New reports released today are saying that the NBA will be taking a loan to the sum of $175 Million. This newly acquired money is to help 15 teams struggling as the result of the tumultuous economic conditions nationwide. One team, the Orlando Magic, will be taking $10 Million of the alotted $11.7 Million available to help cover operating losses that have been incurred throughout the past half decade. I think that this newly acquired debt is a sign of the times unfortunately. Even the wealthiest of the wealthy are affected by economic instability and duh duh duh...recession. One report compared the NBA to Wall Street in saying that the top executives are needing to take a paycut to help the national economy recover in a timely fashion. Similarily, the executives and players alike, will most likely be taking significant pay decreases in order to keep their teams afloat during this economic squall...sorry I couldn't resist the pun. Hopefully this will show the current administration the severity of the present status of the economy and that it needs help and will prompt swift assistance. May God be with and continue to bless David Stern, LeBron James, Kobe Bryant, and yes, even you Jason Scalabrene.
God Save the NBA
Be Well.
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