NBA Lockout Costing Millions In Lost Revenue, But No End In Sight
SACRAMENTO (CBS13) — Two weeks worth of NBA games have been cancelled so far, and the players and owners remain far apart on a new labor agreement.
So far eight Kings games have been cancelled, four of them at home. CBS13’s Ben Sosenko looked at how much money the Kings will lose with those games cancelled.
The average attendance for a Kings home game last season was 13,890. The average ticket price was just under $52. That comes out to $719,502 in ticket sales alone, for one game.
General parking at the arena cost $10. If there’s 7,000 cars in the lot, that’s another $70,000.
And what’s a basketball game without food and drinks? If the average person spends $15 on a hot dog, drink and popcorn, it’s another $208,359. Add all of the money together, and the total is just under $1 million dollars.
Even the mayor isn’t certain how large the impact will be but the reality is, four Kings home games are already lost, and with it, a whole lot of revenue.
“Parking, concessions, sales tax, there’s a host of issues we’re trying to get a good grip on,” Mayor Kevin Johnson said. “It’s gonna be a big hit, and that’s the unfortunate part.”
And the nearly $80,000 in sales tax that would go back into the community is gone.
And our calculations only touched on the economic impact of Kings home games. We didn’t even talk about revenue lost to area restaurants and other local businesses, plus the impact on the 700 part-time and full-time Kings employees.
Of course, small-market owners such as the Maloofs in Sacramento say they’re losing millions of dollars each season and are in no hurry of ending the lockout. And why is that? Huge player salaries that owners are fighting to scale back, Sports Illustrated’s Sam Amick told CBS13.
“Truthfully, I really don’t they’re anxious at all,” Amick said of the Maloofs wanting a deal. “They’re pretty much the microcosm team, in terms of that small-market organization that stands to gain pretty greatly from this salary structure the NBA is pushing for right now.”
That’s at the heart of this lockout that looks as if it could endanger a lot more than just the first two weeks of the season.