David Stern: The NBA Is Doing Fine Financially
"I always get into trouble saying this," Stern said. "I have been concerned for 25 years, and so I always worry about everything. But all I can say is that in a difficult economic environment we are going to maintain our attendance and our revenues, even last year."
Stern said the league was forecasting more robust growth in September before the markets collapsed. Instead, he predicted the NBA will "be even rather than up because of the overall economic situation."
"The stock market is down 30 or 40 percent," he said. "The fact that we may be flat or down a percent or two, I’d sign up for it now in this environment for a long time because we just don’t know what’s going to happen."
What Dave doesn’t note is that the NBA itself and the individual franchises operate as distinct entities. Consequently, while the National Basketball Association may be turning over much the same numbers as last year, the majority of its teams are in financial dire straits. The Suns, for example, have been fairly candid concerning their monetary woes, even going so far as to shop Amar’e Stoudemire in an effort to save a few pennies. At least count, the number of teams making a profit was in single figures, and things may be even worse these days.