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| Home > News > Financial and Economic News > NFL lockout could cripple some small businesses, impact economy |
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| NFL lockout could cripple some small businesses, impact economy |
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| 3/4/2011
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Many business students who earn their MBA degrees aspire to enter the professional sports industry. Organizations such as the National Football League (NFL), National Basketball Association and Major League Baseball operate very much like other billion-dollar organizations in the U.S.
For example, the NFL is in the middle of a labor dispute with its players' union. If the two sides are unable to reach a new collective bargaining agreement before the deadline expires, the issue will likely drag out in court and the 2011 football season may be in jeopardy.
A potential NFL lockout could have a disastrous effect on many small businesses and the economy as a whole. A study by Edgeworth Economics estimates that every city that hosts an NFL franchise will lose about $160 million in revenue, totaling about $5 billion total. This would translate to the loss of about 115,000 jobs across the U.S.
Inc. Magazine reports that Jerry Watson, owner of the Stadium Bar and Grille in Green Bay, Wisconsin, is very concerned about the possibility of a lockout. He said that one-third of his business revenue is collected when the Green Pay Packers play at Lambeau Field 10 times a year.
"Without an NFL season, I would drop about $750,000 in gross income for the year," Watson told the media outlet. "How are you supposed to make that up-" |
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