The National Basketball Association will borrow 175 million dollars to serve as aid to teams that might struggle in the weak global economy, Sports Business Journal reported Thursday.
The report said the presumption is teams would use the funds to cover operating losses and that while the league was not looking to borrow, Bank of America and JPMorgan came to the NBA several weeks ago with the opportunity.
Half of the league's 30 teams agreed there was a need to go through with the borrowing, according to the report, which said the money will supplement a 1.7 billion-dollar credit facility that uses the NBA's broadcast contracts as loan collateral. to read the rest of the article click here!
Now this is some BS for real..... the economy is in a recession (The usual dictionary definition is "a period of reduced economic activity") and the NBA is about to get dough? Maybe I'm trippin but don't the players make enough money for running around on a basketball court? The NBA regular season begins in the first week of November. During the regular season, each team plays 82 games, 41 each home and away. Around the end of April, the regular season ends.
Who are they getting the money from? Maybe America can borrow the money from them too? All I'm saying is that I think they make enough and no team should be in need of any money at all. In such a hard time they should be giving more back: I'm sure the price of a hot dog hasn't gone down, or the tickets are still like $20 even for the nose bleed seats, they sell clothes, stickers etc. I don't see that the NBA is in a recession so I'm totally not cool with this at all.... Just airing some shyt out!