http://www.thestar.com/article/95314...s-new-contract
I'm surprised an accountant would have an issue with Colangelo seeing as how the franchise has been more profitable under his guide than at any other time in its history.
Further proof that MLSE are idiots. Nevermind if you are pro or anti Colangelo. The reality is stability is needed for a rebuiding franchise and it does not sound like things are stable at the top. As much as I hate Rogers, I'd much rather have them majority owners of the Raptors than the current ownership structure.
Given BC's publicly stated desire to stay in TOR, it would appear there are two options in this situation:
1) BC is not renewed with a situation similar to Kevin Pritchard in the works,
or
2) Negotiation tactic to get a shorter &/or cheaper contract.
*EDIT* This could also have something to do with the lock out and the feeling by MLSE there is very little point in getting a contract when there will be no NBA business on going.
When Larry Tanenbaum, the Raptors’ chairman, offered a public endorsement of GM Bryan Colangelo in London last week, it raised an obvious question.
If Tanenbaum and his fellow directors support Colangelo — “Bryan has a plan and we back his plan as a board,” Tanenbaum said — why has Colangelo’s contract, which expires June 30, not been extended?
It’s because there remains at least one anti-Colangelo voice among the power brokers. That voice, multiple club sources confirm, belongs to Glen Silvestri, a representative of the organization’s majority owner, the Ontario Teachers’ Pension Plan. Since the board has seven seats, three of which belong to Teachers’, and since another one of its members, CEO Richard Peddie, is essentially duty-bound to the majority owner, Colangelo isn’t likely to ink a new contract unless Silvestri comes around.
What, exactly, is behind Silvestri’s opposition to Colangelo’s continued presence in Toronto? That’s difficult to say since Silvestri, a chartered accountant who manages billions of dollars worth of the pension plan’s funds, referred all questions to Maple Leaf Sports and Entertainment, which owns the Raptors and Maple Leafs, among many things.
Peddie, the MLSE CEO, refused comment on board matters. As for the status of Colangelo’s contract? Said Peddie: “There’s nothing to report.”
That kind of silence has been typical of the pension plan’s representatives, and it leaves those who care to parse hearsay. Sources say Silvestri, who took a seat on the board last year, has emerged as an atypically opinionated presence around the Air Canada Centre. Along with criticizing Colangelo’s record as GM, Silvestri, one league source said, has also been heard to deride Colangelo’s career as the product of nepotism. Colangelo’s father, Jerry, was owner of the Phoenix Suns when Bryan became that franchise’s general manager in 1995.
Bryan Colangelo, who was GM in Phoenix for 11 years before he succeeded Rob Babcock in Toronto in February 2006, has had success outside his father’s shadow. He was named the NBA’s executive of the year in Toronto in 2007 for inheriting a 27-win team and turning them into the 47-win champions of the Atlantic Division.
He has made plenty of missteps in the wake of that triumph, to be sure. The Jermaine O’Neal deal, which insiders pin on Colangelo’s wish to assuage then-coach Sam Mitchell’s constant harping for more defence and rebounding, was a miss. Ditto Hedo Turkoglu. And Colangelo’s call-out of Chris Bosh, in the wake of Bosh’s exit to Miami last summer, raised eyebrows among those concerned about the team’s ability to land and retain free agents.
Still, the club, depending on the result of negotiations on a new collective bargaining agreement between NBA owners and players, is expected to have salary-cap flexibility in the off-season. It will also have one of the top few picks in the June draft.
Meanwhile, Colangelo’s most recent two draft picks, DeMar DeRozan and Ed Davis, both age 21, have shown promise and improvement. A turnaround, with some deft maneuvering and some luck, is neither guaranteed nor impossible to foresee.
Some insiders downplay the conflict between Colangelo and Silvestri, and certainly there are many other factors that could be influencing the Teachers’ reluctance to re-up Colangelo. Peddie, who has announced he’ll retire at the conclusion of 2011, is expected to welcome his replacement in the coming months. A headhunting firm is currently conducting a worldwide search for that person; Peddie said the field will be pared to a shortlist in the near future.
While Tom Anselmi, MLSE’s current chief operating officer, remains the in-house front-runner to get the gig, giving Colangelo a multi-year extension on the cusp of a new CEO’s arrival — especially since the date of that arrival is unclear — might not be seen as wise.
It’s also unknown how much longer the pension plan, which owns 66 per cent of privately held MLSE, will be the majority shareholder. The Star reported in December that Rogers has kicked the tires on the Teachers’ stake, which has been estimated to be worth about $1.3 billion, and other suitors are expected to emerge. The real prospect of an NBA lockout doesn’t clarify anyone’s view of how Toronto’s basketball operation will look after this season.
As one source said: “Confusion reigns.”
And so Colangelo waits. Is it possible the GM could make the Raptors’ first-round pick in the draft on June 23, a week before his contract expires, without a new contract? Multiple team sources said it is. Colangelo declined comment on matters pertaining to his contract.
What will come of all this? If the club is seriously considering replacing Colangelo, it’d be a good time to strike up a search. The corporation’s protocols demand that Peddie would be in charge of such a search; multiple sources have said there isn’t one under way.
Even if Colangelo is ousted in short order — indeed, pre-draft workouts begin a little more than a month from now — the NBA draft, a crucial one for a rebuilding club, is a little more than three months away. Given that it’s not just Colangelo standing on the precipice — much of the basketball staff, including head coach Jay Triano and various assistants, not to mention assistant GM Maurizio Gherardini, are on expiring deals — these are anxious days in Raptorland.
Tanenbaum, for his part, is said to see Colangelo as the club’s best hope to lead a quick recovery, but the chairman’s 20.5 per cent ownership stake doesn’t let him decide (TD Capital owns the other 13.5 per cent). Peddie has long voiced his public faith in Colangelo, but Peddie has always been a loyal servant to the pension plan.
That Colangelo wants to stay is beyond question; he and his family are entrenched in Toronto. Whether they’ll be here come the fall is anyone’s guess.
Check that: Silvestri’s guess would be better than anyone’s.
The paying customers await his take. History suggests they may wait forever.
If Tanenbaum and his fellow directors support Colangelo — “Bryan has a plan and we back his plan as a board,” Tanenbaum said — why has Colangelo’s contract, which expires June 30, not been extended?
It’s because there remains at least one anti-Colangelo voice among the power brokers. That voice, multiple club sources confirm, belongs to Glen Silvestri, a representative of the organization’s majority owner, the Ontario Teachers’ Pension Plan. Since the board has seven seats, three of which belong to Teachers’, and since another one of its members, CEO Richard Peddie, is essentially duty-bound to the majority owner, Colangelo isn’t likely to ink a new contract unless Silvestri comes around.
What, exactly, is behind Silvestri’s opposition to Colangelo’s continued presence in Toronto? That’s difficult to say since Silvestri, a chartered accountant who manages billions of dollars worth of the pension plan’s funds, referred all questions to Maple Leaf Sports and Entertainment, which owns the Raptors and Maple Leafs, among many things.
Peddie, the MLSE CEO, refused comment on board matters. As for the status of Colangelo’s contract? Said Peddie: “There’s nothing to report.”
That kind of silence has been typical of the pension plan’s representatives, and it leaves those who care to parse hearsay. Sources say Silvestri, who took a seat on the board last year, has emerged as an atypically opinionated presence around the Air Canada Centre. Along with criticizing Colangelo’s record as GM, Silvestri, one league source said, has also been heard to deride Colangelo’s career as the product of nepotism. Colangelo’s father, Jerry, was owner of the Phoenix Suns when Bryan became that franchise’s general manager in 1995.
Bryan Colangelo, who was GM in Phoenix for 11 years before he succeeded Rob Babcock in Toronto in February 2006, has had success outside his father’s shadow. He was named the NBA’s executive of the year in Toronto in 2007 for inheriting a 27-win team and turning them into the 47-win champions of the Atlantic Division.
He has made plenty of missteps in the wake of that triumph, to be sure. The Jermaine O’Neal deal, which insiders pin on Colangelo’s wish to assuage then-coach Sam Mitchell’s constant harping for more defence and rebounding, was a miss. Ditto Hedo Turkoglu. And Colangelo’s call-out of Chris Bosh, in the wake of Bosh’s exit to Miami last summer, raised eyebrows among those concerned about the team’s ability to land and retain free agents.
Still, the club, depending on the result of negotiations on a new collective bargaining agreement between NBA owners and players, is expected to have salary-cap flexibility in the off-season. It will also have one of the top few picks in the June draft.
Meanwhile, Colangelo’s most recent two draft picks, DeMar DeRozan and Ed Davis, both age 21, have shown promise and improvement. A turnaround, with some deft maneuvering and some luck, is neither guaranteed nor impossible to foresee.
Some insiders downplay the conflict between Colangelo and Silvestri, and certainly there are many other factors that could be influencing the Teachers’ reluctance to re-up Colangelo. Peddie, who has announced he’ll retire at the conclusion of 2011, is expected to welcome his replacement in the coming months. A headhunting firm is currently conducting a worldwide search for that person; Peddie said the field will be pared to a shortlist in the near future.
While Tom Anselmi, MLSE’s current chief operating officer, remains the in-house front-runner to get the gig, giving Colangelo a multi-year extension on the cusp of a new CEO’s arrival — especially since the date of that arrival is unclear — might not be seen as wise.
It’s also unknown how much longer the pension plan, which owns 66 per cent of privately held MLSE, will be the majority shareholder. The Star reported in December that Rogers has kicked the tires on the Teachers’ stake, which has been estimated to be worth about $1.3 billion, and other suitors are expected to emerge. The real prospect of an NBA lockout doesn’t clarify anyone’s view of how Toronto’s basketball operation will look after this season.
As one source said: “Confusion reigns.”
And so Colangelo waits. Is it possible the GM could make the Raptors’ first-round pick in the draft on June 23, a week before his contract expires, without a new contract? Multiple team sources said it is. Colangelo declined comment on matters pertaining to his contract.
What will come of all this? If the club is seriously considering replacing Colangelo, it’d be a good time to strike up a search. The corporation’s protocols demand that Peddie would be in charge of such a search; multiple sources have said there isn’t one under way.
Even if Colangelo is ousted in short order — indeed, pre-draft workouts begin a little more than a month from now — the NBA draft, a crucial one for a rebuilding club, is a little more than three months away. Given that it’s not just Colangelo standing on the precipice — much of the basketball staff, including head coach Jay Triano and various assistants, not to mention assistant GM Maurizio Gherardini, are on expiring deals — these are anxious days in Raptorland.
Tanenbaum, for his part, is said to see Colangelo as the club’s best hope to lead a quick recovery, but the chairman’s 20.5 per cent ownership stake doesn’t let him decide (TD Capital owns the other 13.5 per cent). Peddie has long voiced his public faith in Colangelo, but Peddie has always been a loyal servant to the pension plan.
That Colangelo wants to stay is beyond question; he and his family are entrenched in Toronto. Whether they’ll be here come the fall is anyone’s guess.
Check that: Silvestri’s guess would be better than anyone’s.
The paying customers await his take. History suggests they may wait forever.
Further proof that MLSE are idiots. Nevermind if you are pro or anti Colangelo. The reality is stability is needed for a rebuiding franchise and it does not sound like things are stable at the top. As much as I hate Rogers, I'd much rather have them majority owners of the Raptors than the current ownership structure.
Given BC's publicly stated desire to stay in TOR, it would appear there are two options in this situation:
1) BC is not renewed with a situation similar to Kevin Pritchard in the works,
or
2) Negotiation tactic to get a shorter &/or cheaper contract.
*EDIT* This could also have something to do with the lock out and the feeling by MLSE there is very little point in getting a contract when there will be no NBA business on going.
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