NFL Borrowing Nearly $2B To Guarantee Teams' Operating Money
NFL Exec VP & CFO Anthony Noto said that the NFL is borrowing $1.4B through a four-year loan with another $460M coming from a 10-year loan “that will guarantee teams’ operating money through credit-market turmoil,” according to Aaron Kuriloff of BLOOMBERG NEWS. Noto: “We’re making a decision that locks in significant financing, which was our top priority given the uncertainties in the credit markets.” SportsCorp President Marc Ganis indicated that the NFL and its franchises “rely on cheap, available credit to maintain cash flow, expand business and pay players.” Ganis added that increased financing costs “could slow stadium renovations or reduce player signing bonuses.” NFL Commissioner Roger Goodell said that the league “was still able to borrow and didn’t expect problems renewing its credit facilities,” despite Lehman Bros. in September freezing lending among financial institutions following its bankruptcy. Kuriloff noted a June report by Fitch Ratings which claimed that the NFL is a “safe borrower because it is America’s most popular sport, operates with a strong economic model, has conservative financial policy and billions in television revenue guaranteed through long-term contracts” (BLOOMBERG NEWS, 10/31).
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