NBA needs $175 Million loan – Spends $2.1 Billion on salaries

The NBA is apparently in need of a $175 million dollar loan. Essentially a bailout from Bank of America and JP Morgan, which in turn were bailed out by US Taxpayer funds.
The National Basketball Association will borrow 175 million dollars to serve as aid to teams that might struggle in the weak global economy, Sports Business Journal reported Thursday…

Half of the league’s 30 teams agreed there was a need to go through with the borrowing, according to the report…

That’s fantastic.  Apparently even major league sports are really hurting in this tough economic times.

Gosh! If only there were a way to cut back some of the spending from this crucial organization. Maybe like, oh I don’t know, work over some of their salaries?

The NBA Spends over 2.1 BILLION Dollars a year a salaries alone!

The League Minimum Salary for the Calendar year 2008 was $412,718 per year. And few players are making the NBA’s minimum wage.

The top 30 highest paid players in the NBA make over 14 million dollars a year. Kevin Garnett from Boston ringing in at number 1 with a $24,750,000  salary. At the bottom of the top 30 is Lebron James with a yearly salary of $14,410,581.

The New York Knicks spend almost $100 Million dollars a year on salaries alone. And that’s just one of 30 teams!

You know, sports has it’s place in the world. But this is disgusting.

SalariesSource: HoopsHype