Update #1 01/18/14: Magic Johnson:
… Look what Pat Riley did in Miami … If Pat Riley’s not there, you don’t get LeBron to buy in.
The Miami Heat and Pat Riley don’t do WTF’s. For them, it’s more about the ETF’s.
The Miami Herald’s Barry Jackson reported on an interview Pat Riley gave recently to Index Universe [see it here], his first since June 2013. Great I thought, as a degenerate Heat fan I need … wait … who … why Index Universe?
Here’s the who. Index Universe is a company designed to promote exchange-traded funds. ETF’s are sold mainly to large broker-dealers, institutional investors, the big boys. They have an annual conference coming up. Un-coincidentally, Pat Riley will be a speaker at that conference.
Here’s the why. The Heat are owned by the same family [Arison] which owns Carnival Corporation [CCL], the largest bank in Israel [Hapoalim Group] and Ecuador [kidding about EC, I think]. Due to the bad publicity associated with the problems on their cruise ships, Carnival has much work to do to repair their brand name. Enter Pat Riley and likely good vibes for Carnival among the type of people who decide whether CCL is part of their managed mutual funds portfolio.
Not unlike the good vibes Riley generated in a Cleveland meeting circa 2010. And of course, there was the heretofore unreported Wade meeting in Schenectady which made it all possible. Many people have seen the light in Schenectady.
In the words of Carlito Brigante, the street is watching. The street — aka the NBA free agent class of 2014 — also needs to be smart about their brand names and portfolios. Among the teams with significant cap space expected to be active for top free agents, these are the player’s options as to whom to entrust their basketball futures in the summer of 2014 — General Managers and team owners are noted — links are to their HoopsHype web pages, which detail their player moves:
- Charlotte Bobcats – Rod Higgins [GM 7th year] / Michael Jordan owner
- Cleveland Cavaliers – Chris Grant [GM 4th year] / Dan Gilbert owner
- Dallas Mavericks – Donnie Nelson [GM 11th year] / Mark Cuban owner
- Detroit Pistons – Joe Dumars [GM 14th year] / Tom Gores owner – a Catholic born in Nazareth, Israel
- Orlando Magic – Rob Hennigan [GM 2nd year] / Richard DeVos owner
- Los Angeles Lakers – Mitch Kupchak [GM 14th year] / Buss offspring owners
- Miami Heat – Pat Riley [Oracle 68th year] / Micky Arison owner
- New Orleans Pelicans – Dell Demps [GM 4th year] / Tom Benson owner
- Philadelphia 76ers – Sam Hinkie [GM 2nd year] / Josh Harris owner
- Phoenix Suns – Ryan McDonough [GM 2nd year] / Robert Sarver owner
- Toronto Raptors – Masai Ujiri [GM 4th year] / Corporate ownership
- Utah Jazz – Dennis Lindsey [GM 2nd year – someone please notify HoopsHype about Dennis] / Gail Miller owner
The Boston Celtics were omitted as a matter of principle. Over the next week, I’ll detail factors which will likely impact free agent decisions this summer.
But as the above list will attest, if you are a Miami Heat fan, Pat Riley is very good for business.