In Ted Leonsis’s first season as owner of the Wizards, the team didn’t have much success on the court, as it finished with just 23 wins.

And in an interview on Monday with Chris Miller of Comcast SportsNet, Leonsis admitted that the Wizards weren’t very successful at the box office, either.

“We lost money last year,” Leonsis said, matter-of-factly, when asked about NBA Commissioner David Stern’s claims that 22 of the league’s 30 teams lost money last year.

Stern has stated that his goal is to make the league profitable for his owners, and the union estimates that the league is looking to make cuts of more than $8 billion over 10 years.