Thomas bought the CBA in 1998 for $5M. 2 short years later, the league was forced into bankruptcy and folded. On Wall Street, that'd be called "a quick turnaround". Being the wise investor that he is, Thomas rejected an offer from the NBA for $11M to make the CBA the official minor-league of the NBA. Apparently Thomas was holding out for...I'm not sure what he'd be holding out for actually. The managers of the individual franchises blame the quick tanking on Thomas' mismanagement and reckless spending. Hard to believe, considering his complete lack of business/management education.

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