Players' association questions NBA financial statements

NEW YORK (AP) — The NBA players' association maintains that there is an "adequate basis" for doubting the NBA's losses, citing the inaccurate financial projections the league made in 2009-10.

The union's assertion today came a day after a report questioned whether the league indeed lost money two seasons ago.

Though the NBA says it lost $340 million in 2009-10, a New York Times blog post Tuesday titled "Calling Foul on NBA's Claims of Financial Distress" called the league "fundamentally a healthy and profitable business" with an estimated operating income of $183 million that season.

Union spokesman Dan Wasserman said the NBA projected a decline in revenues that season but they actually rose, so the final losses should have been much less than the league said.

"In 2009-10, the NBA repeatedly offered projections that league revenues would decline as much as 5 percent, or $180 million, while also projecting losses of $370 million. Revenues were actually up in `09-10 and the revenue projections were off by as much as $200 million. Yet, the loss figures were only adjusted by $30 million. So yes, we feel there is more than adequate basis for questioning their projections and financials," Wasserman said.