Here’s the Players and Company’s Who Lose the Most from a NBA Season Cancelation
With Monday’s rejection by the NBA Players’ Union of the league’s offer and now a disbandment, a 2011-12 NBA season is looking less and less likely.
While players have started to feel the pain of no paychecks, a year without a NBA season will affect businesses, local economies and yes, even the average worker. Who will feel the most pain?
As of October 25, an estimated 400 NBA jobs have been lost thanks to the lockout: 200 in the league and 200 other jobs dispersed across the NBA’s 30 teams.
But now with the first two weeks of the NBA season already canceled, some of these highly paid NBA players are feeling the pain. Thanks to Gplus, here’s the top 5 players who would lose the most per paycheck (two weeks worth of pay) as well as a look at the bigger picture.
5 Hardest Hit Players
Kobe Bryan (Lakers) $1.9 million, Rashard Lewis (Wizards) $1.7 million, Tim Duncan (Spurs) $1.6 million, Kevin Garnett (Celtics) $1.6 million and Gilbert Arenas (Magic)$1.5 million
5 Hardest Hit Cities (Potential Revenue Lost for Entire Season and Unemployment Rate)
Memphis $223 million (10.3 percent), San Antonio $95 million (7.9 percent), Orlando $92 million (10.3 percent), Oklahoma City $60 million (5.5 percent) and Portland $59 million (8.4 percent)
Businesses Feeling the Pain (Shoes and Apparel)
Without a regular season, there’s potentially a $500 million loss in basketball shoe sales. This equals 25 percent of the current $200 billion market which includes Nike Inc. (NYSE:NKE).
For apparel, the NBA’s official outfitter Adidas AG (NYSE:ADS) could lose between $125 million to $150 million in sales of licensed NBA merchandise.
Food and Entertainment Loss of Revenue
Indianapolis could lose $55 million without the Indiana Pacers bringing in tax, restaurant and bar revenue.
And for the Utah Jazz, which said it’s biggest time of year for the EnergySolutions Arena is NBA basketball, its owner Mike Katsanevas estimated a 25 percent to 30 percent loss in revenue from a cancelled season.
Less TV Money
A 30-second commercial ad spot for ABC during the NBA finals could bring a $400 million loss.