Windhorst: “when Tim Connelly was brought on board, he was given something called phantom equity. … he got the equivalent of shares of the team that if he completed his contract, he’d get a giant bonus. That bonus is in the five figures and it is not 10 million.
SRC: Hoop Collective Pod https://www.youtube.com/watch?v=fde-1CBA5dw&t=231s
“Tim Connelly is in the last year of his contract. If he wanted to, I’m sure he could sign an extension. He has not signed the extension. Here is the other thing: when Tim Connelly was brought on board, he was given something called phantom equity. He was basically given a stake in the team, but he didn’t actually get shares of the team, he got the equivalent of shares of the team that if he completed his contract, he would get a giant bonus. That bonus is in the five figures and it is not 10 million. It is a very sizable bonus.”
edit: 5 figures - in finance alot of sheets start at 000s so maybe he sees it like that idk