Thomas' bid to buy majority ownership in NBA's Toronto Raptors is unsuccessful

Jet, August 18, 1997

Isiah Thomas will not become the first Black majority owner of a professional sports franchise. At least not yet.

Thomas, who is general manager and 9 percent owner of the NBA's Toronto Raptors, and the team's majority-owner Allan Slaight failed to reach an agreement on a purchase price that would have made Thomas majority owner of the team.

"We went back and forth and back and forth," said Thomas in USA Today. "I guess in simple terms he believed it was one price, and we believed it was another. I guess I had to ask myself from a business standpoint whether I wanted this bad enough in my mind to make a bad deal. The answer was no."

Neither of the two men revealed how far apart they were in making a deal.

Thomas and Slaight signed a letter of intent for Thomas to purchase majority ownership of the Raptors in April (JET, May 12). The deadline for an agreement was July 31.

Slaight owns 81 percent of the team. The bank of Nova Scotia owns 10 percent.

Thomas headed a consortium of wealthy businessmen that was look ing to buy the team. His partners included Peter and David Thomson, sons of reclusive Canadian billionaire Ken Thomson, according to The (Toronto) Sun.

"Our group was second to none," Thomas said. "I'm disappointed. We did our homework. The group is in place. We put the money on the table."

The former NBA star, who led the Detroit Pistons to two NBA titles, did not rule out the possibility of another chance at buying controlling interest. "If the opportunity presents itself, I would be interested," he said. "I'd take a look at it."