Philadelphia Sold Larry Costello to Syracuse
Philadelphia sold Larry Costello's player rights to Syracuse on October 10, 1957. Basketball-Reference's Syracuse transaction page, the league-wide 1957-58 ledger and Warriors executive Eddie Gottlieb's transaction record all preserve the move. The Warriors received cash. A later biographical account places the price at $5,000, but the primary transaction ledgers reviewed here do not preserve the amount, so TradeVerdicts treats the financial return as real but unquantified. Costello was 26 and had just returned from military service for a full Warriors season, making this a sale of an established NBA guard rather than a speculative right.
Costello Became a Long-Term Nationals All-Star
Costello became one of the Nationals' defining guards almost immediately. He played all 72 games in 1957-58, logged 2,746 minutes and averaged 14.9 points, 5.3 rebounds and 4.4 assists while making the All-Star team. In 1958-59 he raised his scoring to a career-high 15.8 points per game, averaged 5.4 assists and finished seventh in MVP voting. Costello made five consecutive All-Star teams with Syracuse from 1958 through 1962, earned All-NBA recognition in 1960-61, and remained with the franchise after its move to Philadelphia.
The Warriors Received Only Cash
The Warriors received cash and no player or draft asset. The exact amount is not preserved in the Basketball-Reference transaction logs, which limits the precision of the financial comparison. What can be measured is the opportunity cost. Costello had already shown he could handle a full NBA role, and Syracuse received years of starting-caliber point-guard play, repeated All-Star production and eventual championship-era continuity from the purchase. Even a meaningful cash payment would have needed extraordinary non-roster value to match what the Nationals and later 76ers received on the court.
The Gap in Basketball Value Is Massive
This is one of the clearest early-NBA cash-sale outcomes in the archive. Syracuse acquired a six-time All-Star who became a long-term franchise floor general, while Philadelphia received only financial consideration. The Warriors did not surrender an unknown prospect; Costello had already returned from military service and played a full season in Philadelphia. The gap in realized basketball value is therefore large even without assigning a precise dollar value to the cash.
Final Verdict
76ers Win — Philadelphia D, Syracuse A+. Philadelphia sold Larry Costello's player rights to the Syracuse Nationals on October 10, 1957. Basketball-Reference's Syracuse, league and Eddie Gottlieb executive transaction ledgers agree on the sale. Costello immediately became an All-Star point guard for Syracuse, playing all 72 games in 1957-58 and averaging 14.9 points, 5.3 rebounds and 4.4 assists. He then made five consecutive All-Star teams with Syracuse from 1958 through 1962, later earned another All-Star selection after the franchise became the Philadelphia 76ers, and finished his playing career on the 1967 championship team. The Warriors received cash, but the long-term basketball value overwhelmingly favored Syracuse.