Dec 9, 2010, 11:01 AM EDT
This is starting to remind me of the bank bailouts, where once the government decided to help them out the depth of the morass just kept becoming clearer.
The Hornets lost $18.24 million dollars in 2009-10, according to Jonathan Abrams at the New York Times Off The Dribble blog. And the numbers after this season should be even worse (which is a little sad because the team is better this season, last season if nobody wanted to watch them it was understandable).
That is just operating losses, we’re not figuring in the long-term debt, which at last count was about $83 million.
It was those losses that had George Shinn trying to sell the team and that forced the league to step in and buy the franchise when a deal with Gary Chouest fell through.
David Stern and Jac Sperling — Sterns appointed man to run the team — have both said they want to take their time, do it right and find a local owner if at all possible. But once the other 29 owners start having to write checks that cover those operating losses you can count on there being pressure to speed up the process.
- Report: Lakers finally offer coaching position to Byron Scott, deal expected soon 22
- Report: Cavaliers leading Kevin Love-trade sweepstakes 34
- Chris Paul on boycott if Sterling is still owner: “That’s something me and Doc are both talking about” 26
- Players union approves of Thunder’s Josh Huestis arrangement 15
- Cavaliers officially sign Andrew Wiggins, putting 30-day hold on him being traded 56
- Lakers deny rumor they are waiting around for Doc Rivers to be coach 61
- James Harden: “Dwight and I are the cornerstones of the Rockets. The rest of the guys are role players.” 91
- Mavericks signing Al-Farouq Aminu to two-year, minimum salary contract 12