Due to the economy, owners of US sports leagues are pushing to cut salaries as early as sometime next year. The owners and players of the Major League Baseball, National Football League, and the National Basketball Association are in bargaining agreements which will be expiring next year. The Hockey League Union for the players can extend their deal beyond next season.

At a conference for sports law, the heads of NBA and NFL unions stated they were preparing players for lockouts. The owners are trying to reduce revenues shared with players. Due to the worldwide recession, attendance has dropped between 1% and 2% over the last year and sponsorship has fallen. Companies and fans are all cutting back. The NBA Commissioner stated they will lose $400 million dollars this season because of the economy and a labor deal that will be expiring next summer.

The proposal of a new deal for the NBA would flatten the player’s salaries. The league is pushing to grow overseas revenue but doesn’t want to share what they normally do. Since the 1960’s, salaries have boomed due to league expansion, free agencies, merchandise, sponsorship revenues, and increased television coverage.

A lockout could be costly. In 1998, the owners lost around $41 billion dollars with the players losing around $500 million. If a lockout occurs, entire seasons of any league sport could be completely wiped out.