I like shoes, I will buy a new pair of Nike trainers and I’ll probably get a new computer, but at the moment I just want to save and bank it. I don’t have many living expenses.Summly founder Nick D’Aloisio • Discussing his plans for what to do with the money he’ll receive from Yahoo’s $30 million buyout of the company. By the way, he’s 17. Some are already calling the deal sort of crazy.
» That’s quite a deal for Kevin Systrom and company, considering the government will likely be monitoring a deal of this magnitude. According to an updated S-1 filing, Facebook has already paid $300 million to Instagram and agreed to pay a $200 million “termination fee” if any government agency blocks the planned buy-out. While it’s certainly not the same as a billion dollars, we imagine that the Instagram staff can sleep soundly knowing that they’ll all be millionaires no matter what. But, with that said, we’d be willing to bet that Facebook’s board of directors would have liked to have known about this little detail.
» Saddled with debt: The bidding group, led by former NBA star-turned-entrepreneur Magic Johnson, is about to set a record for the most expensive team purchase in history, topping a $1.1 billion 2008 buyout of the Miami Dolphins and a $1.47 billion buyout of Manchester United in 2005. (Well, a federal bankruptcy court still needs to approve the sale.) The team, currently owned by Frank McCourt, declared bankruptcy in June of last year after admitting the team has $600 million in outstanding debt. McCourt had to sell the franchise partly because of an expensive divorce, and was told by a court in December that he could not sell the team’s media rights, leading to his sale of the team. But he’s still making out like a bandit — even considering that he has to cover the debt on the team’s sale, he spent just $330 million to buy the team eight years ago, along with another $100 million to build the team’s current stadium.