A major meltdown is coming in sports with teams that have taken on so much debt.
It’s already begun in soccer, yesterday Portsmouth, one of the oldest English teams, went into administration because they owe so much in taxes. We are going to start seeing this across the board in all sports. You have to be nuts in this environment to buy a sports franchise.
That is why Stern and Goodall are threatening major work stoppages if the players’ unions do not make major concessions.