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.
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- Report: Cavaliers sign Matthew Dellavedova 7
- Heat trade Zoran Dragic, second-rounder to Celtics 10
- Report: Cavaliers trade Brendan Haywood, Mike Miller, two second-round picks to Portland 16
- Blake Griffin, Stephen Curry among latest big names headed to Team USA mini-camp 7
- Kyrie Irving off crutches, cleared by doctors to start working out 8
- Report: Becky Hammon gaining traction around the NBA as “serious” head-coaching candidate 42
- Gregg Popovich discusses three-point shot, changing roles for bigs in NBA 4