The NBA has taken out a line of credit worth $175 million today to help teams who are having a hard time meeting expenses. Reportedly 15 teams requested assistance from the league with each team receiving no more than $11.66 million. JP Morgan and Bank of America reached out to the league apparently, not the other way around, offering some assistance, which is especially nice to see. After all, if the millionaire/billionaire owners of the NBA teams need a hand I’m glad that the banking institutions are ready and eager to help them with a loan, you know, as opposed to the millions of Americans who need a loan to keep buying food, not for stocking up jet fuel for charter flights.
Low attendance, poor play and worse management have led to this “crisis” for these various teams, I also feel confident that a lot of the issues can be blamed on Isiah Thomas, because, you know, why not.
There is even a report that the salary cap might be LOWERED next season from $59 to $57 million and that this whole situation could lead to another labor showdown in 2011, which would be PHENOMENAL for the NBA since the last lockout worked so well…