Former Los Angeles Sparks majority owner Paula Madison made clear why she and her family are giving up the team - they've lost money:
Since taking over the franchise in 2007, Madison said, she and her family had lost $12 million -- including $1.4 million this past season.
"Our team has had a tough time from year to year, and we went into this not because we wanted to own a franchise, but because we wanted to support women's basketball," Madison said in a phone interview late Thursday night.
While half the league's teams are connected to NBA franchises, the Sparks were independently owned, which has made reaching profitability more difficult. From arena costs to separate front office staffs and office space, a lot more money is spent by independent owners. It didn't help that the Sparks' major sponsorship deal with Farmers Insurance ended this past year.
Madison said she and her family are sad.
In the meantime, there might be hope for the franchise, as the Golden State Warriors have confirmed interest in having a WNBA team.
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