網(wǎng)中秘

Michael McCann　譯傅婧瑛

蔡崇信收購籃網(wǎng)的背后數(shù)字真相。

Joseph Tsai， the vice chairmanand co-founder of Alibaba Group，become the majority owner（governor） of the Brooklyn Netsby September. The transaction wasfirst reported by the New York Post.Tsai， 55， currently owns 49% of theNets. Russian billionaire MikhailProkhorov owns the other 51%.

阿里巴巴副主席，聯(lián)合創(chuàng)始人蔡崇信在9月成為了布魯克林籃網(wǎng)隊的大股東（董事）。這個交易最早由《紐約郵報》曝出。55歲的蔡崇信此前擁有籃網(wǎng)49%的股份，俄羅斯億萬富翁米克哈爾·普羅霍羅夫擁有另外51%。

Last yea r Tsai， who isreportedly worth $9.2 billion，purchased 49% of the Nets for$1 billion. Tsai's agreement withProkhorov gives him the right topurchase the remaining 51% by theconclusion of the '21-'22 season. Theprice for the 51% of equity is $1.35billion. The prospective transactiontherefore values the Nets at astaggering $2.35 billion， the highestdollar figure in the history of U.S.sports franchise sales.

據(jù)稱身家達到92億美元的蔡崇信去年以10億美元買下了籃網(wǎng)49%的股份。根據(jù)蔡崇信與普羅霍羅夫的協(xié)議，他有權(quán)在2021-22賽季結(jié)束時收購剩余51%的股份。51%的股份價值13.5億美元。而這筆交易讓籃網(wǎng)的價值達到了咋舌的23.5億美元，使之成為美國體育史上最為昂貴的交易。

Buying equity in a franchiseis a very different transaction frombuying equity in a standalonebusiness. While a standalonebusiness can operate as it likes，a franchise is governed by afranchisor. To that end， thefranchisor contractually limits howthe franchise conducts business，interacts with customers and sellsservices and products. Thoselimitations are normally found in aconstitution or bylaws that governeach franchise. Unlike a standalonebusiness that looks out for itself， afranchise must advance the bestinterests of the franchisor and thejoint venture as a whole.

購買球隊股份和購買獨立企業(yè)股份是不同的交易。盡管獨立企業(yè)的運營方式與球隊類似，但球隊由特許經(jīng)營者管理。從這個角度講，特許經(jīng)營者通過合同限制球隊的商業(yè)行為，與客戶的互動方式以及出售服務(wù)及產(chǎn)品的形式。這些限制通?？梢栽诠芾砬蜿牭囊?guī)約或細則中找到。與只顧自己的獨立企業(yè)不同，球隊必須從特許經(jīng)營者及共同事業(yè)的最大利益出發(fā)考慮問題。

This is true in the NBA， wherethe league's interests are paramount.Prokhorov can only sell his equityin the Nets if the NBA approves thetransaction. The league constitution，which is an agreement that governsthe relationship between teams andthe league， conditions ownershipupon a favorable vote of at leastthree-quarters of all governors. Asa practical matter， this means thatthe pending transaction must beapproved by at least 23 of the 30majority owners.

NBA也適用這個道理，聯(lián)盟的利益最為重要。普羅霍羅夫只有經(jīng)過NBA批準(zhǔn)才能出售自己在籃網(wǎng)的股份。聯(lián)盟規(guī)約，也就是規(guī)范球隊與聯(lián)盟關(guān)系的協(xié)議規(guī)定只有經(jīng)過至少3/4球隊所有者投票批準(zhǔn)，球隊所有權(quán)才能轉(zhuǎn)移。從實踐角度出發(fā)，這意味著待定交易必須經(jīng)過30支球隊大股東中至少23人的同意才能通過。

Before a vote is taken， theleague conducts considerable duediligence on a prospective owner.The league attempts to ensurethat a prospective owner's allegedwealth is accurately measured， thathe or she does not have conflictsof interests and that there are nooutstanding legal issues of concern.

投票前，聯(lián)盟會對潛在所有者進行調(diào)查。聯(lián)盟會試圖確定潛在所有者傳說的財富得到了準(zhǔn)確衡量，他/她不存在利益沖突，也不存在未解決的法律問題。

The NBA's due diligence isextensive. It includes reviews offinancial statements， tax recordsand any legal filings in which theprospective owner is named. Theleague utilizes a finance committee，which consists of a group ofgovernors， to evaluate records andmake a recommendation to all 30governors. The league also retainsa security firm and other relevantservice providers to turn overevery stone. Under Article 4 of theconstitution， the NBA can demandany document from a prospectiveowner. He or she must provide “suchinformation as the commissionerdeems pertinent.”

NBA的盡職調(diào)查范圍很廣，包括審查財務(wù)報告，稅務(wù)記錄以及任何與潛在所有者相關(guān)的法律記錄。聯(lián)盟利用財務(wù)委員會這個委員會由幾個球隊所有者組成，他們會評估各項記錄，并向30支球隊老板做出推薦。聯(lián)盟也會聘用證券公司及其他相關(guān)服務(wù)機構(gòu)，以此做到不放過任何問題。根據(jù)聯(lián)盟規(guī)約第4條，NBA可以要求潛在所有者提交任何文件。他/她必須提交“任何總裁認(rèn)為相關(guān)的信息”。

The NBA， like other majorpro leagues， has occasionallyencountered governors whosefinancial challenges interfere withtheir ability to own and operate ateam. In 2010， the league purchasedthe New Orleans f ranchise（which at the time was called theHornets） from George Shinn forapproximately $300 million. Thisamount reflected not only the valueof the franchise but the league alsoagreeing to assume the team's debts.

和其他主流職業(yè)聯(lián)盟一樣，NBA偶爾也會遇到老板的財務(wù)危機影響到他們擁有并運營一支球隊的能力。2010年，聯(lián)盟以大約3億美元的價格從喬治·辛手中收購了新奧爾良的球隊（當(dāng)時還被稱為黃蜂）。這個價格不僅反映了球隊的價值，同時也表明聯(lián)盟愿意承擔(dān)球隊債務(wù)。

In addition to finances， theleague will confirm that Tsaibecoming the Nets governorwould not pose any conflicts ofinterest. Article 3 of the constitutioninstructs that no team executive canhave any direct or indirect controlover another franchise. Further， ifTsai is a party to any litigation， hewould need to clarify to the NBAthe status of the litigation and theextent to which it might expose himto liability.

除財務(wù)問題外，聯(lián)盟也會確認(rèn)蔡崇信成為籃網(wǎng)所有者不存在任何利益沖突。聯(lián)盟規(guī)約第3條表明，任何球隊高管不能直接或間接控制其他球隊。此外，如果蔡崇信有需要解決的法律問題，他也需要向NBA澄清訴訟狀態(tài)以及訴訟可能給他帶來多少經(jīng)濟責(zé)任。

There are a number ofreasons why the league willenthusiastically support Tsaias the Nets new governor.

聯(lián)盟因為幾個原因積極支持蔡崇信成為籃網(wǎng)新老板。

First， the league has alreadyvetted Tsai and he emergedfavorably from that process.The vetting occurred when Tsaisuccessfully sought to buy the 49%stake in the Nets. At this stage，the NBA will merely refresh itsvetting on Tsai. The refresh willbe a less exhaustive inspection intoTsai's background than the originalvetting.

首先，聯(lián)盟已經(jīng)對蔡崇信做過審查，他在審查過程中成為最被看好的候選人。當(dāng)蔡崇信尋求買下籃網(wǎng)49%的股份時，審查就開始了。在這個階段，NBA只不過更新一下對蔡崇信的審查。和最初的審查相比，這次更新對蔡崇信的背景調(diào)查將不會那么詳盡繁瑣。

Second， Tsai is already partof the NBA family. Not only doeshe own 49% of the Nets， but heowns the WNBA's New YorkLiberty. Tsai is also on the boardof directors of NBA China. He isclearly someone who the league hasembraced.

第二，蔡崇信已經(jīng)是NBA大家庭的一員了。他不僅擁有籃網(wǎng)49%的股份，還擁有WNBA的紐約自由隊。蔡崇信也是NBA中國的董事會成員，顯然，他已經(jīng)得到了聯(lián)盟的認(rèn)可。

Third， Tsai's professionalbackground and areas of expertiseappeal to Silver， league officialsand owners. Tsai， who was bornin Taiwan and now resides inCalifornia， is， like Silver， anattorney. He is a Yale Law Schoolalumnus and a member of the NewYork Bar. Tsai practiced corporatetax law at a prestigious law firm，Sullivan & Cromwell， beforeturning to business ventures. Hehas deep ties in the ecommerceand online retail industries， bothof which expect to grow in theyears ahead. Silver， for his part， haseffusively praised Tsai. In October2018 the commissioner said he was“l(fā)ooking forward to working closelywith [Tsai] to continue to build ourbusiness in China， particularly ourmedia and e-commerce business，in which he has tremendousexpertise.”

第三，蔡崇信的職業(yè)背景及專業(yè)領(lǐng)隊對蕭華，聯(lián)盟官員及其他球隊老板都很有吸引力。蔡崇信出生于臺灣地區(qū)，目前定居于加州;和蕭華一樣，他也是律師。他畢業(yè)于耶魯法學(xué)院，是紐約律師工會成員。蔡崇信曾在知名律師事務(wù)所沙利文&克倫威爾做過企業(yè)稅法律師，之后才進入商業(yè)界。他與電子商務(wù)及線上零售界具有深入聯(lián)系，這兩個行業(yè)在未來幾年都會繼續(xù)增長。蕭華也對蔡崇信大為贊賞。2018年10月，聯(lián)盟總裁表示，他“期待與蔡崇信緊密合作，繼續(xù)打造我們在中國的事業(yè)，尤其是我們的媒體及電子商務(wù)產(chǎn)業(yè)，而他在這方面具有強大的專業(yè)能力?！?/p>

Fourth， Tsai's wealth ismassive and， most likely， recessionproof.The global financial crisis of2008 was damaging to the financesof many people. If a similar crisiswere to occur in the coming years，the NBA and other leagues wouldhope that their owners can weatherthe storm. No league wants to seeits owners abruptly sell franchisesin order to meet other financialobligations. That type of “rush tosale” activity could deflate the valueof franchises， including those notup for sale. Given Tasi's fortune， heseems well insulated from potentialfinancial downturns.

第四，蔡崇信擁有巨大個人財富，而且很有可能不受經(jīng)濟衰退影響。2008年的全球金融危機讓很多人受到了經(jīng)濟損失。如果未來再次出現(xiàn)類似危機，NBA和其他聯(lián)盟希望球隊老板能夠承受住風(fēng)暴。沒有聯(lián)盟希望看到球隊老板為了還債而突然賣掉球隊。這種“匆忙出售”的行為會貶損球隊價值，那些不出售的球隊也會受到影響?？紤]到蔡崇信的財富，他似乎可以免受未來經(jīng)濟下行的影響。

The valuation of the Nets at$2.35 billion is the latest indicationof how well the NBA is doing.According to Forbes， the averagevalue of an NBA franchiseis $1.9 billion. Since there are 30franchises， the collective value ofNBA franchises is approximately$57 billion.

籃網(wǎng)23.5億美元的估值，是NBA運行良好的最新例證。根據(jù)《福布斯》的消息，NBA球隊的平均估值為19億美元?？紤]到聯(lián)盟有30支球隊，NBA球隊的總體價值接近570億美元。

For those with equity in anNBA franchise， the Nets sale is， ofcourse， fantastic news. It suggeststhat their investment has grown invalue since the time of purchase.Not only is possessing equity inan NBA franchise a source ofenjoyment， but it also appears tobe quite profitable. Moreover， theleague continues to identify revenuestreams that capitalize on its brandwithout requiring additional games.It has wisely embraced esports andrecently partnered with Walt DisneyCo. to create the “NBA Experience”at Disney World in Orlando. Itsgrowth in Asia and Africa suggestsonly more revenue streams ahead.

對那些擁有NBA球隊股份的人來說，籃網(wǎng)出售當(dāng)然也是極好的消息。這意味著他們投資購買球隊股份后實現(xiàn)了增長。擁有NBA球隊股份不僅能帶給人快樂，同樣也能帶來收益。此外，聯(lián)盟一直在尋找在不增加比賽場次的前提下，利用品牌增加收入的渠道。NBA已經(jīng)明智地接納了電子競技，最近又與沃爾特·迪士尼公司聯(lián)手，在奧蘭多的迪士尼公園開創(chuàng)了“NBA體驗”項目。其在亞洲和非洲的增長意味著未來更多的收入。

THE NETS SALE IS ALSO EXCELLENT NEWS FOR NBA PLAYERS. PER THE COLLECTIVE BARGAINING AGREEMENTBETWEEN THE NBA AND THE NATIONAL BASKETBALL PLAYERS' ASSOCIATION， FRANCHISES AND PLAYERS ALMOSTEVENLY DIVIDE “BASKETBALL-RELATED INCOME” OR BRI.

籃網(wǎng)的出售對NBA球員也是絕好的消息。根據(jù)NBA與球員工會之間的勞資協(xié)議，球隊和球員幾乎平分“籃球相關(guān)收入”，或者說BRI。

The Nets sale is also excellentnews for NBA players （and forother employees of franchises，arenas and businesses connectedto the NBA）. While players donot receive proceeds from a sale，they gain financially gain whenthe league does well financially.Per the collective bargainingagreement between the NBA andthe National Basketball Players'Association， franchises and playersalmost evenly divide “basketballrelatedincome” or BRI. BRI refersto revenue generated by NBAbroadcasts， intellectual property（including video games）， apparel，arena signage and other physicaland digital properties. Dependingon various factors， each sidereceives between 49% and 51% ofBRI.

籃網(wǎng)的出售對NBA球員（以及球隊，球館員工和與NBA存在商業(yè)聯(lián)系的人）也是絕好的消息。盡管球員不會從籃網(wǎng)的出售中獲得直接收入，但聯(lián)盟發(fā)展良好，他們在經(jīng)濟上自然有收獲。根據(jù)NBA與球員工會之間的勞資協(xié)議，球隊和球員幾乎平分“籃球相關(guān)收入”，或者說BRI。BRI指的是通過轉(zhuǎn)播，知識產(chǎn)權(quán)（包括電子游戲），服裝，球館內(nèi)廣告牌及其他實體及電子財產(chǎn)獲得的收入。取決于不同因素，勞資雙方對BRI的分成在49%到51%之間浮動。

The salary cap and， byextension， players' salariescorrelate to BRI. While this is asimplification， a higher BRI meansa higher salary cap， which in turnmeans higher player salaries.According to Statista， the averageNBA player salary during the'18-'19 season was $7.8 million，which far outpaced average playersalaries in MLB （$4.5 million），NFL （$2.9 million） and the NHL（$2.8 million）. Expect NBA salaryfigures to only climb， as the league'ssalary cap will jump by morethan 7% in the '19-'20 season. It isexpected that the average playersalary in the NBA will approach $10million by the early 2020s. NBAplayer contracts， unlike those in theNFL， are also generally guaranteed.

而工資帽及由此延伸的球員工資也與BRI相關(guān)。盡管這是種簡化的說法，但更高的BRI意味著更高的工資帽，進而意味著更高的球員工資。根據(jù)Statista的數(shù)據(jù)，2018-19賽季NBA球員的平均收入為780萬美元，遠高于MLB（450萬美元），NFL（290萬美元）和NHL（280萬美元）。外界預(yù)期NBA球員的收入只會繼續(xù)提高，聯(lián)盟2019-20賽季的工資帽將會上調(diào)超過7%。預(yù)計在21世紀(jì)20年代初，NBA球員的平均收入將接近1000萬美元。和NFL不同，NBA球員簽訂的基本都是有保障合同。