The NBA is planning to dole out $30 million per team — $900 million total — to bolster each organization’s finances and aid with liquidity issues caused by the ongoing coronavirus pandemic, Sports Business Journal reported Monday.
The money was raised from notes issued by the NBA in the private placement market, per SBJ. The league will pay back the notes from “general collective league sources,” and it’s unclear what the interest rate is, per the report.
Each team should receive the funds this month ahead of the 2020-21 season and can spend it on any need within their organization, according to the report.
With the regular season shortened to 72 games and teams playing in…
Keep on reading: Report: NBA to dole out $900M to buoy teams’ finances