The NBA: Where bankruptcy happens?
Here's an ominous story about the state of the finances of some pro hoops teams around the country. Aside from making one wonder about the long-term future of that league -- a truly world-class level of competition -- this news also points out the utter absurdity of the plan for Portland to spend nine figures on "major league" soccer.
| Posted at 4:29 PM | Permalink |
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Comments (12)
Give David Stern a gold star for spinning, though:
"It's exactly the opposite" of a bailout, Stern told The Associated Press. "This was a show of strength in the credit worthiness of the NBA's teams."
Posted by Dave J. | February 26, 2009 4:36 PM
"news also points out the utter absurdity of the plan for Portland"
C'mon, that is there, this is Portland. Its different here.
Posted by Steve | February 26, 2009 5:19 PM
You wrote "major league" soccer.
Perhaps you meant major league sucker?
Posted by none | February 26, 2009 5:23 PM
It will be interesting to see whether Portland city government's affinity for boondoggles will fade at all given the current economic climate. It's kind of sad that Oregon Republicans are so wedded to their social conservatism, because it marginalizes them with mainstream Oregon voters, making them irrelevant and powerless. It would be nice to have some more fiscally conservative voices in Oregon politics.
Posted by anon | February 26, 2009 5:36 PM
Amen. Today I see that Joe Biden is holding up one of Portland's biggest sponges of tax dollars for horrible condo buildings as a spokesman for the future of the middle class. It seems pretty hopeless.
Posted by Jack Bog | February 26, 2009 5:43 PM
This can't surprise anybody who watches guys like Stephon Marbury and Keith Van Horn make millions of dollars not to play games. The NBA's system could have been defined by Madoff.
Posted by Scott | February 26, 2009 7:51 PM
So, banks are willing to lend money to businesses that pay 25 year olds $13 million a year to sit the bench and smoke copious amounts of weed, but not to businesses that will employ hundreds of everyday people willing to work.
But other than that, the credit markets are "frozen." That's some good stuff right there. Go America!
Posted by Mike | February 26, 2009 8:01 PM
It's times like this I'm glad we have Paul Allen for our owner. Seriously, part of the reason the Blazers stayed put at the deadline was that they know they can possibly get some cheap talent due to the fact that they'll be one of the few teams that can pay....
Posted by Don | February 26, 2009 9:12 PM
Yes, but when there's a strike in a couple of years as the economic reality hits the players' union, there'll be no NBA title for Old Man Oden to win.
Posted by Jack Bog | February 26, 2009 9:47 PM
@ Steve: JK Galbraith says (in his book on the crash of 29) that the four most expensive words in the English language are "This time it's different."
Posted by George Anonymuncule Seldes | February 26, 2009 11:17 PM
The best comment about Oden came from Bill Simmons.
"Greg Oden is the real life Benjamin Button"
Anyway, this isn't the end of the NBA. But I do think it's the end of overly high salaries, which is probably a good thing.
I also hope it's the end of teams blackmailing cities into building stadiums for them.
Which is why Portland even considering building an MLS stadium is crazy.
Posted by Justin | February 27, 2009 2:47 PM
Any attempt to authorize a bond sale for an MLS stadium should be referred. Treat it as a warm up for the recall.
Posted by anon | March 1, 2009 4:11 PM