David McDavid is much richer now...Thanks Turner Broadcasting!

David McDavid/Courtesy: sallyharrison.com

It appears the saga of the sale of the Atlanta Hawks and Atlanta Thrashers from back in 2003 has finally been settled.

Without re-hashing the story in great detail; essentially the guy who tried to buy the team was bypassed after making an offer and getting an agreement for the sale. He sued...and won.

That guy is Texas car dealership owner David McDavid, who sued Turner Broadcasting for $450 million and ended up being awarded $281 million after he originally agreed to purchase the teams for $96 million. Not a bad profit.

Apparently McDavid and Turner Broadcasting settled their suit today. Turner had promised to appeal the award, but backed off.

More from AJC.com RIGHT HERE

Pity the Turner stockholders who are now out a pretty significant chunk of money. Though the way things work these days, the company can probably just write off the cost. Since the parties won't give away the details, we are guessing McDavid got at least somewhere between the jury award and the amount he originally offered for the teams.

The deal that Turner ended up doing with the Atlanta Spirit Group has had mixed results and always smelled a bit funny. This confirms that always had been true.

Here is a commercial for the Hawks, one of the aforementioned properties.

CBS + Turner Broadcasting + NCAA = $$$$$$$

It's official, CBS and Turner Broadcasting are in bed for the NCAA men's basketball tournament.

Here's the skinny from a statement released by the NCAA:

Beginning with the 2011 championship, opening- , first- and second-round games will be shown nationally on CBS, TBS, TNT and truTV. CBS and Turner will split coverage of the regional semi-final games. CBS will provide coverage of the regional finals, as well as the Final Four including the National Championship Game through 2015. Beginning in 2016, coverage of the regional finals will be split by CBS and Turner with the Final Four and the National Championship game alternating every year between the CBS Television Network and Turner’s TBS.

Now here are the numbers. CBS and Turner Broadcasting have the rights to the NCAA men's basketball tournament for the next 14 years beginning in 2011 running through 2024 for more than 10.4 billion dollars.

“We’re excited this agreement continues our long-standing relationship with CBS, a partner company that has captured the unique spirit of the collegiate model of athletics, and brings a new partner in Turner Broadcasting to the Championship and NCAA basketball,” NCAA Interim President Jim Isch said in a statement.

CBS News & Sports President Sean McManus and David Levy, president of sales, distribution and sports, Turner Broadcasting System, Inc. commented to in their brand of corporate speak as to how great and profitable this new agreement is for their companies.

You can read the press release from the NCAA right here.

Those of us at the OSG HQ and satellite offices are still taking all this in. Stay tuned.

Turner Broadcasting owes David McDavid a lot of money

So far, the court system in the state of Georgia seems to be in rare agreement on a lawsuit that is working its way up the ladder. For those regular readers, you know the story of David McDavid vs. Turner Broadcasting. For those who don't, let's try and get up to speed.

David McDavid, a car dealer/businessman from Texas tried to buy the Atlanta Hawks, Atlanta Thrashers and Philips Arena from Turner Broadcasting in 2003. Without going into detail, he didn't get the deal. The reason he claimed and was able to show proof of, is that Turner appeared to stall on the letter of intent that McDavid had signed to purchase everything. The negotiated past the exclusive rights expiration and then Turner announced they'd be selling the teams to a group called "Atlanta Spirit".

Check out a more detailed version of the story from AJC.Com RIGHT HERE

((David McDavid//Courtesy: blogs.dallasobserver.com))

Obviously, Turner continues to appeal the $281 million judgement. Since the Court of Appeals upheld the lower courts decision, it now is moving on to the Georgia Supreme Court.

This is just one of many issues that continue to keep the teams and their ownership in the news. There have been numerous disagreements between the members of the Spirit and they have managed to barely keep their teams afloat.

McDavid, has moved on to other things, obviously thought he'd be very happy to see the folks at Time-Warner sign off on a rather large check...who wouldn't. We will keep an ear out to see if and when that happens.

Here is a commercial for David McDavid Honda...for those who are interested in such things. Thanks You Tube:

TBS Appealing McDavid Verdict

((HT: AJC/Paul))

Turner Broadcasting System is appealing its loss in a case where it was ordered to pay millions to a Texas businessman who said the Atlanta-media company cheated him out of buying Hawks, Thrashers and Philips Arena operating rights.

The appeal, filed Aug. 24 with the Georgia Court of Appeals, seeks to overturn a 2008jury verdict that awarded David McDavid $281 million. McDavid signed a letter of intent to buy the professional teams and arena operating rights from Atlanta-based Turner in 2003. The letter, granting exclusive negotiating rights, expired, but the parties continued to talk. Turner announced in the fall of that year that it would sell the teams to an eight-man investor group known as the Atlanta Spirit.

McDavid then filed a $450 million breach-of-contract lawsuit against the company.

NBA Concerned About McDavid Finances in 2003

The David McDavid v. Turner Broadcasting trial continues in Fulton County Superior Court.

McDavid claims that Turner Broadcasting did an end run and sold the Atlanta Hawks, Atlanta Thrashers, and Philips Arena to Atlanta Spirit LLC after he had an agreement to pick up the assets on his own.

But the NBA had their own worries about McDavid and his attempted financing of the purchase of the Hawks.

According to testimony, McDavid admitted his own net worth was in the neighborhood of US$180-million. He was set to purchase the Hawks, Thrashers, and Philips for $60-million up front with another $20-million financed- all cash.

In the article from Kristi Swartz in the Atlanta Journal-Constitution, NBA exec Joel Litvin expressed a league concern:

“Given that the losses this team was certain to incur, losses that probably would exceed the $20 million he had remaining, that would have been a concern,” Litvin testified. “We want to make sure that the owners of our franchises have the wherewithal to fund the teams in a first-class manner.”

The Hawks recorded losses of just over US$31-million in 2002-2003.

McDavid had negotiated with Turner and signed a letter of intent in April of 2003. His exclusivity window for negotiations closed, and Turner announced in September of that year that they were selling to "Atlanta Spirit, LLC." McDavid has since sued Turner for US$450-million in a breach of contract suit.

Turner has always maintained that the deal to sell to Atlanta Spirit was a better one for Turner- eventhough only US$8-million was put on the table up front in cash. The group had to pony up another US$115-million in personal guarantees against the projected losses of the franchises.

Those losses were close to US$250-million from 2002 through 2005 according to internal projections from Turner Broadcasting.

If all these figures haven't confused the ever-loving hell out of you by now... the trial is set to conclude some time next week.

That is, of course, until there is an appeal.

That will mean the only winner in the case to date will be the corporate lawyers on both sides.