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The NBA said today that 22 of its 30 teams will lose money this season, holding that up as evidence that the league’s business model is broken and must be fixed.The league claims it will lose more than $340 million dollars this year, and the losses are not just a couple of unhealthy teams dragging down the curve.
Deputy Commissioner Adam Silver told a press conference, following the league’s Board of Governors meeting, today that only 8 teams will be profitable this year.
Of course, it’s hard to believe that the players union will take that claim at face value. Expect a familiar refrain of “open the books” when the CBA expires this summer.
At the same press conference, David Stern also announced that the Sacramento Kings have been given an extension on their deadline to file for relocation. (It’s now May 2.) The emergence of a possible buyer for the team, has given everyone the excuse to step back and take a longer look at the situation.
And in a final punchline to cosmic joke that was “Sonicsgate”, Stern announced that the man he has chosen to head up the NBA’s relocation committee is owner Clay Bennett.
The same Clay Bennett who bought the Supersonics by promising to keep in them in Seattle …. then immediately turned them into the Oklahoma City Thunder.