Photo by Seth Hoffman on Unsplash Hockey NHL Borrows $1 Billion to Split Between Teams by Inesh Chari January 28, 2021 The NHL has reportedly borrowed $1 billion to provide financial support for teams. This will be divided amongst the 31 teams which mean each team can borrow up to $30 million dollars. The teams can borrow this money if they have any financial problems. The lenders of this fund could not be identified and the league denied to comment on this. Gary Bettman who is the commissioner of the National Hockey League hinted that the league would need to borrow money to fund the teams. Bettman said, “We have made some financial arrangements that make sure our cash flow is what it needs to be, although that’s not found money, that’s debt.” NHL financial issues The Covid-19 Pandemic halted the remainder 2019-2020 hockey season. This hiatus forced the season to end later on in the year, which means the 2020-2021 season started later too. This hiatus was a large financial loss for the NHL. The league lost billions of dollars because of Covid-19, but this loan will help keeps teams afloat. The Pandemic brought upon a lot of economic problems for many industries including sports. Sports leagues and teams are losing a large chunk of their revenue due to the challenges Covid-19 brings to the world of sports. The NHL borrowing $1 billion for their teams shows the severity of the financial troubles they are in because of Covid-19. Post Views: 454 The following two tabs change content below.BioLatest Posts Inesh Chari Living in Watchung, New Jersey and a senior at the University of Rhode Island majoring in Communication Studies. Latest posts by Inesh Chari (see all) French Officials Identify Over 400 Sports Figures Suspected of Sexual Violence - April 5, 2021 Michael Jordan Could Change the Future of Nascar for the Better - March 30, 2021 Whoop Rewards Employees With $100 Each Month To Sleep - March 22, 2021 High School Announcer Spews Racist Remarks Towards Girl’s Basketball Team for Kneeling During Anthem - March 15, 2021 Related TopicsCOVID-19debtHockeyloanNHLSports Newsletter Subscription Can't Miss Posts! Women in Sports: NHL Network Host, Jackie Redmond by Nicholas Durst | posted on March 4, 2019 Women in Sports Interview Series: It’s a sure bet with Philadelphia native, Erin Kate Dolan (VIDEO) by Denise Gonzalez | posted on March 17, 2020 No Shame in Their Game – Female Mixed Martial Artists Use Onlyfans to Make Money by Brandon Berrios | posted on December 4, 2020 XFL Co-Owner Dany Garcia Talks Business, Serving Others at espnW Women + Sports Summit by Candace Cordelia | posted on October 23, 2020 From Paramus High School to CBS Sports, Spero Dedes is making waves in sports broadcasting by Sunil Sunder Raj | posted on October 27, 2020 More in Hockey Tim Peel is Discharged After Caught on Hot Mic Tim Peel was Discharged from the NHL After He was Caught on the Hot... NHL, Amazon Web Services Partner to Develop New Stats, Data, and Insights The National Hockey League (NHL) is partnering with Amazon Web Services (AWS) in an... You Know I’m Right, Episode 81: ESPN’s Arda Ocal (Audio/Video) On the 81st episode of You Know I’m Right, Nick Durst and Joe Calabrese are joined by... You Know I’m Right, Episode 80: MSG Network’s Bill Pidto (Audio/Video) On the 80th episode of You Know I’m Right, Nick Durst and Joe Calabrese are joined by... UVM Women’s Basketball Team Quits 2020-2021 Season Ben Roethlisberger Willing to Change His Contract with Steelers