The Spurs "absorbed a record loss" of more than $12M in
'99, "despite winning their first NBA championship,"
according to Travis Poling of the SAN ANTONIO EXPRESS-NEWS,
who cited Spurs officials as saying that the team lost money
from 16 regular-season home games and "reimbursed about" $5M
to NBC. Spurs Chair Peter Holt: "The losses we suffered on
the business side just emphasize the problems we face in the
Alamodome with its limited financial opportunities." Spurs
CFO Rick Pych added that with a full 82-game season, the
team "would have lost a significant amount of money, as much
as" $8M. The Spurs "brought in" $37.2M in '99, a 39%
decrease compared to revenues of $61.4M for a "full slate"
of preseason and regular-season games in '97-98. The Spurs
"spent about" $50.1M in '99, 23% less than the '97-98 FY.
In '99, playoff expenses of $9.6M "nearly eclipsed" $10.5M
in revenue from eight home games (EXPRESS-NEWS, 9/16).
NEED MORE INFO BEFORE VOTE: A SAN ANTONIO EXPRESS-NEWS
editorial stated that voters need to know more about the
Spurs' proposed arena deal near Freeman Coliseum before
voting: "Voters need something more substantial than the
nonbinding agreement reached by the Spurs and the county
commissioners" (SAN ANTONIO EXPRESS-NEWS, 9/16).
