Wednesday, February 18th, 2009 at 10:39 am  |  17 responses

Broke Teams to Borrow Millions from the NBA

And your bank manager gives you a funny look when you try to borrow $100: “The Orlando Magic plan to borrow about $10 million from the NBA to largely offset operating losses incurred by the franchise, helping to bridge its move into a new arena in 2010. Alex Martins, the Magic’s chief operating officer, said on Tuesday that the club is among as many as 15 teams who intend to tap into a $1.7 billion league-wide credit facility that will soon be supplemented…The league surveyed its 30 teams, and 15 were interested in acquiring a loan. Each of the 15 teams can borrow a maximum of $11.7 million from the debt proceeds.”

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  • Ken

    I’m sure the Nets are happy to hear this.

  • http://ittakesanationofmillionstoholdthissac.blogspot.com ciolkstar

    Great idea, more bridge loans. They’re just lucky they have Dwight Howard.

  • http://hibachi20.blogspot.com BETCATS

    david stern, let me get 35 cents so i can get on this bus!

  • donlaker

    my clipper season tickets are worth WHAT….
    I NEED an nba fan loan…. david $tern take note.

  • donlaker

    hey betcats , the n.b.a. cares i saw the pic of starbury on the bus stop..

  • http://docfunk.blogspot.com Doc Funk

    They should’ve traded their gold for cash.

  • Mexican Aristotle

    Damn, sad times. No wonder when Jameer went down all we got was effing Tyron Lue…

  • donlaker

    IVERSON did step over ty lue , i guess we cant blame lil penny for the orlando money crunch.
    brian cook give back some of your cash….

  • http://allanzuss@yahoo.com Mendel

    Iverson stepping over tyron lue is my desktop picture

  • http://www.alllooksame.com Tarzan Cooper

    its tough out there for almost everyone

  • adams

    Will this be called the “Ra$hard Lewis bailout plan”?

  • http://www.kicksonfire.com Anton

    NBA should go into cost-cutting mode and trade all the sh*tty refs to Europe

  • http://slamonline.com Russ Bengtson

    Instead of signing LeBron to a max extension, Dan Gilbert should just give him the Cavs.

  • Blinguo

    Magic? Why didn’t the Sonics and now Kings get up on this free lunch? (apparently they are probably in that 15 but a few more years – prior of this and they would have been better off)

  • rav

    this means 2 things:

    1. turkoglu is gone from the magic this summer and

    2. teams are going to move/contraction of teams will occur

  • clapzilla

    If Orlando Gets A Ra$hard Lewi$ Bailout, I Want A Kenyon Martin Bailout For The Nuggets.

  • dsleepy

    omg i died at doc funk’s comment