NEW YORK: After missing revenue projections by $1.5 billion last year, the NBA recently sold $900 million in notes through private placement to institutional investors.
All 30 NBA teams will reportedly receive $30 million each from this amount to assist with COVD-19 related costs and missed revenue.
The league will likely disburse the money to teams ahead of the season, which tips off on December 22, Sportico reports.
This latest transaction is on top of last month’s extension of its $1.2 billion league borrowing facility out to 2023, the sports business website further reports.
Including the $200 million cost of operating the Walt Disney World bubble, a dispute with the Chinese government that affected TV revenues and other lost income, the league missed its projections for the recent season by $1.5 billion, the Associated Press reported in October.
