NBA to borrow money to help half of their teams

[thedarkangel1975]

msn.foxsports.com/nba/story/9268404/Report:-NBA-plans-to-borrow-money-to-aid-teams?MSNHPHMA


NEW YORK (AP) - 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.

[thedarkangel1975]

This makes me happy in a sadistic way ;D

[herbs]

Basketball- the only sport where it's cool to show off your limp wrist. They do it after every shot!

[Terry]

Mar 1, 2009 1:02:11 GMT -5 herbs said:

Basketball- the only sport where it's cool to show off your limp wrist. They do it after every shot!

[Terry]

I happened to be watching some highlights last night and one was showing some NBA player almost covered in tattoos. So, I'm thinking when I saw that, that the game shouls be called "Tatball". That's about the only thing that stands out about the game.

[BCNB]

Ive never been a basketball fan. I find it boring and slow moving. Also, why does the last minute of any close basketball game take 10-15 minutes...never understood that.
SO I guess its ok to pay huge salaries in the NBA cuz the league will bail you out when times get tough.