With the sigh of relief by Pacers fans and the raising of arms from seemingly the rest of Indianapolis, the CIB Pacers deal approval solves the problem on the team staying put for a while longer, but doesn't solve the other problem: the fact the Pacers are still losing millions a year.
Anthony Schoettle with the Indianapolis Business Journal reminds us that the problem still remains with the Pacers to turn a profit despite the $33.5 million approval from the CIB. Of course, it's not just the Pacers who are suffering losses, but other franchises, while teams like the Lakers are able to make profits to offset Indiana's losses.
With the lockout becoming more and more imminent for the 2011-12 season, considerable questions deserve to be raised regarding Indiana. They'll be in Indianapolis, but will they benefit from lower player salaries? Can they be helped with a friendlier profit sharing system? Stern estimated a $400 million loss league wide, but Players Association Executive Director Billy Hunter claims the number is grossly exaggerated, with proof of the salary cap rising about $1 million instead of falling an estimated $7 million.
One thing is clear, however, the business side of professional sports is rearing its ugly head, and the Pacers couldn't seemed to have timed it worse with gaining ample salary cap room to also help ease the losses. Schoettle also discusses the future of the team's ownership, as Herb Simon doesn't much care for losing $10 million a year on the team.
Simon would like to keep the team within the family, but that remains difficult to peg given the lack of overall involvement of his wife and children. The good news of course, the team is in Indianapolis, the bad news is, the outlook is cloudy, at least that's what the Magic 8 Ball says.
After the jump, some happier basketball news, including Las Vegas Summer League action entering its final weekend, more praise of the Pacers draft, and that Ryan Reid guy.
- Day Eight Las Vegas summer league roundup
John Wall solved his turnover issues, Ed Davis looked sharp, Earl Clark continues to whiff, and apparently, DeMar DeRozan and Sonny Weems "make beautiful music together."
- 10 Rookies (not named Wall or Turner) Who Will Make an Impact
Dime Magazine continues the recent praise on the Pacers swing for the fences draft, finding generous placement and kind words for Paul George and Lance Stephenson, even going so far as to suggest Stephenson as the starting PG on opening day.
- Florida State's Ryan Reid goes on improbable journey from role play to NBA Draft pick
Orlando Sentinel gives a positive view on the Summer League play of perplexing second round Pacers pick Ryan Reid. Reid was traded to the Thunder, and maybe they saw something after all.