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View Full Version : NBA getting bailed out (edit: just a loan...nothin to see here)



dukebound85
Feb 26, 2009, 04:35 PM
The NBA is getting loans from banks who received our bailout money

http://sports.espn.go.com/nba/news/story?id=3936991


edit: saw it it is a loan.......still


rdowns
Feb 26, 2009, 04:38 PM
Did you even read the story you posted? And how is an interest bearing loan a bailout?


NEW YORK -- SportsBusiness Journal reports the NBA plans to borrow $175 million to distribute to teams in need of additional cash.

The deal comes at a time when leagues are laying off staffs and cutting ticket prices. It will allow the NBA to distribute up to $11.66 million to 15 teams that responded to a league survey gauging interest in the money, SportsBusiness Journal said.

The report says the league plans to borrow the money Thursday.

The report also says JPMorgan Chase and Bank of America arranged the private-placement deal, in which non-banking lenders extend the cash at a fixed rate. In this case, the interest rate is 8.27 percent for $100 million; 7.45 percent for the remaining $75 million.

Teams can use the money for any purpose.
hulugu
Feb 26, 2009, 04:39 PM
Wurt!

*Facepalm*
dukebound85
Feb 26, 2009, 04:40 PM
Did you even read the story you posted? And how is an interest bearing loan a bailout?

yea i just noticed that.

my worse prsi thread ever. sorry guys lol
KingYaba
Feb 26, 2009, 04:43 PM
NBA plans to borrow $175 million to distribute to teams in need of additional cash.

I would like to know what they're going to do to increase revenue. Cut ticket prices for greater attendance? Maybe the Mavs aren't in trouble because those seats are expensive....
rdowns
Feb 26, 2009, 04:51 PM
NBA plans to borrow $175 million to distribute to teams in need of additional cash.

I would like to know what they're going to do to increase revenue. Cut ticket prices for greater attendance? Maybe the Mavs aren't in trouble because those seats are expensive....


Facepalm #2- did you even read the article?
KingYaba
Feb 26, 2009, 04:56 PM
Facepalm #2- did you even read the article?

I certainly did. Is it not reasonable to ask what the NBA's plans are?
macfan881
Feb 28, 2009, 12:19 AM
im guessing a majority of that money is going to the knicks with there over the cap budget:D but hey thank god Marburry is gone