Will there be an NBA lockout brewing in the near future, because it sure looks like it. Many of the 30 teams have been losing millions over the years and it has not gotten any better.
One of the teams that has taken the biggest hit is the Cleveland Cavaliers. The Cavs have lost around $20 million dollars over the past few years and are said to lose an estimated $10-15 million this season.
There are talks about decreasing the players salaries from 57% to 45% to save cost. It has nothing to do with the economy, this was going on since before the world’s money troubles.
“We need to make significant changes to deal with very substantial losses that amount to hundreds of millions of dollars,” NBA commissioner David Stern said. “It’s fair to say that the current business activities do not support the current expense structure that we have.”
Stern said that they will most likely lose $400 million this season. If the players want to contest this agreement then they have to have their own bottom-line figures available for reviews.
Either way it goes, these teams need to start picking their coaches and staff more wisely.