Aug 8, 2011, 2:07 PM EDT
There are some NBA owners out there willing to scrap the entire upcoming NBA season because they would lose less money that way than they would paying players for a season.
But losing a full season is not good for all the owners. You can add Memphis to that list.
Not because it’s a profitable team in a good market — it’s not — and not because after last year’s playoff run there is a real excitement around the team for next season.
No, it’s about money and how the already strapped city of Memphis could be hurt by an extended lockout. The Associated Press explains.
A fund used to pay off bonds that financed the $250 million FedExForum could be pushed into the red by 2022 if the N.B.A. lockout lasts the entire year, a situation that would force the city of Memphis and Shelby County, Tenn., to pay the shortfall….
With the loss of revenue associated with a lockout, projections show the current surplus of $10.8 million would be gone in time for the senior bonds’ Nov. 1, 2022, payment. It could reach $10.6 million by 2029, or about $600,000 annually for each government.
That’s no problem because cities are so flush with cash right now. Not like they need more police, fire, longer library hours or a host of other things in Memphis.
- Report: Kevin Durant considering Knicks, being recruited by Carmelo Anthony 42
- Markieff Morris: “My future will not be in Phoenix” 33
- Shaq tells Suzy Shuster he, Kobe Bryant could have tied Jordan’s six titles 34
- Dwight Howard tried to take loaded gun through airport security, will not face charges 52
- Will Miami make a run at Kevin Durant? 17
- Report: Veteran forward Chuck Hayes agrees to deal with Clippers 7
- Report: Lakers to sign Brazilian, FC Barcelona point guard Marcelo Huertas to one-year deal 10
- Shaq to Kobe on podcast: “I just want people to know that I don’t hate you” 18