Stern Downplays Notion That Some Teams Are In Financial Peril
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Stern Insists NBA's Credit Line
"Not An Emergency Fund" |
NBA Commissioner David Stern Thursday at an annual meeting with the APSE at the league's offices in N.Y. "quickly dismissed" the notion that the league "is in a financial crisis or that any of its teams are in trouble," according to Alan Hahn of NEWSDAY. Stern: "We have no teams that are in any trouble. Our owners are substantial people who are used to, in many cases, funding operating losses. It's not their preference and we're striving hard to increase revenues collectively and to ultimately have a [CBA] and a revenue-sharing agreement that allows every club, if well-managed, to be profitable." Hahn notes Stern's comments "were in response to a report last month that 12 teams had borrowed $200[M] from a league-run credit facility." Stern, "despite reports that several teams ... are suffering debilitating financial losses this season," insisted the credit line "was not an emergency fund." However, there is the "potential that teams again will need to reach out a hand in two years" when the CBA is set to expire after the '10-11 season. Stern and NBPA Exec Dir Billy Hunter are "trying to get an early start on the talks, which are expected to begin this summer," and Stern will "put together a labor relations committee sometime next month." Hahn notes the NBA "does have the option to extend the agreement through 2011-12, but there is widespread belief that the 30 teams will decline that option" (NEWSDAY, 4/24). Stern and NBA officials indicated that the economic data the NBA is currently collecting "will be a key element of the package they'll deliver to the [NBPA] this summer" during CBA negotiations (BUSINESSWEEK.com, 4/23).
LIVING IN THE PRESENT: In Boston, Marc Spears reports Stern prior to Celtics-Bulls Game Three Thursday night discussed the "perception that the NBA would prefer a Finals matchup between its two biggest stars," Cavaliers F LeBron James and Lakers G Kobe Bryant. Stern said, "I don't even know how to answer it. I think the great thing about our league is we're having these great series. We have a Finals that will define the event." He added, "Sure, media will focus more on particular players. But we've been at this far too long. At least I have. And the best you can hope for is a well-contested playoffs" (BOSTON GLOBE, 4/24).
PACKING THE HOUSE: All three playoff games Thursday night -- Celtics-Bulls, Spurs-Mavericks and Lakers-Jazz -- sold out, meaning all 19 playoff matchups to date have been played before capacity crowds (THE DAILY).
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