The Sports Business Journal (Daniel Kaplan and John Lombardo) reports: The NBA is set to borrow $175 million Feb. 26, marking one of the first league financings since the implosion of the credit markets last fall. The money, which will be available to 15 teams, supplements an existing $1.7 billion leaguewide credit facility that uses the NBA’s media contracts as collateral to secure loans for the clubs. The NBA surveyed its teams, and 15 responded they would like to tap into the new borrowing. While the league said it is pleased to borrow in an extremely illiquid credit market, the deal came at a cost, with interest rates up to 8.27 percent, hammering home the notion that the era of cheap money in sports is over. The 15 teams can use the money for any purpose, but covering operating losses may be high on the list.
InsideHoops.com editor says: Loan me three fiddy. I want some ribs.
Robert Horry wants to play again this season. That much is obvious after talking with him in advance of the Kings arriving in his adopted hometown of Houston and in the aftermath of the Sam Amick report that the Spurs weighed a bid for Brad Miller or John Salmons and could use Horry in a sign-and-trade for salary-cap purposes. The important league-wide development is that Horry rates the Spurs and Celtics as his most-likely landing spots. Both understandable. San Antonio is a contender and familiar from the past five seasons there and close to Houston, an important consideration to stay near his family. Boston is the defending champion and has kept him on the radar all along as a potential stretch-drive signing.