Blog Entry

Website obtains NFL financial records

Posted on: July 8, 2011 3:42 pm
Edited on: July 8, 2011 4:04 pm
Posted by Josh Katzowitz has obtained the NFL’s audited financial statements from the period between March 31, 2009 and March 31, 2010, and one of the more interesting facets to emerge is the loss of low-interest loan payments (called the G-3 fund) the NFL gave to teams building a new stadium.

And author Tommy Craggs writes that it’s no coincidence that when the fund ran out of money in 2007, the owners decided to opt out of the current CBA.

Also interesting: the NFLPA had to approve any of those G-3 loans before it could be given.

Anyway, you might need a finance degree in order to understand the paperwork, but check out Deadspin to look at the 31-page PDF.

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Category: NFL
Since: Dec 2, 2011
Posted on: December 27, 2011 3:01 pm
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Since: Nov 28, 2011
Posted on: November 30, 2011 2:00 pm
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Since: Dec 5, 2006
Posted on: July 8, 2011 11:50 pm

Website obtains NFL financial records

Buried in the footnotes of the League Office financial statements was this:

Certain Member Clubs of the NFL participate in a League-wide Credit Facility (the "Facility") under which participating Member Clubs borrow funds from certain financial institutions and/or their intermediaries.
The note goes on to say transactions are not disclosed in these statements (presumably in the League Operations statements). That facility is, of course, available to clubs who need operating funds while the NFL is in lockout. The amount of the facility is not disclosed here but the much smaller NBA has a credit facility of $1B reportedly available to its members so the NFL facility may be double that. The point is that the NFL is not going to run out of money even without the notorious $4B from its broadcast partners.

Given the 8th Circuit Court ruling just rendered and the vastly superior financial strength of the league over the union the net effect is leverage for the NFL. As negotiations have come close to being concluded it is reasonable to conclude that the union has already figured this out and are accepting many of the owners' demands. This appears to be a wise move and the NBPA would be wise to follow suit.

Since: Sep 5, 2006
Posted on: July 8, 2011 4:47 pm

Website obtains NFL financial records

Of course it's no suprise. Remember what lead to this lockout in the first place? The league was already receiving a billion dollar expense credit and was demanding another billion dollars be added to it. The Union invited the owners to go have animal sex with themselves. Everything else, including the 18-game smokescreen, was window dressing. The league gave up the existing credit, and that additional one was never going to happen, but the players' share of revenue is going from over 50% to somewhere around 47%. That's about $450 million or so a year.

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