Jaguars Could be the First NFL Franchise to File Bankruptcy
The National Football League being a six billion a year business some teams with the current economy could be heading for trouble. The Jacksonville Jaguars could be the first team to file bankruptcy.
The Jaguars are in serious trouble as they are potentially looking at a television blackout of all eight home games, which would most likely be the first in recent history.
The Jaguars have only sold 35,000 nonpremium season tickets, which means that they team must sell 15,000 more to lift television blackouts.
Last year the Florida Times-Union points out that Jaguars sold 43,000 season tickets at this time last year.
The original seating capacity for Jacksonville Municipal Stadium was 73,000, but was reduced due to poor ticket sales.
Now, at 50,000 the team still cannot sellout games regularly.
The Jaguars stadium lease runs through 2030 and according to a old 2002 Times-Union article the lease is a really hard to get out of.
So, Jaguars owner Wayne Weaver has two options. First, keep on taking losses yearly by the team until the contract runs out, or file for bankruptcy.
Any good business man is not going to consistently keep taking losses. So, that means that sometime soon the Jaguars will file for bankruptcy.