Despite On-Court Improvement, Bobcats Struggle Amid Recession
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Bob Johnson Says Bobcats Have
Lost $50M Since Joining NBA In '04 |
Midway through the NBA season, the Bobcats are at a "crucial juncture," and the "next few weeks could decide whether they continue to languish or finally gain a solid foothold in the Charlotte sports scene," according to Jefferson George of the CHARLOTTE OBSERVER. Supporters have long believed that "if the Bobcats start winning, fans and corporate sponsors will follow." While the team has won five of its last six games and is just 1 1/2 games out of the last playoff spot in the Eastern Conference, the "improvement comes during a recession that has curbed consumer spending and made it even tougher to attract cash-strapped fans." The team's average home attendance at Time Warner Cable Arena is "at an all-time low -- even with ticket discounts -- hampered by a schedule that gives the Bobcats more home games early in the season, when they compete with pro and college football." George noted the team is "well short of goals for corporate sponsors and season ticket sales," while total ticket revenue is down 10% from the '07-08 season. Bobcats President & COO Fred Whitfield said that the team added 21 partners in recent months, but "lost about 10 -- some in industries hurting the most in the downturn, such as mortgages and automotive." Whitfield added that sponsorship and ad revenue remains at about $10M. In addition, the team's number of season-ticket holders has "stalled at about 7,000, far short of the goal of 10,000." Bobcats Owner Bob Johnson last year said that the team has lost $50M since beginning play in '04, and "critics question if Johnson will tolerate more losses on the court and in the budget or try to sell the team, even in a tough economy." Bobcats investor Felix Sabates said that he "isn't worried, but that it will be a few years before the team sees any glimmer of profit." Sabates: "That tunnel is a pretty long tunnel. We're lucky that Bob has deep pockets and can keep writing checks" (CHARLOTTE OBSERVER, 1/28).
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