Sports Business Journal is reporting that Bank of America — holder of $45b. in taxpayer bailout dollars — and JP Morgan are extending a $175m. loan to the NBA in order to help franchises struggling financially. The Bobjohnsons would certainly fit that description with owner Bob Johnson having lost millions since he brought the expansion team to Charlotte.
Orlando and Sacramento are mentioned in the article as likely recipients of up to $11m. in emergency borrowing power. You can also bet that George Shinn’s NO operation could use the cash as well, along with Memphis.
Unless David Stern finds a way to sucker another city into building a new arena for a team — NO to Seattle, anyone? — the league is staring contraction in the face.
