Reuters reports:

The NBA could lose around $400 million this year because of the flagging economy and a crippling labor agreement, according to commissioner David Stern.

Stern told a news conference Saturday that players’ union representatives negotiating a new collective bargaining agreement had been shown figures outlining the NBA’s current economic circumstances.

“And basically what those numbers showed, give or take, was this year we are projecting a league-wide loss of about $400 million,” he said.”