Then, Isiah Thomas bought the CBA for $10 million dollars in 1999 and things went immediately downhill. Roughly two weeks after becoming owner, he cut player salaries by roughly a third in an effort to purportedly make the “CBA a younger league” which would appeal more to the NBA as its feeder system.
The players hate “Zeke”.
The following March, six months after his purchase, the NBA offers “Zeke” $11 million dollars and a percentage of profits to buy the CBA and take over the league. Thomas says no, initially.
Three months later, Thomas is offered the head coaching position for the Indiana Pacers. But there is a catch- NBA rules forbid a coach from owning his own league and coaching since that would give him an unfair advantage in terms of player acquisition. So, Thomas signs a letter of intent to sell the CBA to the NBA Players Union.
The owners hate “Zeke”.
Amazingly, the NBA announces a month later that, after 20 years, it does not plan on retaining the CBA as its official minor league after the 2001 season because it will start its own minor league, the NBADL. Almost immediately due to no NBA affiliation, the league becomes nearly worthless and impossible to sell.
The owners really hate “Zeke”.
But Thomas doesn’t care. In October, he signs the league into a “Blind Trust”, essentially crippling the CBA because it can’t pay for anything because no one has any way of seeing the books or knowing about the financial status of the league, and accepts the Pacers head coaching job. Three months later the CBA folds and declares bankruptcy.
In less than a year and a half, Isiah Thomas killed a professional basketball league that had been around since 1946 and blew roughly $10 million dollars in the process. How the Knicks could ever hire him as VP of Basketball Operations after this is beyond explanation.