The Dallas Cowboys are the most hated and loved team in the NFL. Nobody with even a passing interest in football is neutral on them, which is not the case with, say, the Carolina Panthers. So here’s some red meat for the Dallas Cowboys haters out there, which is probably half of you. The team is facing financial stress due to the tight credit markets:
Sports Business Journal: The Dallas Cowboys are seeking to borrow $350 million by Dec. 1, according to numerous finance sources, in one of the worst credit environments in the nation’s history.
The club’s proposed deal would refinance $126 million the team borrowed last year through the now-imploded auction-rate securities market, as well as add new debt to cover cost overruns at the team’s $1.2 billion stadium that is set to open next year, the sources said.
“Everyone is looking at the Cowboys’ deal. It is a huge bellwether,” said one finance source. “This is one of the only deals, period, in the market [sports or otherwise].”
Hat tip to Tom Kirkendall, who wonders whether America’s Team is eligible for the TARP.
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