The truth is that this economic crisis has probably just begun, meaning what has transpired so far is only the tip of the proverbial iceberg. The NFL wants to increase the length of its season — not because it's a particularly great athletic idea, but because it's a convenient way to raise more cash. But what happens when the auto companies and their ilk have no more money to advertise? Can the rich media contracts that fuel the sports business possibly remain the same?
Meanwhile, with college endowments way down, universities are unlikely to continue to pour millions into major sports that even in good times were money losers. In 2006, only 19 universities turned a profit on their athletic programs. (The number of secondary schools that do the same can be counted on one hand.) Ohio State, one of the few that managed to produce a small gain, has an athletic budget of more than $100 million per year. That's more than $100,000 per athlete — a likely unsustainable investment.
As the economic crisis continues, sports will undergo a revolution. No surprise there, really — except the psychological effects are likely to be profound. If we find ourselves increasingly unable to finance the temple of sports, is nothing sacred? Sadly, the answer is "Not anymore."
You think the markets lost confidence when Lehman and GM couldn't make payroll? Wait until the list of failing companies includes our favorite sports teams.
To read the "Stark Ravings" blog, go to thePhoenix.com/blogs/starkravings. Steven Stark can be reached at sds@starkwriting.com.
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