Wyc Grousbeck on how he ended up owning the Boston Celtics
Explaining how he more or less grew up in the team's home arena, and while attending a game during the dark ages of the franchise in the post-Larry Bird, pre-New Big Three era, Grousbeck began to wonder what was going on with the team (and the arena in particular, which was only half full of fans). Wondering who the team's owner at the time was, Grousbeck asked around. "They said, 'Oh, he lives down in New York. Turns out to be a very nice guy.' I went to find him," he explained. "They said he hadn't been here in three and a half, four years. He hadn't come to the games."
Wondering if he might be convinced to sell the team given its then-distressed state, Grousbeck tracked him down. "I go down, find him, shake his hand, and say, 'What do you want?' I said, 'I'd like to buy the Celtics.' And he goes, 'They're not for sale.' I said, 'Well, is there a crazy number?' And he named a crazy number—way too high, really," continued Grousbeck. "But I didn't have the money."
"I said, 'I don't have the money, but I'll get it in four months—three and a half months,'" recalled the Celtics CEO. "So I didn't give him a chance. I took his price. I didn't negotiate. He named the number—it was a record—and I just said, 'Okay, I figure I can probably get it.' Then I said, 'I'll wire you this much next week to keep—just keep it as a deposit.'"
"I named a number, which wasn't very much for the team, but it was a lot for me. And he goes, 'All right, what's he going to do?' He had to say yes—free money. So I shake his hand, go home, mortgage my house, send him the money. And then three months later, I had 25 partners. We had all the money."
The rest, as they say, is history.
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Yahoo
32 minutes ago
- Yahoo
The world's biggest passenger planes keep breaking down
In its youth, the A380 was a triumph of international collaboration, with 4 million parts made by 1,500 companies worldwide The world's largest commercial passenger jet, the Airbus A380, enjoyed an unexpected resurgence hauling full loads of passengers when global travel rebounded after the pandemic. But keeping the ageing superjumbo safely airborne is becoming an increasingly expensive headache for airlines. Two decades after its maiden flight, regulatory bulletins ordering repairs, inspections or replacement parts for the massive four-engined plane are piling up. While some are procedural, such as a demand for timely equipment checks, others are more serious. Leaking escape slides, cracked seals and a ruptured landing-gear axle feature among 95 airworthiness directives for the A380 listed by the European Union Aviation Safety Agency since January 2020. That's about double the number of directives for large Boeing Co aircraft in the same period. With newer, more fuel-efficient jets in short supply, airlines committed to the twin-deck A380 have little choice but to keep flying it. In its youth, the A380 was a triumph of international collaboration, with 4 million parts made by 1,500 companies worldwide. Now, in old age, the aircraft's complexity is testing aviation's fractured supply chains in the post-Covid era. 'The A380 is a complex aeroplane whose scale does make it more demanding to maintain compared to other aircraft,' the European Union Aviation Safety Agency said in a statement. 'It is very important for safety that there is no stigma attached to publishing an airworthiness directive -– safety must come first.' The agency said such directives, which mandate actions to make an aircraft safe, 'can vary hugely in scope and urgency.' The volume of airworthiness directives for different planes 'is not a good basis for comparison,' EASA said. Stranded Passengers However, with the capacity to carry 485 passengers or more, delays caused by mechanical failures can be costly and create a cascade of scheduling headaches. A Qantas Airways Ltd. A380 on the flagship Sydney-London route broke down in Singapore on May 7 with fuel-pump problems. The onward flight to London was pushed back more than 24 hours and passengers accommodated in hotels. That was at least the second fuel-pump issue to delay QF1 in Singapore since Qantas reactivated its A380s. More recently, Qantas passengers who were due to depart Singapore on July 14 for Sydney on an A380 were delayed for days because of technical difficulties. Plans to retrieve them sooner were complicated by damage to another A380 at Sydney airport, when an aerobridge slammed into one of the engines. A British Airways A380, G-XLEB, recently spent more than 100 days in Manila. After returning to London Heathrow in mid-June, it flew just seven days of the next 30, according to Flightradar24. Still, IAG SA-owned British Airways from next year will embark on an interior upgrade program, including overhauling A380 cabins, suggesting the airline will keep flying the plane for years. For airlines using the A380, large-capacity alternatives are scarce. Boeing's new 777X is years behind schedule and Airbus can't make long-haul A350s fast enough. Meanwhile, A380 operators are left with an out-of-production superjumbo that will only become more needy and more expensive to run. In online aviation forums, some services are gaining a name for breakdowns, cancellations or overnight delays. In a statement, Airbus said the A380 'continues to operate scheduled services with a high level of operational reliability, standing at 99% for the global fleet over the past 12 months. Airbus is committed to providing full technical support to customers to ensure that they can optimize operations with their A380 fleets, and this will continue as long as the aircraft remains in service.' 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Glued seams had split, probably due to exposure to moisture and heat during storage. The fault could have fatal consequences, EASA said. On April 7, EASA ordered inspections on A380s after cracked sealant was found on fittings attaching the landing gear to the wings. A directive in April last year required some landing gear axles to be replaced after a rupture on a plane that had been in storage since 2020. The future of the A380 was already in doubt when Covid-19 halted global travel in early 2020. The year before, Airbus had killed off production after underwhelming sales. When Covid-19 receded and borders reopened, the A380 suddenly found new purpose. Travel boomed and carriers including Singapore Airlines, Deutsche Lufthansa and Qantas once again embraced the plane's unrivalled carrying power. In a statement, British Airways called the A380 'a vital part of our long-haul fleet. 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The company said it works closely with 'Airbus and our suppliers to ensure the ongoing reliability and serviceability of our A380 fleet.' The cabin of an A380 operated by Emirates. Photographer: Christopher Pike/Bloomberg To be sure, the A380 still has fans. Emirates, which has cannibalised some A380s for spare parts, plans to keep flying the aircraft until the end of next decade. The airline's president, Tim Clark, has likened the jet to a huge vacuum cleaner capable of gobbling up passengers like no other plane. Reliability issues are the latest twist for a superjumbo that has almost always been divisive. Passengers still love the A380's cavernous interiors and audacious scale. Airlines wrestle with its logistics needs — from longer runways to extra-large hangars — as well as the mechanical dramas. Supply chain constraints have increased the price of parts, servicing and engine repairs on all major aircraft, said Eddy Pieniazek, Ishka's head of advisory. 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Fox Sports
an hour ago
- Fox Sports
Last Night in Baseball: Padres Snap Mets' 7-Game Win Streak in Wild W
There is always baseball happening — almost too much baseball for one person to follow themselves. Don't worry, we're here to help you by figuring out what you missed but shouldn't have. Here are all the best moments from last night in Major League Baseball: Padres, Mets go back-and-forth in amazing/upsetting game The Mets entered play on Monday having won seven games in a row, but their series opener against the Padres was a mess. In the best way. Unless you're a Mets fan, anyway — things didn't end well for that side. But the game leading up to that end was something else. Heading into the fifth inning, the two sides were tied up, 1-1, with both starters — Frankie Montas for New York and Dylan Cease for San Diego — getting through the opposing lineups with little issue. Well, Cease can thank Fernando Tatis Jr. for that a bit, since he reeled in a would-be home run in top of the fourth. The fifth is when things fell apart for both sides, however. First up, a Mark Vientos grand slam that scored Brandon Nimmo, Juan Soto and Jeff McNeil, and put the Mets up 5-1. The Padres would answer back immediately. Luis Arraez of all people decided it was time to go yard, and while he had to get an assist from the foul pole for it to happen, that still counts the same, you know. The Mets had the inning all wrapped up and the damage limited to Arraez's two-run shot, until they couldn't quite get the third out at first base on a ball hit to Pete Alonso. Jake Cronenworth ended up with an RBI single and the Padres got another chance at the plate thanks to his legging this one out, and then Bryce Johnson made the most of the opportunity with his own single that scored Xander Bogaerts to tie things up, 5-5. Elias Diaz would add yet another post-Cronenworth RBI single, putting San Diego up 6-5. The Mets would not go quietly, however. Ronny Mauricio tied things up in the top of the ninth with a solo home run off of closer Robert Suarez. 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So hey, not all bad, New York. Hey, it got there Sometimes you see an extremely powerful throw from third base after a tough defensive play, and you're wowed by it. And sometimes, the throw has just enough on it. Lucky for Mariners' third baseman Ben Williamson, both approaches are valid. Before getting into how the Twins walked it off against the Red Sox following a rain delay, it's very important that you know that, on Monday night in the ninth inning, Jhoan Duran faced Jarren Duran. That's right, we got Duran-Duran. Ahem. The Red Sox entered the top of the ninth with the score tied 3-3, but a Roman Anthony single gave them their second lead of the evening. No one could hold back the rain, so the game had to pause to let the storm pass, and when play resumed, the Sox began to come undone. DaShawn Kairsey Jr. singled to lead off the bottom of the inning, then both Mickey Gaspar and Will Castro were hit by pitches, loading the bases with no outs. A force out at home kept the bases loaded but gave the Sox one out, but it was too late (Marlene): Brooks Lee would single home a pair of runners in the next at-bat, and it was ballgame, Twins. Minnesota was clearly hungry for a win. You might even say they were hungry like the wolf. But it's unclear why you would say that. Feels forced. Naylor's 1st Mariners dinger The Mariners traded for Josh Naylor so they could get more offense, and on Monday, that's what they got. Naylor's first homer in a Seattle uniform was his 12th of the year, and it gave the Mariners a 1-0 lead in a game they'd end up winning against the A's, 3-1. A timely shot, but no baseballs were harmed in the making of that homer. Unlike with the next one. Acuna destroyed a baseball Ronald Acuna Jr., 468 feet. Holy smokes. Despite hanging up there forever, Acuna hadn't passed first base by the time it landed. And that's fine. You'd admire a shot like that one, too. Burns was feeling it Reds' rookie starter Chase Burns has struggled a bit since coming to the majors, but you can see stretches of the 22-year-old — who was drafted second-overall just last summer — putting it all together. And it looks incredible when he does, such as on Monday when he struck out five Dodgers' batters in a row. Burns would give up three runs in 5.2 innings, and Cincinnati would lose 5-2, but starts like that one are still encouraging ones. That Reds' rotation is so close to being top-to-bottom nasty. Want great stories delivered right to your inbox? Create or log in to your FOX Sports account , and follow leagues, teams and players to receive a personalized newsletter daily! FOLLOW Follow your favorites to personalize your FOX Sports experience San Diego Padres New York Mets Major League Baseball recommended Item 1 of 3 Get more from the Major League Baseball Follow your favorites to get information about games, news and more
Los Angeles Times
2 hours ago
- Los Angeles Times
David Ellison is coming to Paramount with Silicon Valley cash. Can he save a classic studio?
As a deep-pocketed producer, David Ellison helped breathe new life into Paramount franchises including 'Mission: Impossible,' 'Star Trek' and 'Top Gun.' But can the high-flying son of a billionaire make a full-fledged media company airworthy again? Can he use Silicon Valley money and movie business know-how to restore the legacy of one of the entertainment industry's original studios, following a deal clinched through an act of political appeasement? Those are the questions Hollywood talent, studio rivals and insiders will be asking as Ellison takes the controls of the new Paramount, after regulators finally approved the long-awaited $8-billion merger with his Santa Monica production company Skydance Media. The deal — two years in the making, and approved by the FCC only after a $16-million settlement with Trump and promises to mindwipe any trace of DEI from the company — is expected to close Aug. 7. After that, Ellison, backed in large part by his father, Oracle Corp. co-founder Larry Ellison, will bring in his own team to face the daunting challenges. Chris McCarthy, the architect of Paramount's recent streaming strategy, is out. Paramount Pictures and Nickelodeon head Brian Robbins is also expected to exit while CBS chief George Cheeks is staying. The incoming management team includes former NBCUniversal Chief Executive Jeff Shell, who is currently a heavyweight at Ellison's bidding partner RedBird Capital. Skydance Chief Creative Officer Dana Goldberg will run the film studio, and former Netflix executive Cindy Holland will play a major role at the new company. Also joining is Sony Pictures movie executive Josh Greenstein. This may be a different team from the one that labored under outgoing controlling shareholder Shari Redstone, but it'll be contending with most of the same problems. Paramount is dogged by issues buffeting all legacy media companies, including the decline of traditional TV ratings, the post-COVID-19 realignment of the theatrical box office and the escalating costs of sports rights, as my colleague Stephen Battaglio and I reported last week. Those difficulties were exacerbated at Paramount by chronic underinvestment and years of shambolic leadership, as corporate governance experts have long pointed out. Ellison has direct experience with movies, having produced many of them, including some of Paramount's biggest hits (as well as some notable flops). He's less steeped in running TV channels and streaming services, which have urgent needs. The scion is also coming in to make good on a promise to investors: to find $2 billion in cost cutting, which will mean layoffs and disruption. Paramount+ has been growing, thanks in part to the NFL, CBS shows and a run of original hits including 'Landman,' '1923' and 'Tulsa King.' But the service has lost money for years, and the app is clunky. (It's expected to reach full-year U.S. profitability in 2025.) McCarthy spent big bucks on talent, including Taylor Sheridan and the creators of 'South Park,' enough to make Matt Stone and Trey Parker billionaires, according to Forbes. Analysts say the service will need substantial investment in content and technology to make it competitive while also partnering with other companies to increase its reach through discounted bundles and other initiatives. The new owners will have to decide what to do with the cable channel business, which includes such eroding brands as MTV, BET and Comedy Central. Many observers tend to assume Ellison will eventually spin those off, following the lead of NBCUniversal and Warner Bros. Discovery. In a sadly comical reminder of what can happen with a merger gone wrong, David Zaslav's Warner Bros. Discovery on Monday announced that the two companies resulting from its pending breakup will be called — wait for it — Warner Bros. and Discovery Global. TD Cowen analyst Doug Cruetz, in a recent note to clients, speculated that Ellison didn't buy the Paramount assets just to 'break it up for parts.' We'll see. Another looming and potentially costly issue is the NFL's relationship with CBS Sports. The change of control will trigger an early renegotiation of Paramount's contract with the league once the transaction closes. That's important because the NFL has significant leverage in dealmaking, considering that its games account for the vast majority of most-watched programming on television. Ellison has promised to bring technological enhancements to Paramount. That would mean a more functional app for Paramount+ and an improved personalized recommendation system. It might mean using tech to make movies cheaper and faster. A year ago, Ellison noted a partnership between Skydance Animation and Oracle to build a so-called studio in the cloud. What technology can't do is pick the movies people want to see, and that's where the new leadership group will have to prove themselves. But the biggest hurdle will be overcoming the stain covering the deal itself after the concessions required to get it over the finish line. Paramount paid a substantial sum to make peace with President Trump, who had sued the company over CBS News' '60 Minutes' interview with his 2024 election rival, then-Vice President Kamala Harris. The case was frivolous, 1st Amendment experts said. But the Redstone family and the Ellisons were desperate to get the deal done. As a result, the new company is starting off on a crooked foundation, as one Hollywood insider put it to me. Stephen Colbert, speaking on 'The Late Show,' called Paramount's settlement a 'big fat bribe.' Days later, he learned that his show would be ending in May. Even assuming the company told the truth in saying that the cancellation was a purely financial decision (i.e., the show was too expensive and it was losing money), the optics were bad. Comedians responded the way comedians do. The 'South Park' team, having secured a $1.5 billion deal to bring the long-running animated series to Paramount+, opened their 27th season with, effectively, a pair of middle fingers raised to Trump and their parent company. The show depicted a flapping-headed cartoon Trump in bed with Satan, similar to its past portrayal of Saddam Hussein, and ended with an AI-generated PSA showing the president wandering the desert and stripping naked, revealing tiny, talking genitalia. The Trump settlement cast a pall over whatever plans Ellison has. CBS News lost key figures in part due to Paramount's push to reach a peace accord with the president (Tanya Simon being named to run '60 Minutes' is seen as a relief). But whatever you say about the corporate behind-the-scenes machinations that took place to make the deal happen, you can't say the artists have lost their spine. In a return to form for Walt Disney Co.'s Marvel Studios, 'The Fantastic Four: First Steps' opened with a robust $118 million in the U.S. and Canada and $218 million globally, according to studio estimates, slightly outperforming prerelease projections. This comes after middling results and poor reviews for 'Captain America: Brave New World' and tepid sales (but better reviews) for 'Thunderbolts*.' Last summer's 'Deadpool & Wolverine' was a $1.34-billion hit. Like Deadpool and Wolverine, the Fantastic Four — known as Marvel's first family — came to Disney through the company's acquisition of 21st Century Fox entertainment assets. Fox made three 'Fantastic Four' movies, all bad. 'First Steps' earned mostly positive reviews from critics and fans (88% on Rotten Tomatoes; 'A-' from CinemaScore). The $218-million global opening weekend was similar to that of James Gunn's DC reboot 'Superman,' released earlier this month. That film just crossed the $500 million box office milestone, with a strong $289 million domestically and a less-impressive $213 million overseas. Theaters have been on a winning streak this summer. So far this year, ticket sales are up 12% from 2024, according to Comscore. But the rest of the season looks thin. Next weekend features Paramount's 'The Naked Gun,' Universal's animated 'Bad Guys 2' and Neon's Sundance horror breakout 'Together,' starring real-life couple Dave Franco and Alison Brie. One marker of a great artist is the number and diversity of musicians who take inspiration from their work. And Ozzy Osbourne, the Black Sabbath frontman who died last week, had plenty of admirers who covered his songs. The Times' Mikael Wood already rounded up the Prince of Darkness' 10 essential tracks. Here are some of the best covers, with help from Rolling Stone and Loudwire.
