The Sport’s Economist

Given today’s headlines, as well as those headlines since the sub-prime mortgage crisis in 2007, it is hard to believe that any industry would be sheltered from today’s economic turmoils. The sports industry is NOT an exception. As Darren Heitner on points out:

A struggling economy, a financial adviser engaged in fraud…what doesn’t have a resounding effect on the sports community now-a-days?

stanford financial

Sports Agencies have been linked to an alleged $8bn fraud. Players have had their bank account’s frozen. Owner’s worry about ticket sales. Leagues are making lay-offs and commissioners are taking pay cuts. David Beck at the NY Times stated,

The nation’s economy is buckling. Too many teams are losing money. League revenue is flat, and the salary cap is about to shrink for only the second time in its history.

This leaves the NBA in a predicament, their collective bargaining agreement is set to expire in 2011. As super-agent David Falk sees it, we may see several changes in the NBA.

david falk

Perhaps one solution for the economic troubles of today is to build? Portland, Oregon has considered making “[a]n investment in more than sports.” The Metropolitan Sports Facilities Commission has also considered creating more jobs. This may be a solution for a few cities in need of new stadiums, but undoubtedly more solutions need to be proposed.

3 Responses to “The Sport’s Economist”
  1. Mike says:

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  1. […] As a follow-up to my The Sport’s Economist post, Bill Simmons calls the NBA the “No Benjamins Association“: You might remember me […]

  2. […] The National Sports & Entertainment Law Society Blog has some good posts up, including on how the bad economy impacts on sports law and posts on Tejada and […]

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