Stern: Less Than Half of NBA’s Teams are Profitable

The AP has the story:

NBA commissioner David Stern said Tuesday he hopes the league can come up with a plan to return itself to profitability as it grapples with decreasing revenues.

“The losses that are being shown by the league and the decrease in business, although our decreases are less than many other businesses, are going to be delivered in some detail to the players with an understanding that whatever further details they need they’ll have,” Stern said after a Board of Governor’s meeting in Las Vegas.

The commissioner said less than half the teams in the league made a profit this past season.

It continues:

The league already has announced a lower salary cap for next year and is projecting further reductions for the 2010-11 season with possible revenue decreases of 5 percent.

Stern said there was an agreement among owners about the kinds of solutions the league needs to turn things around.

“There’s a complete agreement that we need to look for a system that keeps our players as well paid as they are — at the top of the heap — but on the other hand returns the league to profitability at the same time.”