The sports industry is getting hit hard by the sinking economy, and you know what that means:

While most people’s attention focused on the Big Three auto execs’ hybrid-car rally from Detroit to Washington, another prominent American industry was starting to look green around the gills. This month has not been a happy one for pro sports teams: The Houston Comets, winners of the WNBA’s first four titles, shut down when the league couldn’t find a buyer; the NHL’s Phoenix Coyotes were reported hemorrhaging cash and headed for bankruptcy; and the Arena Football League assured fans that, just because it doesn’t have a commissioner or a schedule for next season, doesn’t mean that it’s folding … yet… [read more]

UPDATE: Mere hours after this article appeared, the Arena Football League announced that it was canceling its 2009 season to work on “developing a long-term plan to improve its economic model.” One hopes that bailouts won’t be involved.