Women's Hoops Blog

Inane commentary on a game that deserves far better


Friday, December 12, 2008

Well, ESPN didn't revisit the subject, so the International Herald Tribune did: Russian teams feel the pain from global crisis.

The global financial crisis has forced many of Russia's professional sports teams to trim costs, bringing to a halt a spending spree that was fuelled by soaring oil and gas prices over the past few years.

Many of the country's top clubs in soccer, ice hockey and basketball are owned or sponsored by individuals or companies which have made their money from producing raw material such as oil and gas.

The crisis has forced big clubs to cut their budgets next year and threatened smaller ones with extinction unless they find other sources of income in the changing financial climate