Thomas Purchases CBA for $10 Million
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PHOENIX — NBA great Isiah Thomas is buying a majority stake in the Continental Basketball Assn. for about $10 million and plans to reorganize the league.
“The CBA has always had huge potential,” he said Tuesday. “But we look forward to helping the league realize its full potential.”
Thomas, who led the Detroit Pistons to NBA titles in 1989 and 1990, is a former co-owner and general manager of the Toronto Raptors.
He originally wanted to buy an expansion CBA team for Detroit. Those discussions expanded to the point where his company, Isiah International, acquired the entire league.
“We are always looking at sports and entertainment properties,” Thomas said in a conference call confirming the purchase. “This is a good buy and a good asset, with tremendous history.”
Thomas anticipates no immediate changes in the league structure, but he hopes to add teams and establish affiliations between CBA and NBA clubs.
The CBA’s nine teams are organized as an association with about 40 owners. Thomas plans to form a single entity league, with the nine franchises reporting to the league.
The NBA will continue to use the CBA as its developmental league and provide financial and professional support.
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