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Report: NBA takes out $200 million loan

Feb. 26, 2009 at 9:27 PM   |   Comments

NEW YORK, Feb. 26 (UPI) -- The NBA has borrowed $200 million to distribute to teams needing money to get through the struggling economy, SportsBusiness Journal reported.

An initial report by the journal said the league had borrowed $175 million, but both CNBC and The Washington Times said the amount was $200 million.

The reports said at least 12 and as many as 15 teams had asked the league for money to cover operational losses.

SportsBusiness Journal said both JP Morgan and Bank of America initiated contact with the NBA to inform the league of the loan opportunity. The report said the NBA had not originally sought a loan.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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