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.