Economy Dominates Discussion At Two-Day NBA BOG Meetings
 |
Stern Says NBA Did Relatively Well
During A Difficult Economic Year |
Economic discussions "dominated" the two-day NBA BOG meetings that ended last Friday, according to Brain Mahoney of the AP. One of the sessions at the meetings featured a discussion with JPMorgan Chase Chair & CEO Jamie Dimon, who "talked to owners about the economy for more than an hour." NBA Commissioner David Stern said, "We have a business that is affected by every aspect of the economy. In markets where autos are down, Detroit has its reaction. In markets where land is an issue and foreclosure, in Arizona, it's enormous. ... We're just interested, and our owners were interested, in hearing a person who has successfully guided his company and is knowledgeable [to] talk to us." Stern noted the league "did relatively well in a difficult year in the economy." Stern: "Our prospects, leaving aside the unknown of the economic and financial condition, ... are terrific and we're going to work together with our players to come up with a model that makes it more profitable." However, the league's "growth slowed this season," and Stern predicted a "probable reduction in revenues next year -- though he added many industries would stay the same." He added that he "doesn't worry about a competitive imbalance between teams that are doing well and the ones who are struggling" (AP, 4/17). Stern added that U.S. Treasury Secretary Timothy Geithner and former secretary Henry Paulson provided "insight on the credit crisis and the economy" (BLOOMBERG NEWS, 4/17).
TIMES ARE A CHANGIN': Stern Saturday indicated that the league's "salary cap and luxury tax threshold -- determined by a percentage of the league revenue -- could go down" for the '09-10 season. Stern: "It's never gone down. But look around. The auto industry was selling 17 million cars, and now the question is, can they sell 11?" Stern added, "There's been a sea change here. ... But everyone has to share in what's going on, and sports is going to be no different." Stern, noting 27 of the NBA's 30 teams have frozen or lowered ticket prices for next season, said, "That's going to yield less revenue over time, and the players will ultimately share in that in a certain way, because we all have to share in that, and our fans expect us to" (Portland OREGONIAN, 4/19).
|
Related Stories By Company
|
Related Stories By Sport
|
Jordan Commits To Bobcats, Charlotte
March 19, 2010 :
SportsBusiness Daily
EA Planning To Take Ad Sales In-House
March 11, 2010 :
SportsBusiness Daily
Clippers Fire Mike Dunleavy As GM
March 10, 2010 :
SportsBusiness Daily
NHLPA Discusses Extending Current CBA
March 9, 2010 :
SportsBusiness Daily
Newark Eyes NBA Team Once Nets Leave
March 8, 2010 :
SportsBusiness Daily
|
Favorite College Basketball Teams
March 19, 2010 :
SportsBusiness Daily
What's Greg Miller Up To This Weekend?
March 19, 2010 :
SportsBusiness Daily
Jordan Commits To Bobcats, Charlotte
March 19, 2010 :
SportsBusiness Daily
Capital One Launches New Viral Campaign
March 19, 2010 :
SportsBusiness Daily
CBS Ad Spending For Men's BBall Tourney
March 17, 2010 :
SportsBusiness Daily
|
|
