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(unconfirmed source) NBA reportedly takes out 900 million dollar loan to bail out all 30 NBA teams

Discussion in 'Houston Rockets: Game Action & Roster Moves' started by HardenVolumeOne, Dec 7, 2020.

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  1. HardenVolumeOne

    HardenVolumeOne Member

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    adam silver let that donald sterling saga inflate his ego. Silver has been a horrible leader. All these NBA teams are losing money and are in the red and this was starting long before the China fiasco and the pandemic

    NBA just had to borrow money on a loan and pay each team 30 million dollars.( bet ESPN wont talk about that)

    This guy has legit sources and is saying the NBA is in BIG TROUBLE, he is the one who confirmed that cp3 was upset with morey last summer about almost being traded to the bulls, and said that cp3 was trying to use his power as player of the presidents union to block the trade to okc

     
    #1 HardenVolumeOne, Dec 7, 2020
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  2. riko

    riko Member

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    Damn Covid was disease sent straight from hell by the devil himself
     
    #2 riko, Dec 7, 2020
    BigShasta likes this.
  3. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
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    It's completely confirmed and in the news.

    https://finance.yahoo.com/news/nba-giving-900-million-teams-161336031.html

    NBA Giving $900 Million to Teams Ahead of New Season

    The NBA’s 30 teams will each receive $30 million from the league ahead of the new season to help them manage continued pandemic-related costs and missed revenue.

    The league recently sold $900 million in notes in a private placement to institutional investors and will likely disburse the money to teams ahead of the season, expected to start December 22, according to a league source who asked not to be indentified because they aren’t permitted to comment on the transaction.

    Given the continuation of the pandemic, many teams will be playing games with no fans in attendance, while others will likely have sharply reduced numbers of ticketholders in the stands. The $30 million disbursement is being given to teams to use as they see fit.


    A private placement means funds, often insurance companies, will buy and hold the debt through repayment. That means the loan doesn’t require ratings or other disclosures that typically required for securities that may be traded or held within investment funds that have credit quality targets or restrictions. This latest transaction is on top of last month’s extension of its $1.2 billion league borrowing facility out to 2023.

    NBA franchises experienced a 16% drop in their revenue from tickets, suites and other team-generated revenue, compared to the 2018-19 season, according to information disclosed with the borrowing facility. Overall, about 40% of NBA revenue comes from ticket sales, concessions, signage and other homecourt game-day income. Including the $200 million cost of operating the Walt Disney World bubble, a dispute with the Chinese government that affected TV revenues and other lost income, the league missed its projections for the recent season by $1.5 billion, the Associated Press reported in October.
     
    #3 robbie380, Dec 7, 2020
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  4. tinman

    tinman Contributing Member
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    #4 tinman, Dec 7, 2020
    CCity Zero, Plowman, apollo33 and 1 other person like this.
  5. riko

    riko Member

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    Is this the new brabra?
     
    #5 riko, Dec 7, 2020
  6. HardenVolumeOne

    HardenVolumeOne Member

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    might be

    this is how i discovered him



    apparently cp3 was pissed at morey last summer. The deal was cp3 and a 1st for kris dunn, otto porter, felicio, and yes lauri markannen
     
    #6 HardenVolumeOne, Dec 7, 2020
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  7. kingkingston

    kingkingston Member

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    The AFL had to get a loan over here in our local sport to do same thing to help with costs
     
    #7 kingkingston, Dec 7, 2020
  8. rimrocker

    rimrocker Contributing Member

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    Thinly disguised bailout of Tilman so he can make it through January.
     
    #8 rimrocker, Dec 7, 2020
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  9. Swapshop

    Swapshop Member

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    Tilman no longer has to eat ramen tonight.
     
    #9 Swapshop, Dec 7, 2020
    Andre0087, Ramo$e, pippendagimp and 1 other person like this.
  10. Sajan

    Sajan Member

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    Keep signing them idiotic contracts!
     
    #10 Sajan, Dec 7, 2020
  11. Deckard

    Deckard Blade Runner
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    The entire world is up to it's neck in a crisis caused by a global pandemic, something predicted as a real possibility by many scientists that are experts in the realm of contagious diseases, and something dismissed and ignored by far too many responsible for the well being and prosperity of their countries. That it has hit the NBA hard doesn't surprise me. All the sports are being hurt, across the board. Those with deep pockets will weather the storm. Those skating on the edge are being exposed. Guess where our current owner fits.
     
    #11 Deckard, Dec 7, 2020
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  12. Gakatron

    Gakatron Contributing Member

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    Use as they see fit. So for Tilman that will mean not used at all.
     
    #12 Gakatron, Dec 7, 2020
  13. TheRealist137

    TheRealist137 Member

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    Tillman will use that to pay his furloughed employees? Yeah, right!
     
    #13 TheRealist137, Dec 7, 2020
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  14. tinman

    tinman Contributing Member
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    Don't hate on Ramen , it's fantastic stuff
    @Dr of Dunk

     
    #14 tinman, Dec 7, 2020
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  15. JumpMan

    JumpMan Contributing Member
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    30 million per team doesn't seem like much to me. The real solution is cutting player salaries, no?
     
    #15 JumpMan, Dec 7, 2020
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  16. Sanctity

    Sanctity Member

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    Ah, gotta get me some fellatio.
     
    #16 Sanctity, Dec 8, 2020
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  17. Clips/Roxfan

    Clips/Roxfan Member

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    Hasnt Steve Ballmer gotten richer during the pandemic. Why loan him money?
     
    #17 Clips/Roxfan, Dec 8, 2020
  18. TimDuncanDonaut

    TimDuncanDonaut Member

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    Yes. Advice to Harden secure that bag while you can.
     
    #18 TimDuncanDonaut, Dec 8, 2020
    Ramo$e and CCity Zero like this.
  19. tinman

    tinman Contributing Member
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    he can pay it back.
     
    #19 tinman, Dec 8, 2020
  20. CCity Zero

    CCity Zero Member

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    Uh... He needs to make more? Haha, I'm joking - but you have a good point.
     
    #20 CCity Zero, Dec 8, 2020
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