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October 10, 2011
NBA Start Canceled as Talks Yield No Deal
The Wall Street Journal
by Kevin Clark
NBA Commissioner David Stern canceled the first two weeks of the season after two straight days of last-ditch negotiating failed to resolve the labor dispute.
Mr. Stern said both sides were "very far apart on virtually all issues. ... We just have a gulf that separates us."
The league says it stands to lose hundreds of millions of dollars.
The sticking point was how players and owners will split the league's $4 billion in revenue. The National Basketball Association says it's losing $300 million a year, and that 22 of its 30 teams are losing money.
NoLandGrab: They would have us believe that 22 of 30 NBA teams are losing money, but 30 out of 30 NBA arenas are goldmines for the taxpayers who paid to build them.
This might not be the beginning of the end, but one of these days the pro sports bubble is going to burst, and it ain't going to be pretty.
Posted by eric at October 10, 2011 10:33 PM