Rick Fox sat down with Richard Lewis on the Richard Lewis Show for over an hour, and detailed a rocky and tumultuous relationship with fellow Echo Fox owner and investor, Amit Raizada, and how the company's existence has since been put in jeopardy.
Richard Lewis and Rick Fox open up the segment detailing how recent events have threatened Echo Fox's existence, and Rick Fox's involvement in the organization.
During the interview, Fox shares that over the years, Echo Fox had inquired a reasonably large sum of debt, making investments into the team. Inquired debt is not a problem, and further is not a surprise, as new organizations often inquire debt to make investments and jump start their businesses. Rick Fox and fellow Echo Fox owner Khalid Jones then decided to purchase the remaining stake in the team from the other Echo Fox investors, one of which being Amit Raizada.
Where The Deal Turned South
A contract was devised for Fox and Jones to buy the remaining stake, and per the agreement the timeline to pay back the debt would be pushed back another year. This would allow the team a little extra breathing room, as they would not need to cut costs so dramatically. Everything was sounding good, yet when Fox and his team were ready to sign, they, according to Fox, "peeled back the curtain", and found "a mess which was going to take more than a few dollars to fix". Fox details confusion from the community and from Echo Fox fans on the direction the organization was going, releasing top notch players, but which the organization just could not afford. Fox was also proud of their team's success, event with decreased investment, as last year Exho Fox had one of the lowest payrolls, yet still made the payoffs.
Amit Raizada Goes Behind Fox's Back
Echo Fox made the first payment to Raizada, beginning the process of buying the remaining ownership in Echo Fox. And as mentioned above, per the agreement, Fox and Jones expected the debt to be pushed out another year.
While this was going on, Raizada went behind the company’s back and acquired the remaining debt. As the new owner of the debt, Raizada breached the contract which stated the debt payments would be extended another year, and approached company, demanding debt be paid off immediately, which as Fox explained, "put the company into tail spin".
Fox humbly spoke about his background as an NBA player, and his experience with teamwork and teammates. He was very reflective on the experience, his time leading teams, joining teams, working with teammates, the importance of teamwork, and what it takes to be successful. He stressed the need to constantly think about who you work with in business, and what you can learn about business and teamwork from sports.
We hope the best for Rock Fox, Khalid Jones, and Echo Fox, and will update this story as it develops.