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The league has an existing $1.7 billion credit facility, essentially a line of credit established by lenders from which teams can borrow. The league had been interested in growing the facility when the credit markets seized up last fall.
“They told us there’s no chance of any additional funds being raised for any sports league, and indeed, the credit facilities that had come up for other leagues were being termed out rather than renewed,” Stern said.
JPMorgan Chase and Bank of America recently approached the league to say $150 million might be available, a figure that eventually grew to $200 million.