Here is another example to prove my point regarding my last post. Please read this:
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.I can not even began to understand the complete lack of integrity or see any semblance of intelligence in this situation. Borrowing money so the NBA does not have to lay people off??!!?!? Guess what happened to me when things started to go bad at my work... all of us got our hours cut.
Why can't the NBA understand anything. If you are not doing so hot CUT YOUR OVERPAID PLAYERS SALARIES!!! It is your own fault for letting things get out of hand. Get rid of people like Marbury who refused to play for his team any more and will still make millions this year.
Well I am through with Pro-Sports. Until they make some major changes, and people pull their heads out of their butts, I refuse to add to the problem. Until somethings change I will never watch or support another pro sport again!!