The economic crisis is hitting sports at all levels. From the local:
East Side Union chief to propose a budget that eliminates all sports
In an extraordinary cost-cutting proposal even for hard times, a school chief in East San Jose wants to eliminate football, basketball, soccer and all other athletic programs involving thousands of students at 11 high schools.
"I didn't do this for shock value," said Bob Nunez, superintendent of the East Side Union High School District. "I did it because I need to look at the academic programs we would not have if we keep sports."
To the national:
Economic slump causes NFL to cut staffNEW YORK (AP) -- The NFL pays its players billions of dollars a year and fans pack its stadiums every week. But even the deep-pocketed league is shedding jobs.
Commissioner Roger Goodell said Tuesday that the league is cutting more than 10 percent of its staff in response to the downturn in the nation's economy that could put a dent in ticket sales for next season.
...The NFL long has been regarded as one of the most wealthiest pro sports leagues on the planet. In September, Forbes called the NFL "the richest game" and the "the strongest sport in the world." The league has revenues of approximately $6.5 billion of which an estimated $4.5 billion goes to players.
But now it joins the NBA, NASCAR teams and the company that runs Major League Baseball's Internet division in announcing layoffs. The NHL hasn't laid off workers, though it is in a hiring freeze, a spokesman said Tuesday.
The Yankees, however, seem unfazed. They reportedly signed A.J. Burnett to a five-year, $82.5 million deal today.
Yes, they have a ton of money with expired contracts coming off the books. But I wonder if they'll regret this. Other teams are being very cautious because of the financial crisis. The Yankees may be wealthy, but they just shelled out for that fancy new stadium. And will be competing with the Jets, Giants, and Mets, who will also have new digs, in selling seats.
Labels: The Greater Depression
