As they face the reality of a sea of red ink playing in empty or near-empty arenas for the 2020-21 season, some NBA owners are quietly preparing to find cash to weather the storm.
Golden State Warriors owner Joe Lacob has informed fellow owners of a deal he's considering with Goldman Sachs to raise up to $250 million to manage coming expenses, sources told ESPN. Other owners are investigating opportunities to raise capital as well, ownership sources said, with some pursuing legal action against insurance companies that have denied coronavirus pandemic claims.
Earlier in the summer, NBA commissioner Adam Silver told players that roughly 40% of the league's revenues come from ticket sales and arena sponsorships as he prepared them for challenges ahead.