The NBA lockout is putting a financial hurt on many cities, but so far, only Memphis is thinking about taking legal action against the League. Reports Fox: “The city of Memphis is considering getting involved in the NBA owners’ lockout of the players. Memphis taxpayers stand to lose a lot of money if game revenue doesn’t come in to pay off the bonds used to build the FedExForum. Research is still being done, but early estimates indicate taxpayers could have to pay $18 million in bond payments if the entire season is cancelled. Currently the first two weeks have already been cancelled and NBA commissioner David Stern is threatening to cancel the rest of the games in 2011 if an agreement is not reached soon. At the suggestion of Chairman Myron Lowery, the council approved a resolution that would ask City Council Attorney Allan Wade to explore all options, including a lawsuit against the NBA. ‘Should this lockout stay until December, then there’s a very big bill there that the city of Memphis will be responsible for,’ said Councilwoman Janis Fullilove. ‘And whether or not we file a lawsuit, which may set precedent among other cities in this nation, is something we’ll have to wait and see. But it’s only being proactive that’s he’s offering this resolution.’ Wade says this is the first city he’s heard of considering this type of action. ‘If it gets to be half a season that’s a big problem. If that thing sits idle for a whole season that’s a big problem,’ he said. ‘I think that goes against the spirit of our agreement because our arena is built with revenue, not guaranteed money… as you know, these stadiums and arenas are built with public revenue and revenues from these games so were very dependent on that revenue, so if we lose it, I’m surprised other people haven’t used other options to try and recover their money.'”
(H/T: SB Nation)
