Hey fam and welcome back to dumb rich. New York City has lost its mind and I have never been more at peace with that. I am so sick this week… with KNICKS FEVER!!! A Wednesday special letter in honor of tonight’s game. Is everyone else relying on the following to get them through the day:
NY Knicks hype videos set to the Hamilton soundtrack
Every orange and blue food item in the city (mostly the rainbow cookies and the bagels)
The heartwarming videos of the team as besties, but particularly Josh Hart being the little brother everyone hates to love
The city’s makeover - the subway stations, the skyscraper lights, the head nods on the street, the outfits, the camaraderie, the ~*VIBEEEEEEEE*~
Okay, perhaps those are a bit niche, but New York City is fucking ELECTRIC right now and no one can deny it. Anyone who knows me knows it’s my favorite place on earth, but I have become more extra than normal :) These guys (aka the Knicks) are crossing over from sports to pop culture, and I’m happy to welcome them with open arms. I understand they were celebrities in their own right before, but now they are celebrities on MY radar. A new project. YAY.
So, how did the Knicks (who I think kind of sucked for a while?) get to the NBA Finals for the first time since 1999? Two words: Captain Clutch. Is Jalen Brunson perhaps an Earth angel? Yes. In 2024, he was offered to sign a deal for $269 million over five years, but decided to take a pay cut for a $156 million deal over four years.
Who in their right mind leaves $113 million on the table?
Let's start with the selfless angle. Shockingly, even the NBA is a bitch on a budget. There are rules and penalties (which we won't get into) for teams that overpay their rosters. Because Brunson freed up A LOT of cap space, the team was able to do a bit more shopping. They signed three other key players to build a stronger roster. This clearly worked, as they've had a dream season and are currently in the Finals.
This was also deeply strategic. Basketball is a team sport, and Brunson knew that a stronger roster means more wins. And do you know what more wins brings? More money, more attention, more (very pricey) sponsorships, more eyes on his podcast… you get the gist. So where he gave up salary, he's likely making it back on the marketing side. And maybe winning alone is worth $113 million to some people (please note, I am not one of those people).
It also bought him goodwill. He can likely recoup the money down the line, especially if he leads the team to a championship. After this contract ends, he'll be eligible for a four-year, $323 million deal in 2028 or a five-year, $418 million deal in 2029. Let's go.
So, $113 million on the table, in exchange for bestie teammates, glory, bragging rights, more marketing money, and a better deal down the line? Yup.
And Brunson isn't even the first person to bet on New York and win big.
You know who else was betting big on New York? Music producer Jesse Itzler. He borrowed $5,000 from a friend to create the iconic "Go NY Go" jingle — then sold it to the Knicks for $4,000. So he was literally $1,000 in the hole on the song that would become one of the most iconic arena anthems in sports history.
I’d say probably worth it. Jesse even says he would’ve paid them to use it. Fast forward he is being paid $50,000 per anthem. He then co-founded Alphabet City Sports Records, sold it for millions, then reinvested that into a few other ventures (Marquis Jet, ZICO Coconut Water, etc.) that now put his net worth around $250 million.
Jesse and his wife Sarah Blakely (Spanx founder — hello, girl world), then purchased a stake in the Atlanta Hawks. I am low key offended, but the Knicks probably weren’t for sale. Sigh.
It seems like Brunson took a page out of Itzler's book and made a big bet on New York. These might be two of the best ROI stories in sports business history.
If that hasn't inspired you, just watch the video below every day and get moving. Chat soon and LET'S GO KNICKS!!! Xoxoxoxox from the greatest city in the world.
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