MIAMI (AP) — Lower player salaries, delayed construction of new arenas and the "weeding out" of struggling companies may loom as the next phase of the recession impacts sports.
Speaking at the IMG World Congress of Sports in Miami, a panel of industry executives and athletes agreed Wednesday that even in these times, well-managed companies should thrive.
Still, they warned the impact of the global financial crunch may not be apparent in sports for some time.
Tim Leiweke, president and CEO of Anschutz Entertainment Group, says some sports will "have to reinvent" themselves. He oversees Major League Soccer's L.A. Galaxy and the Staples Center in Los Angeles.
