The 76ers’ investment in a local cryptocurrency company may seem like small potatoes to most, but it represents an increasingly popular avenue for professional basketball teams looking for ways to diversify their business.
The 76ers’ Quiet $15 Million Investment Is Helping to Numb the Pain of Their $177 Million Blunder. The 76ers invested in Stubhub, a ticket reseller company, for $15 million. This investment is helping to numb the pain of their $177 million blunder.
It was difficult to concentrate on anything other than Ben Simmons during the Philadelphia 76ers’ summer. Over the past two months, it seems like every talk about the Sixers has centred around whether or not they will move their unhappy point guard.
A modest $15 investment in little-known bench player Furkan Korkmaz got lost in the hubbub, but it’s already looking like the best move of the summer, helping fans forget about Simmons’ $177 million nightmare.
Furkan Korkmaz was re-signed by the 76ers for three years and $15 million.
Philadelphia 76ers’ Furkan Korkmaz goes up for a dunk against the New York Knicks | Tim Nwachukwu/Getty Images
After his first few seasons in Philadelphia, Korkmaz’s NBA future didn’t seem to be bright. After being selected in the first round by the 76ers in 2016, the Turkey native played in just 14 games as a rookie, averaging 1.6 points per game. He appeared in 48 games in his second season and increased his scoring average to just 5.8 points per game.
The Sixers refused to take up Korkmaz’s third-year option after his second season in Philly. His NBA career may have ended on that day, and he began to consider traveling abroad to continue playing. Korkmaz was re-signed by the 76ers during that summer to a two-year contract for slightly over $3 million.
Korkmaz took advantage of his second opportunity, setting career highs in points per game (9.8), field goal percentage (43%) and 3-point field goal percentage (40.2%) in 2019-20. Korkmaz became a free agent again a year later after a statistically identical season.
Other clubs began to express interest in the sharpshooter now that he had proved himself as a capable bench scorer. The 76ers, on the other hand, were not going to let him get away. Korkmaz signed a three-year, $15 million deal with Philadelphia in the summer, which will keep him in the city until 2023-24.
The 76ers’ most astute offseason move
When Korkmaz’s contract was originally revealed, there wasn’t much buzz, but it’s turning out to be president of basketball operations Daryl Morey’s best decision of the summer.
Korkmaz has a career-high 13.1 points per game and is shooting 42.4 percent from three-point range through 11 games this season. In a recent short-handed victory over the Chicago Bulls, he scored 25 points and hit seven three-pointers off the bench.
Korkmaz has stepped in excellently with Simmons out of the lineup and the 76ers dealing with COVID-19 difficulties all over the squad. So far, he’s logged the fifth-most minutes on the team, and his scoring has been a big part of the Sixers’ 8-3 start.
And he’ll be able to accomplish it all while earning just $4.6 million in 2021-22.
Assisting the 76ers in forgetting about their $177 million miscalculation
Korkmaz is making Philadelphia fans forget about Simmons’ protracted absence by playing his greatest basketball of his career and leading the 76ers to the best record in the Eastern Conference after 11 games.
Simmons hasn’t said when he’ll return to the court for the 76ers, despite signing a five-year, $177 million deal extension only two seasons ago. If Simmons never plays for the Phillies again, that big deal will be remembered as a tremendous miscalculation.
The Sixers have been forced to give their bench guys extra minutes to start the season without Simmons in the lineup. And Korkmaz is doing a better job filling in than the front staff could have hoped for when he inked a $15 million contract in the winter.
What a steal that deal is already proving to be, based on Korkmaz’s strong start to the season.
Basketball Reference provided all stats.
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RELATED: In a Disturbingly Dark Offseason Dominated by Ben Simmons, the 76ers Discover a $2.4 Million Glimmer of Hope
The 76ers’ owner, Joshua Harris, has invested $15 million into the team. The move is meant to help the team and its fans forget about the previous year’s disappointing season. Reference: 76ers owner.
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