Tag Archives: NBA players own league

NBA Players Would Be More Wealthy, Independent Without “Owners”

February 3, 2012

Lebron James, Kevin Durant, Kobe Bryant et al. would all be billionaires if Federal
Reserve System Did Not Exist.

The NBA Lockout finally concluded on December 8, 2011 after what turned out to be a comedic display of greed and privilege. But I’m not talking about the players…I’m talking about the so-called “owners.”

This latest NBA Lockout has roots back to June 30, 2005. On that day, the workers (“players”) and money-movers (“owners”) agreed on a 6-year extension of the collective bargaining settlement reached in 1999. That settlement came after the NBA lost games for the first time in its history due to a labor dispute. The workers made major concessions for the settlement to happen, including acceptance of a rookie salary cap and a maximum salary for players. The cap on salaries came one year after Michael Jordan, arguably the best ever at his craft, made $30 million and $33 million in this final two seasons (1997-98) after averaging only $3 million per in his first 11 seasons. Both sides wanted to avoid another public relations disaster and quickly reached a 6-year deal in 2005 which player retained 57 percent of basketball-related income for salaries, while the “owners” got their wish of an age-limit for draftees. Read Entire Article

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