NHL reportedly borrowed $ 1 billion allowing each team to borrow up to $ 30 million to cover expenses

Getty Images

Every professional sports league has been hit hard by the pandemic from a financial perspective and this rings especially true for the NHL. The league was so badly affected that it would have borrowed around $ 1 billion, according to Sports business journal.

Who the league borrowed the huge sum of money has not been revealed and the NHL itself has yet to release a statement regarding the loan. According to the report, each team in the league will be able to borrow up to around $ 30 million to resolve cash flow issues, payroll issues and various other expenses.

In early January, when the 2021 season began, NHL Commissioner Gary Bettman was transparent and honest in explaining that he expected the league to lose billions in what will be a season. largely cut short without any supporters.

“It would be cheaper for us to close the doors and not play. We’re going to lose more money, club level and league level, playing than not playing.

“While there is an economic consequence to playing the season, all of our owners and clubs are able to overcome it and we have no concerns in that regard,” said Bettman, according to ESPN. “Except everyone is going to waste a lot of money doing this.”

the Sports business journal The report said sources explained that teams with wealthy owners should not take advantage of the billion dollars borrowed.

A BILLION dollars is quite the bulk of the change and while it obviously costs millions and millions for each team to host a season, it will be interesting to see the reports of all the other professional leagues, the more successful ones. and also substantial loans until 2021.

About Arla Lacy

Check Also

Henderson wants to be No.1 Man United, and despite a quiet night against West Ham, he pleads to oust De Gea

February 9, 2021 Rob dawsonCorresponding MANCHESTER, England – For 120 minutes at Old Trafford on …