NBA Needs Stimulus Money?
Reports that fifteen teams are on the edge of bankruptcy. The league will borrow more than a hundred mil this week with no terms divulged. All sports teams other than the Yankees operate in near insolvency and there may be some radical changes. Loss of sponsorship money will kill professional sports, all of which operate at huge deficits without corporate sponsorships and tax bennies. To give you just one clue here, all players are treated as a capital expense just like the machinery in factories and salaries are partially deducted each year as depreciation just like a machine. From now on if any player gives shit a team can file for bk. Such a situation could bankrupt any league. Stand by.....
3 comments:
omg WE are starving here loosing, houses, getting our cars repossed and we work hard for our little money . the gas crunch killed us and everything went up we are working poor how can these players play a game and get millions. How in good concionce can they as for stimulus money . Obama you need to look at whom really needs it. Us!!!
The little people who work for nothing and work hard and cannot play games for millions. I do not want my tax money to go for this it has got to stop !!!!! my tax money is so wasted
We need money for food and shelter they do not!!!!!!
If you go to enough NBA games and see how some of those guys play you'd know they can't survive without a TARP.
Deflation has got to be here for a lot of pro athlete salaries. The situation the teams are in resembles that of newspapers; the advertising revenues have cratered. The NBA deserves a kick in the pants, for sure, but I think the first sport to actually contract will be NHL hockey. The half-dozen teams in the southeastern U.S. are dead teams skating, and the others can't afford to maintain them any more. Look for a couple of them to relocate to Canada and the rest to fold. Soon.
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