Positive news surfaced Thursday in the Golden State Warriors confirming it is interested in operating a WNBA team. Los Angeles Sparks chairman Paula Madison announced Thursday her family-owned business could no longer operate the team, laying off the front office staff and coaches on New Year’s eve.
Madison told the Associated Press her family lost $12 million since taking over the franchise in 2007, including $1.4 million last season. The Sparks lost its major sponsorship deal with Farmer’s Insurance in 2012, which added to the financial problems for the team.
LA and Phoenix were the first to sign those “marquee” deals in 2009, replacing the team name to the sponsors’ name on the front of jerseys.
The Storm could lose its title sponsor, Bing, according to team co-owner Lisa Brummel, who’s a Microsoft executive. Seattle isn’t expected to suffer like LA, however.More