Many Sports Organizations Take Advantage Of PPP Loan Program
The U.S. Small Business Administration yesterday released data on close to 5 million Paycheck Protection Program loans, and a number of sports properties were among the recipients. On the list of 500-plus spectator sports properties that received $150,000 or more from the SBA program, the two largest loans went to NYRA and RCR Enterprises (Richard Childress Racing), which both received between $5M and $10M. That is according to five ranges supplied in today's document, which did not include specific amounts of individual loans. Only companies with 500 or fewer employees were eligible, and only active loans were listed in the data. NYRA’s loan, made by TD Bank and approved on April 12, helped the organization retain 453 jobs. RCR’s loan came from Truist Bank and was approved on April 10; the loan preserved 334 jobs. Other major loan recipients included MLS clubs (Orlando City and Sounders), N.Y. Road Runners, Chip Ganassi Racing, Roush Fenway Racing, U.S. Ski & Snowboard and Circuit of the Americas, which all received between $2-5M. Media entities Whistle and broadcaster FloSports received loans in the same region. Esports organization Envy Gaming received between $1-2M. U.S. Figure Skating, USA Basketball, USA Softball and USA Boxing, as well as the U.S. Youth Soccer Association, all received loans.
COLLEGES: In the college realm, Conference USA received a loan worth between $350,000 and $1M, which preserved 21 jobs. The National Football Foundation and College Football HOF, Ole Miss Athletics Foundation and National Association of Intercollegiate Athletics (NAIA) also received loans in the same range. At least 30 MiLB and independent league baseball organizations were loan recipients, and horse racing was well-represented too. Of the properties that received loans greater than $300,000, horse track Tampa Bay Downs’ loan of between $2-5M reportedly allowed the track to retain 461 jobs, the most on the list.
AGENCIES: Some of the biggest agents in sports received PPP loans. The names include Drew Rosenhaus, whose eponymous agency received between $150,000 and $350,000 from Truist Bank, which was used to retain 19 jobs. Baseball’s top agent, Scott Boras, received approval for a loan of between $1-2M on April 7, which helped his company maintain 69 employees during the pandemic. Two other Boras-related entities, Boras Marketing and Boras Sports Training Institute, also received loans ranging from $150,000 to $350,000. Excel Sports Management received a similar loan from JPMorgan Chase, which preserved 96 jobs, the most among the agencies located in the data. Independent Sports & Entertainment, another multi-sport outfit, received between $350,000 and $1M in late April, with 42 jobs saved as a result. Athletes First also received a loan, worth between $350,000 and $1M, which helped save 38 jobs, while its sister agency, Athletes First Partners, received a loan for between $150,000 and $350,000, which spared 10 more jobs. L.A.-based Demoff Sports Group received a loan of between $150,000 to $350,000. MVP Sports Group received at least $350,000 and possibly as much as $1M. Rep 1’s baseball and football entities each received at least $150,000 (Bret McCormick, THE DAILY).
HORSE RACING: Horse racing entities -- both race tracks and thoroughbred trainers -- took advantage of the PPP loans. In addition to NYRA, Del Mar Thoroughbred Club received a loan of between $2-5M to preserve 322 jobs. Hawthorne Race Course received a loan amount of $2-5M to preserve 309 jobs. Kentucky Downs received a loan of between $1-2M; Emerald Downs got a $1-2M loan; Ruidoso Downs, which conducts thoroughbred and quarter horse racing, also received a $1M to $2M loan (Liz Mullen, THE DAILY).
SBJ combed through the data to compile a list of sports properties, though the list should not be considered comprehensive because of the enormous amount of data released by the SBA. Download the chart compiled here.