NEW YORK (AP) -Lenders have renewed the NBA’s league-wide credit facility, from which 17 of its teams have borrowed $2 billion since it was established in 2003.
The NBA said on Monday that approval of the credit by a group of banks led by J.P. Morgan shows confidence in its teams.
Twelve teams were loaned between $13 million and $20 million this season when investors made additional money available despite the slumping economy.
“The renewal of the credit facility demonstrates the lending community’s continued high level of confidence in the financial strength of the NBA and the value of our teams,” NBA chief financial officer Robert Criqui said in a statement.
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