NBA: Two More Weeks of Season Lost After $200 Million Loss
The NBA will announce the cancellation of at least two more weeks of its regular season today. This will bring an additional 102 games not played through Nov. 28.
The league has endured a steady cancellation of games. On Oct. 10, the NBA canceled the season’s first two weeks, equaling 100 games, in response to continued disagreements between the owners and players over a new labor accord. The sides are far apart on an agreement to divide NBA income, which saw $4.3 billion in revenues last season.
The league will see rising losses from the cancelled weeks and recently NBA Commissioner David Stern said without the preseason games, the league incurred $200 million in losses. For every two weeks erased from regular-season play, this results in hundreds of millions of dollars in losses.
Some companies tied to the NBA include Madison Square Garden Inc. (NASDAQ:MSG), Anheuser-Busch Inc.(NYSE:BUD), and Nike Inc. (NYSE:NKE), as well as News Corp.(NASDAQ:NWSA), Comcast (NASDAQ:CMCSA), CBS Corp.(NYSE:CBS), The Walt Disney Company (NYSE:DIS), and DirecTV (NASDAQ:DTV) all of which broadcast NBA games on their networks, which include Fox, NBC, CBS, ABC, and ESPN.