Hornets co-Owner Ray Wooldridge released data yesterday
showing that the team "took in an average of about" $38M
less than the six teams that generated the most revenue in
the NBA's Eastern Conference last year, according to Rick
Bonnell of the CHARLOTTE OBSERVER. Wooldridge provided two
financial charts to the Observer "to illustrate the team's
need" for a new downtown arena. The information, which
Wooldridge said comes from NBA financial records, "suggests
the Hornets have struggled to compete financially for top
players and will continue to do so without the revenue
generated by a new arena." Last season's league salary cap
of $34M per team represented 61% of the Hornets' revenue,
based on Wooldridge's data, while the six "most prosperous"
teams in the 15-team Eastern Conference "could cover their
salary cap" with 35.5% of their revenues. Wooldridge noted
that NBA execs "wouldn't let him reveal" the top conference
revenue producers. Based on percentages in Wooldridge's
charts, the Hornets generated around $56M in revenue last
season, compared to the richest teams in the Eastern
Conference, which each averaged about $96M (OBSERVER, 7/14).
