mr. Chhabra served as Group Director of Strategy and Corporate Development where he led several transactions which contributed to William Hill’s transformation from a land-based gambling operator in the United Kingdom to a leading online-led international business. Mr. Chhabra led William Hill’s entry into the U.S. sports betting and online lottery markets with the acquisition of four businesses, including the simultaneous acquisitions of three U.S. sportsbooks, Cal Neva, American Wagering and Brandywine Bookmaking, in 2011 for an aggregate purchase price of $55 million. These businesses ultimately led William Hill to achieve a leading position in the U.S. sports betting market with a market share of 24% in 2019. Additionally, Mr. Chhabra played a key role in structuring William Hill’s successful joint venture with PlayTech Plc (LSE: PTEC) in 2008. The combined entity created one of the largest online gambling businesses in Europe at the time of its formation and led to William Hill’s buyout of Playtech’s interest for $637 million in 2013. Prior to the transaction, William Hill had struggled in its attempt to establish a strong online gaming platform and a meaningful presence outside the United Kingdom. Mr. Chhabra has also successfully completed four transactions worth over $1.2 billion in Australia, the world’s second largest regulated online gambling market, and various partnerships in Asia. Additionally, he completed several technology and media related transactions, including William Hill’s investment in NYX, where he worked with Mr. Davey on NYX’s transformational acquisition of OpenBet. Prior to working in the gaming sector, Mr. Chhabra was an equities analyst and a management consultant. Mr. Chhabra received a Bachelor of Science in Economics from the London School of Economics and Political Science. Eric Matejevich — Chief Financial Officer Mr. Matejevich is a seasoned gaming executive with extensive experience in both the online gaming and traditional casino industries. From February to August 2019, he served as Trustee and Interim-Chief Executive Officer of Ocean Casino Resort (“Ocean”) (formerly Revel Casino, which had a construction cost of $2.4 billion) in Atlantic City, where he successfully led the management team through an ownership change and operational turnaround effort. Over the course of seven months, Mr. Matejevich managed to reduce the property’s weekly cash burn of $1.5 million to an annualized cash flow run rate in excess of $20 million. Prior to Ocean, from 2016 to 2018, Mr. Matejevich served as the Chief Financial Officer of NYX. At NYX, he focused his efforts on integrating the company’s many acquisitions and multiple debt refinancings to simplify its capital structure and provided liquidity for growth initiatives. Additionally, Mr. Matejevich was instrumental to the executive team that sold NYX to Scientific Games for $631 million. Prior to NYX, from 2004 to 2014, Mr. Matejevich was the Chief Financial Officer of Resorts International Holdings and later, from 2011, also the Chief Operating Officer of the Atlantic Club Casino, a property under the Resorts International Holdings umbrella — a Colony Capital (NYSE: CLNY) entity. As Chief Financial Officer, he provided managerial oversight for all finance functions for a six-property casino company with annual gaming revenue exceeding $1.3 billion, 10,000 gaming positions, 7,000 hotel rooms and over 11,000 staff members during his tenure. Mr. Matejevich led the transition effort to integrate a four-casino, $1.3 billion acquisition from Harrah’s Entertainment and Caesars Entertainment (Nasdaq: CZR). As Chief Operating Officer of Atlantic Club, he lobbied for and was successful in obtaining the first internet gaming legislation passed in the United States. The Atlantic Club was the sole New Jersey casino proponent of the legislation. Prior to serving in various gaming positions, Mr. Matejevich was a Vice President of High Yield Research for Merrill Lynch, where he managed the corporate bond research effort for the gaming and leisure sectors and marketed high yield and other debt transactions totaling $4.8 billion. Mr. Matejevich received a Bachelor of Science in Economics from The Wharton School and a Bachelor of Arts in International Relations from The College of Arts and Sciences at the University of Pennsylvania. Our Board of Directors Morris Bailey — Chairman Over the past 10 years, Mr. Bailey has been a leader in turning around Atlantic City, as well as being among the first gaming executives to embrace online gaming and sports betting in the United States. In his efforts, Mr. Bailey partnered with two of the largest digital gaming companies in the world, PokerStars, part of the Stars Group, and DraftKings (Nasdaq: DKNG). In 2010, Mr. Bailey bought Resorts Atlantic City (“Resorts”) and initiated a comprehensive renovation which allowed for the property to be rebranded and repositioned. In 2012, Mr. Bailey signed an agreement with Mohegan Sun to manage the day-to-day operations of the casino. In addition to Mohegan Sun’s operational expertise and ability to reduce costs via economies of scale, Resorts gained access to their robust customer database. Soon thereafter, Mr. Bailey and his team focused on bringing online gaming to the property. In 2015, Resorts established a platform to engage in online gaming by partnering with PokerStars, now part of the $24 billion Flutter Entertainment, PLC (LSE: FLTR), to operate an online poker room in Atlantic City. In 2018, Resorts announced deals with DraftKings and SBTech to open a sportsbook on-property and online. For 2020 year-to-date, Resorts has performed in the top quartile in internet gross gaming revenue in New Jersey. Mr. Bailey’s efforts in New Jersey helped set the framework for expansion of online sports and gaming throughout the United States. In addition to his gaming interests, Mr. Bailey has over 50 years of experience in all facets of real estate development, asset M&A, capital markets and operations and is the founder, Chief Executive Officer and Principal of JEMB Realty, a leading real estate development, investment and management organization. Mr. Bailey has notable investment experience within the energy, finance and telecommunications sectors through investments in the Astoria Energy Plant, Basis Investment Group and Xentris Wireless. Tony Rodio — Director Nominee Mr. Rodio has nearly four decades of experience in the gaming industry. Most recently, Mr. Rodio served as the Chief Executive Officer and director of Caesars Entertainment Corporation (“Caesars”) (Nasdaq: CZR), one of the world’s most diversified casino-entertainment providers and the most geographically diverse U.S. casino-entertainment company, from April 2019 until its acquisition by Eldorado Resorts, Inc. in July 2020. Mr. Rodio led Caesars through its $17.3 billion merger with Eldorado Resorts, one of the largest transactions in the gaming industry to date. Additionally, Mr. Rodio was instrumental to Caesars’ expansion into the digital gaming industry and oversaw the implementation of new digital segments such as its Scientific Games powered retail sportsbook solution that now operates in various states throughout the U.S. From October 2018 to May 2019, Mr. Rodio served as Chief Executive Officer of Affinity Gaming. Prior to Affinity Gaming, he served as President, Chief Executive Officer and a director of Tropicana Entertainment, Inc. (“Tropicana”) for over seven years, where he was responsible for the operation of eight casino properties in seven different jurisdictions. During his time at Tropicana, Mr. Rodio oversaw a period of unprecedented growth at the company, improving overall financial results with net revenue that increased more than 50% driven by both operational improvements and expansion across regional markets. Mr. Rodio led major capital projects, including the complete renovation of Tropicana Atlantic City and Tropicana’s move to land-based operations in Evansville, Indiana. Each of these initiatives, among others, generated substantial value for Tropicana. Ultimately, Mr. Rodio’s efforts at Tropicana led to its sale to Eldorado Resorts in 2018 for $1.85 billion. Prior to Tropicana, Mr. Rodio held a succession of executive positions in Atlantic City for casino brands, including Trump Marina Hotel Casino, Harrah’s Entertainment (predecessor to Caesars), the Atlantic City Hilton Casino Resort and Penn National Gaming. He has also served as a director of several professional and charitable organizations, including Atlantic City Alliance, United Way of Atlantic County, the Casino Associations of New Jersey and Indiana, AtlantiCare Charitable Foundation and the Lloyd D. Levenson Institute of Gaming Hospitality & Tourism. Mr. Rodio brings extensive knowledge of and experience in the gaming industry, operational expertise, and a demonstrated ability to effectively design and implement company strategy. Mr. Rodio received a Bachelor of Science from Rider University and a Master of Business Administration from Monmouth University. Marlon Goldstein — Director Nominee Mr. Goldstein is a licensed attorney with nearly 20 years of experience in the gaming space. He joined The Stars Group (Nasdaq: TSG)(TSX: TSGI) in January 2014 as its Executive Vice-President, Chief Legal Officer and Secretary until his retirement from the company in July 2020 following the merger of TSG with Flutter Entertainment, PLC (LSE: FLTR). Mr. Goldstein also previously served as the Executive Vice-President, Corporate Development and General Counsel of TSG. Mr. Goldstein was also the senior TSG executive based in the United States and was one of the primary architects of TSG’s strategic vision for its U.S.-facing business. During his tenure, TSG grew from an approximately $500 million market-cap company to an approximately $7 billion market-cap company through a combination of organic growth and strategic mergers and acquisitions. Mr. Goldstein participated in numerous M&A transactions and capital markets offerings at TSG, including several transformational transactions in the digital gaming industry. Notable transactions in which Mr. Goldstein was involved include: • TSG/Flutter Merger: In 2019, TSG merged with Flutter for a $12.2 billion transaction value, the largest transaction in the digital gaming industry to date. • TSG/Fox Bet Partnership: In 2019, TSG entered into a partnership with FOX Sports to create FOX Bet in the U.S., a leading U.S. online gaming business. Wall Street Research estimates an approximate $1.1 billion valuation for Fox Bet post-partnership with The Stars Group. • TSG/Sky Betting & Gaming: In 2018, TSG acquired Sky Betting & Gaming, the largest mobile gambling operator in the United Kingdom at the time, for $4.7 billion. • TSG/CrownBet and William Hill: In 2018, TSG simultaneously acquired CrownBet and William Hill, two Australian operators, for a total of $621 million in a multi-part transaction. • TSG/PokerStars and Full Tilt Poker: In 2014, TSG acquired The Rational Group, which operated PokerStars and Full Tilt and was the world’s largest poker business, for $4.9 billion. Through his ability to legally structure large and complex transactions, Mr. Goldstein was integral to TSG’s vision of becoming a full-service online gaming company. Additionally, he assisted in structuring TSG’s capital markets activity, which generated liquidity for acquisitions and strengthened its balance sheet. Prior to joining TSG, Mr. Goldstein was a principal shareholder in the corporate and securities practice at the international law firm of Greenberg Traurig P.A., where he practiced for almost 13 years. Mr. Goldstein’s practice focused on corporate and securities matters, including mergers and acquisitions, securities offerings, and financing transactions. Additionally, Mr. Goldstein was the founder and co-chair of the firm’s Gaming Practice, a multi-disciplinary team of attorneys representing owners, operators and developers of gaming facilities, manufacturers and suppliers of gaming devices, investment banks and lenders in financing transactions, and Indian tribes in the development and financing of gaming facilities. Mr. Goldstein brings experience and insight that we believe will be valuable to a potential initial business combination target business. Mr. Goldstein received a Bachelor of Business Administration with a concentration in accounting from Emory University and a Juris Doctorate with highest honors from the University of Florida, College of Law. Sean Ryan — Director Nominee Mr. Ryan is a digital media and technology operator with extensive global experience in online payments, e-commerce, marketplaces, mobile ad networks, digital games, enterprise collaboration platforms, blockchain, real money gaming and online music. Since 2014, Mr. Ryan has been serving as Vice President of Business Platform Partnerships at Facebook, Inc. (“Facebook”) (Nasdaq: FB), where he leads a more than 500 person global organization that manages the Payments, Commerce, Novi/Blockhain, Workplace and Audience Network businesses. Prior to his current role, Mr. Ryan was hired in 2011 as the Director of Games Partnerships to lead and grow the global Games business at Facebook. While the Director of Games Partnerships, Mr. Ryan focused on re-shaping Facebook’s games and monetization strategies to derive more value for Facebook, its users and its partners, including the addition of a Real Money Gaming offering in regulated markets. Mr. Ryan’s team helped accelerate a major trend in engagement through cross-platform games and therefore the opportunity to increase users through establishing games on multiple platforms. Prior to joining Facebook, Mr. Ryan created the new social and mobile games division at News Corp, an American multinational mass media corporation controlled by Rupert Murdoch. While at News Corp, Mr. Ryan led the acquisition of Making Fun, a San Francisco social-game start-up, that created News Corp’s games publishing division. Before joining News Corp., Mr. Ryan founded multiple digital businesses such as Twofish, Meez, Open Wager and SingShot Media. Mr. Ryan co-founded Twofish in 2009, a virtual goods and services platform that provided developers with data analytics and insights for individual application’s digital economies. Twofish was later sold to online payments provider Live Gamer, where Mr. Ryan served on the board of directors. From 2005 to 2008, Mr. Ryan founded and led Meez.com, a social entertainment service combining avatars, web games and virtual worlds. The white label social casino gaming company Open Wager was spun out of Meez and was later sold to VGW Holdings, Mr. Ryan also co-founded SingShot Media, an online karaoke community, which was sold to Electronic Arts (Nasdaq: EA) and merged into its Sims division. We believe Mr. Ryan’s experience will be valuable to a potential initial business combination target and would provide an expanded perspective on the digital gaming landscape. Mr. Ryan received a Bachelor of Arts from Columbia University and a Master of Business Administration from the University of California, Los Angeles. Tom Roche — Director Nominee Mr. Roche has more than 40 years of experience in the gaming industry as a regulator, advisor and independent auditor. Mr. Roche joined Ernst & Young (“EY”) as a partner in 2003 and opened its Las Vegas office. He was subsequently appointed as the Office Managing Partner and Global Gaming Industry Market Leader. In 2016, Mr. Roche relocated to the EY Hong Kong office to supervise the expansion of the EY Global Gaming Industry practice in the Asia Pacific region. Mr. Roche has been integral to numerous transactions that have shaped the current gaming landscape, including: • Wynn Resorts (Nasdaq: WYNN) initial public offering: Mr. Roche was the lead partner on Wynn Resort’s initial public offering, which raised $450 million in 2002. • Harrah’s Entertainment/Apollo Management Group & Texas Pacific Group: Mr. Roche headed the regulatory advisory services on the buyout of Harrah’s Entertainment, the world’s largest casino company at the time, for $17.1 billion. • Dubai World/MGM Resorts: Mr. Roche headed the regulatory and due diligence advisory services to Dubai World in its approximately $5.1 billion investment in MGM. Dubai World bought 28.4 million MGM shares, or 9.5 percent of the casino operator, for $2.4 billion. It then invested $2.7 billion to acquire a 50% stake in MGM’s CityCenter Project, a $7.4 billion 76-acre Las Vegas development of hotels, condos and retail outlets. • MGM Growth Properties (NYSE: MGP) initial public offering: Mr. Roche provided tax and structural transaction services to MGM Resorts in the creation of MGM Growth Properties, a publicly traded REIT engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts. MGM Growth Properties raised $1.05 billion in its 2016 initial public offering. Mr. Roche also directed EY advisory services to boards and management teams for profit improvement and technology related initiatives. In addition, Mr. Roche provided advisory support to the American Gaming Association on several research projects, including those specifically related to sports betting, the revocation of The Professional and Amateur Sports Protection Act of 1992 (PASPA) and anti-money laundering best practices in the gaming industry. Equally, he has assisted government agencies in numerous international locations with enhancing their regulatory approach to governing the industry especially in the online gambling sector. Prior to joining Ernst & Young, Mr. Roche served as Deloitte’s National Gaming Industry Leader and as the co-head of Andersen’s Gaming Industry Practice in Las Vegas. In 1989, Mr. Roche was appointed by then Governor of the State of Nevada, Robert Miller, to serve as one of three members of the Nevada State Gaming Control Board for a four-year term, where he was directly responsible for the Audit and New Games Lab Divisions. As a board member, he spent a substantial amount of time assisting global jurisdiction regulators enact gaming legislation in the design of their regulatory structure. During his career, Roche has been involved in numerous public and private offerings of equity and debt securities. His background includes providing casino regulatory consulting services to casino licensees and to federal and state agencies including the National Indian Gaming Commission and the Nevada State Gaming Control Board, and industry associations such as the Nevada Resort Association and the American Gaming Association. We believe Mr. Roche’s highly regarded reputation as a gaming auditor and advisor in the gaming industry will be valuable for us and a potential business combination target. Mr. Roche is a member of the American Institute of Certified Public Accountants and is licensed by the Nevada State Board of Accountancy and Mississippi State Board of Public Accountancy. He received his Bachelor of Science degree in Accounting from the University of Southern California.
[OC] The Story of John Y. Brown Jr, one of the worst owners of all-time and his insane lasting impact on the NBA
Originally, I set out to make this 100% about the Kentucky Colonels and how an owner (John Y. Brown Jr.) with more money than he could ever spend decided to be cheap and refused to pay 3 million dollars for the Kentucky Colonels to enter the NBA. Instead, I got lost on the internet and found out that John Y. Brown Jr. honestly might be the most unknown major influence on the NBA, and one of the absolute worst owners of all time for two NBA franchises, and an ABA franchise.
So who is John Y. Brown Jr.?
He was raised in Kentucky, and born to be a businessman.
One year in high school over summer break, he decided to sell vacuums. His father disapproved, so he set out to prove him wrong and made over $1,000 a month off selling vacuums, or roughly $9,500 per month when adjusted for inflation to 2020.
In college at the University of Kentucky where he was studying to become a lawyer, he upgraded from vacuums to Encyclopædia Britannica box sets. Using his classmates as a "sales crew" (I'm like 90% sure this was a pyramid scheme), he made over $25,000 a year in college selling these Encyclopædia Britannica box sets.
$25,000 adjusted for inflation to 2020 is roughly... $228,000, and he was doing this all 4 years of college until he graduated as a lawyer in 1960.
For the next 3 years he worked with his father's law practice, and was legal counsel for NFL Hall of Fame RB Paul Hornung in 1963 when he was suspended from the NFL for gambling on games.
In 1963 he met a man named Colonel Harland Sanders, and by 1964 had convinced Jack C. Massey to purchase KFC from Colonel Sanders for $2,000,000 (roughly $16,500,000 today). Everything you know about KFC today, from the red and white stripes to them being a fast-food company and not a sit down diner, is all because of John Y. Brown Jr convincing Jack C. Massey to buy KFC.
In 1970, he was part of a group led by Wendell Cherry (co-founder of health insurance provider Humana) that bought ownership of the ABA Kentucky Colonels.
A year later in 1971, John Y. Brown Jr. sold all his stock in KFC for $284,000,000, or a massive $1,792,910,435 when adjusted for today.
John Y. Brown Jr's First Official Impact on the ABA/NBA
Finally, we get to the 1972-73 ABA offseason, where we finally get into his connection to the ABA/NBA and the impacts he had.
Following the 1972-73 season, Wendell Cherry, the majority owner, sold his shares to a group in Cincinnati that had the intention to move the team.
Upon hearing this news, John Y. Brown Jr immediately bought Cherry's sold shares from the group in Cincinnati, making sure that the Kentucky Colonels stayed in Kentucky. He was now the majority owner, and could make decisions on his own.
He appointed his wife and 10 other women as the board of directors of the team. Kentucky Colonels GM Mike Storen believed this was a sign that John Y. Brown Jr intended to run the team "his own way", so he resigned. Ironically enough, 2 months later Mike Storen became the ABA league commissioner, and a few years later in 1977 became the GM and president of the Atlanta Hawks.
Kentucky Colonels head coach Joe Mullaney had similar feelings and resigned as well, saying "Brown was going to be too meddlesome in personnel decisions."
The coach that replaced him, Babe McCarthy, only lasted a season under John Y. Brown Jr before resigning and dying only a few months later.
This is Where the Shit gets Weird
At the beginning of the 1974-75 season, John Y. Brown Jr hired future Hall of Famer Hubie Brown, giving him his first ever professional head coaching job.
Hubie Brown helped lead the Kentucky Colonels to winning the ABA Championship in his 1st season, with a league best defense.
The Kentucky Colonels, led by the dynamic trio of Dan Issel, Artis Gilmore, and Louie Dampier, went 58-26, and 13-3 in the playoffs on their way to a 4-1 championship win over the Indiana Pacers.
Even though the Colonels had won the ABA Championship and apparently had the 6th highest attendance that season in the ABA and NBA, John Y. Brown Jr claimed he lost hundreds of thousands of dollars that season.
Over the offseason leading into the 1975-76 season he sold hometown legend Dan Issel for $500,000, where he would spend the final 10 years of his career with the Denver Nuggets, averaging 20/8 for his NBA career.
Also over the offseason, John Y. Brown Jr convinces the ABA commissioner to challenge the NBA to a $1,000,000 winner-take-all championship series between the ABA Champ Kentucky Colonels, and the NBA Champ Rick Berry led Warriors. The NBA declines the challenge.
The 1975-76 Colonels go 46-38, beating the Indiana Pacers in the 1st round before eventually losing to the David Thompson and Dan Issel led Denver Nuggets.
Hubie Brown resigns following the season and becomes the Atlanta Hawks head coach in 1976.
John Y. Brown Jr and the Kentucky Colonels are given an offer to join the NBA for $3,000,000. Instead of accepting the offer though, he decides to fold the team for $3,000,000. With the Kentucky Colonels now considered folded, this then leads to the Indiana Pacers being accepted into the NBA.
Following the Kentucky Colonels folding, their players are placed in a supplemental draft. The most notable player selected is Artis Gilmore, who's bought by the Chicago Bulls for $1,100,000.
This would seem like a seemingly obvious ending right? A man defeated by his own greed, folding a team that could've joined the NBA. Fuck no, not for John Y. Brown Jr. Not even months later in 1976, John Y. Brown Jr purchases half-ownership in the Buffalo Braves, AKA the Clippers.
Buffalo Braves/San Diego/LA Clippers
Honestly, this is where shit really gets weird. John Y. Brown Jr truly shows how horrible he is at basketball while the owner of the Braves and how he was just in it for the money.
John Y. Brown Jr trades rookie of the year Adrian Dantley to the Indiana Pacers for Billy Knight.
Four hours later, he trades George Johnson and a 1979 1st round pick to the New York Nets for Nate "Tiny" Archibald.
Later during the 1976-77 season, he purchases the remaining 50% ownership of the Braves, and then resold that 50% to a man by the name of Harry T. Mangurian Jr.
Before the team had been sold to John Y. Brown Jr, the previous owner of the Buffalo Braves had a handshake deal in place to sell the team for $6,100,000 to hotel owner Irving Cowan, who would then move the team to Miami. The city of Buffalo filed a $10,000,000 damage lawsuit against the team to block the move, which led to the sale eventually falling through. Because of this, the Braves would then sign a 15-year lease for the arena they played in, with a provision that the lease would be voided if the team did not sell more than 5,000 season tickets in any given season.
John Y. Brown Jr knew of this provision, and knew he could sell the team for a profit if the lease was voided. He intended to tank the Buffalo Braves to the point they were beyond awful, so that less than 5,000 season tickets would be sold and they'd be out of their lease on the arena.
NBA legend and Hall of Famer Jack Ramsay, the head coach of the Buffalo Braves, caught wind of what John Y. Brown Jr intended to do and resigned, becoming the head coach of the Portland Trail Blazers, where they would go on to win the 1976-77 NBA Championship the following season.
He trades Bob McAdoo to the New York Knicks for cash and John Gianelli, who was nothing more than a bench center that averaged 7/6 for his career.
He then traded a 1st round pick in the 1978 NBA draft and $232,000 in cash to the Blazers for Moses Malone (who had just selected him 5 months prior in the ABA supplemental draft, bad luck again for the Blazers).
6 days later, John Y. Brown Jr trades Moses Malone to the Houston Rockets for 1977 and 1978 1st round picks.
In 1978 along with co-owner Harry T. Mangurian Jr, they trade franchises with Celtics owner Irv Levin. Irv Levin would then eventually move the Buffalo Braves to San Diego, where they would be rebranded as the San Diego Clippers.
This gave John Y. Brown Jr and Harry T. Mangurian Jr total ownership of the Boston Celtics.
John Y. Brown Jr's Ridiculously Short Celtics Career
Two weeks before the franchise swap was made official, John Y. Brown Jr made one final trade as the owner and GM of the Buffalo Braves.
He traded Nate "Tiny" Archibald, Billy Knight, and Marvin Barnes to the Celtics for Freeman Williams, Kevin Kunnert, and Kermit Washington without consulting or even talking to team president and legendary coach Red Auerbach.
Not wanting to strain the relationship any further with Celtics legend Red Auerbach, John Y. Brown Jr then trades three future 1st round picks (all in 1979) for Bob McAdoo, once again without consulting or even talking to Red Auerbach. Bob McAdoo would play only 20 games with the Celtics.
The relationship between John Y. Brown Jr and Red Auerbach was so bad that Red Auerbach nearly took a job with the Knicks.
Shortly afterwards, Harry T. Mangurian Jr bought out John Y. Brown Jr's ownership shares, and in 1979, Harry T. Mangurian Jr officially became the sole owner of the Boston Celtics. Under his ownership, the Celtics would win the 1980-811 NBA Championship, before eventually being forced to sell the team in 1983.
And with that, John Y. Brown Jr. was done with his involvement in the NBA. A few months later in 1979 he ran and became Governor of Kentucky, promising to run the state like a business.
In Summary...
Kentucky Colonels
Sold the hometown star (Dan Issel) for $500,000 to the Denver Nuggets, causing fans to refund and refuse to buy season tickets
Complained that he was losing hundreds of thousands of dollars (I wonder why...)
Sold the team instead of paying $3,000,000 to join the NBA
Buffalo Braves
Bought the Buffalo Braves months after folding the Colonels and complaining about losing money.
Actively tried to force fans to not buy season tickets so that he could sell the team easier.
Traded Adrian Dantley and Bob McAdoo, traded for Moses Malone and then traded him 6 days later, and ran off legendary coach Jack Ramsay.
Traded franchises with the Celtics owner, which eventually led to the Braves moving to San Diego and then LA as the Clippers, and not moving to Miami.
Two weeks before officially owning the Celtics, as his last act as the OwneGM of the Braves, he traded Nate "Tiny" Archibald, Billy Knight, and Marvin Barnes to the Celtics for Freeman Williams, Kevin Kunnert, and Kermit Washington.
Boston Celtics
Refused to talk or even consult with legendary Celtics coach and current team president Red Auerbach on two major team-altering trades, nearly sending Red Auerbach to take a job with the Knicks out of frustration.
Traded three 1st round picks in 1979 for Bob McAdoo, who would only play 20 games for the Celtics.
Had such an awful relationship with Red Auerbach that he nearly took a job with the Knicks.
Was such a disaster that not even a year into owning the Celtics, his partner bought out his ownership shares.
Portland Trail Blazers
Drove NBA legend head coach Jack Ramsey out of Buffalo and to Portland, where he would win the NBA championship the following year.
Indiana Pacers
Led to the Pacers joining the NBA after the Colonels folded.
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CASINO REVIEW
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Thus, people who engage in online gambling in Indiana can expect to be charged with a class B misdemeanor, which is punishable by up to 180 days in jail and a fine of up to $1,000. All gambling-related matters in Indiana are regulated by Indiana Code 35-45-5-1 et seq. and 4-31-1-1 et seq. So here is a brief summary to gambling laws in Indiana. Indiana Gambling Laws. Certain types of gambling are illegal and prosecuted under each state's gaming statutes. However, many states have recently relaxed their gambling laws and permitted casinos and other gaming venues such as card rooms. While Indiana gambling laws allow betting on horse racing and riverboat casinos, most other types of gambling are prohibited in the state. Bona fide contests of skill are acceptable, as "Gambling" means risking money or other property for gain, contingent in whole or in part upon lot, chance, or the operation of a gambling device. If one of these elements of the gambling definition is removed, then the activity is legal. 4. Are card games, such as poker, games of chance? Yes. The illegal gambling statute specifically provides that “a card game or an electronic This is a two-part question. The first answer has to do with the legal aspect of online gambling in Indiana, in which case Indiana does have some laws in place to prevent residents from gambling. That being said, internet gambling laws are not typically heavily enforced. Indiana only goes after those who have illegal gambling operations in the state, online or in person. As long as you do not own/operate an illegal gambling establishment in Indiana, you are likely not to be a target. Online gambling in Indiana is frowned upon by the state, yet they do not state in their gambling laws that it is illegal. Indiana residents who wish to gamble online can view our list of online gambling sites that allow Indiana players. The sites we list are safe, secure, and licensed by the jurisdiction they are located in. Is Online Gambling Legal in Indiana? Strictly speaking, online gambling is illegal in the state of Indiana with the exception being online sports betting. There are multiple online sportsbooks available for wagering in the state. At this time, the active online sportsbooks in Indiana are: DraftKings Sportsbook; FanDuel Sportsbook; BetRivers Sportsbook Chapter 35-45-5-3 of the Indiana gambling code classifies professional gambling as a Class D felony on just a first offense. This entails anywhere from six months to three years in a state prison, along with a $10,000. Any subsequent offenses are hit with a class C felony, which also carries a $10,000 fine but a jail sentence of up to eight years. When it comes to gambling, be it at a land-based casino or online, it helps to know the gambling laws of the US state you are in because they all have different stances when it comes to the issue. What may be considered legal in one state may not necessarily be legal in another, so it pays to know more about these things lest you want to wake up one day being charged with illegal gambling with The bottom line is that it’s a serious crime in the state of Indiana to take part in any form of internet gambling. What Forms of Gambling In Indiana Are Legal? There are a few possibilities for a wager which exist within the law in Indiana. There are licensed horse racetracks in the state, where pari-mutuel wagering is allowed. Indiana Downs is the state’s frontline venue for thoroughbred and quarter horse racing, and also offers simulcast betting.
