In this article from Forbes.com basketballs financial status is discussed. There are 10 billionaire basketball team owners; of these ten teams they lost a collective $110 million as the recession and job losses greatly affected ticket sales.
NBA players made a combined $2.3 billion during the 2008-09 season, up $100 million from the year before. The team that suffered the most was the Memphis Grizzlies; there value has dropped 13% since last season.
Not every billionaire-owned NBA team lost value; The Los Angeles Lakers got a 4% increase. The Lakers are now the leagues most valuable team, worth %607 million. The Lakers success is due to high ticket prices that get sold due to recent NBA championships and star players such as Kobe Bryant.
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Seeing the huge amounts of money that goes into sports teams is a very interesting thing. Although teams do help bring in money for cities, I think that it would be interesting to see what would happen if technological advances were given as much attention as sports teams. If the amount of money going to the players of the NBA, NFL, etc. was going to the founders, developers, and inventors of America, we could lead the world in technological advances and see our economy grow exponentially. I am in no way saying that sports, players, or teams are not good, but if the same national focus could be put on something more beneficial, I think we would see a new era.
ReplyDeleteHopefully someone can see what I am trying to get at. Basically, I think that the inventors and developers of technology in America need and deserve more attention, and that our nation would greatly benefit from it.