Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, January 5, 1994 TAG: 9401050164
SECTION: SPORTS PAGE: B-4 EDITION: METRO
SOURCE: From Knight-Ridder and Associated Press reports
DATELINE: LENGTH: Medium
Details of their Monday night meeting won't be disclosed by Davidson or Thomas until Thursday, but the Detroit Free Press reported in today's editions that Davidson gave Thomas a $55 million package that includes part ownership and total control of basketball operations when he retires, probably after this season.
Two sources confirmed the value of the package, but weren't sure how it would be paid. Davidson, who could not be reached for comment, probably considers part of it back pay for Thomas' 13 seasons, which include three consecutive trips to the NBA Finals and back-to-back championships in 1989 and 1990.
If Thomas receives stock, he would own part of a franchise valued at $132 million in the spring by Financial World magazine. Some in the Pistons' organization say the team is worth $200 million.
Thomas' new role will be demanding, but $55 million is a staggering sum for a player at the end of his career. Davidson's relationship with Thomas is more father-son than player-owner, though, which partly explains why he would make such an offer.
The only comparable deal in the NBA was Magic Johnson's final three-year contract with the Los Angeles Lakers, signed in October 1992. Johnson was guaranteed $14.6 million for 1994-95, even if he didn't play. Johnson retired a month after agreeing to the contract, when it was learned he had contracted the HIV virus that causes AIDS.
Had Davidson not taken care of Thomas, sources say Thomas would have agreed to a trade to the New York Knicks, whose search for an experienced point guard to replace injured Doc Rivers has shifted back to Dallas' Derek Harper. Thomas insisted he didn't want to leave, but he also said, "I would not stand in the way if the Pistons wanted to progress in another direction."
by CNB