NBA Experiencing $400 Million in Losses This Season

Woodrow Bellamy IIIContributor IFebruary 14, 2010

NEW YORK - JUNE 25:  NBA Commissioner David Stern speaks prior to the start of the 2009 NBA Draft at the Wamu Theatre at Madison Square Garden June 25, 2009 in New York City. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.  (Photo by Jim McIsaac/Getty Images)
Jim McIsaac/Getty Images

NBA commissioner David Stern said Saturday that the NBA will experience league wide losses of $400 million this season.  He also said that in recent years the NBA has experienced hundreds of millions in losses as well.

Stern stated this during his annual All-Star press conference.  He predicts that the Charlotte Bobcats will be sold before the end of the season.

According to the commissioner, these problems are due to the collective bargaining agreement. 

He is proposing a new agreement that would reduce the league minimum salary by 20 percent, and he also wants salaries for first round picks to be cut by one third.

Times are tough, and people can't afford those $20 hot dogs at NBA games anymore.  Don't get it twisted though: Kobe, LeBron, and all those stars are eating, and eating WELL.

Think about that while we all laugh it up while watching the NBA All-Star game tonight.