[Sixstrings]

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.

For the Cowboys, getting out from underneath the auction-rate debt is a pressing concern. They are one of four NFL teams to have borrowed from the auction-rate securities (ARS) market, a market that allowed companies to borrow cheaply and continue to reset the interest rate with auctions of the debt weekly and monthly.

In February, the ARS market seized up, and debt auctions failed, which automatically triggered significant interest rate hikes.

The New England Patriots were faced with paying $15 million to $44 million more per year because of the increase.

The New York Giants had largely been shielded because of an interest rate swap it bought from Lehman Brothers, but it’s uncertain what that firm’s demise means to the team’s finances. Sources said the team, through Goldman Sachs, is studying refinancing its $650 million of stadium debt purchased through the ARS market.

The New York Jets, who also did not return calls, had ARS exposure, as well, though it’s unclear if the club still does.

http://www.sportsbusinessjournal.com/in ... leId=60527

Hm.. I bet a lot of businesses are in trouble with these adjustable rate loans.

[Dreamtwister]

A third of a BILLION dollars. For a football team.

[Daniel_Plainview]

The Dallas Cowboys should convert into a bank holding company so as to enable them to borrow directly from TARP and the Fed.

[Polemic]

Does that mean there won't be a 4th season of Dallas Cowboy Cheerleaders: Making the Team?

I kinda wanna bang Kelli Finglass.


I bet FEMA could make use of that new stadium.

[Tyler_JC]

The Dallas Cowboys should convert into a bank holding company so as to enable them to borrow directly from TARP and the Fed.

HAHAHA.

I was thinking the same thing. Heck, if American Express and GE can call themselves bank holding companies, why not the Dallas Cowboys?

[heroineworshipper]

So is Uboobs going to make us bail out basketball & football or just basketball?

[cube]

Does that mean there won't be a 4th season of Dallas Cowboy Cheerleaders: Making the Team?

I kinda wanna bang Kelli Finglass.
....

For 1/3rd of a $Billion dollars I expect to get more then just a bunch of silly cheerleaders.
With that type of $$$ you could buy a whole harem of women that even Ghengis Khan would be proud of.

[Spanktron9]

The Dallas Cowboys should convert into a bank holding company so as to enable them to borrow directly from TARP and the Fed.

HAHAHA.

I was thinking the same thing. Heck, if American Express and GE can call themselves bank holding companies, why not the Dallas Cowboys?

+1.

I also wanted to announce that I am incorporating myself into a bank holding company. Spanktron Industries will now be Spanktron Financial Holdings, Inc. I am guaranteeing all deposits up to $250,000. and the first 500 depositors of the maximum insured amount get a case a MH #10 cans courtesy of the TARP!

[emersonbiggins]

Coincidentally, the architecture firm heading up the design of the new Cowboys stadium just laid off 90+ people this week at their HQ in Dallas.

Things are bad.

[3aidlillahi]

Suck it, Jerry Jones! Go Steelers!

[BigTex]

It would be funny if NFL players had to start wearing some kind of product endorsement patch on every square inch of their uniforms, like race car drivers.

It would also be kind of neat to see them work all of their sponsors into their post-game comments:

"Well, it was a tough game out there today at the Exxon-Mobil Texas Stadium. The Wilson Ultra-Pro football seemed to keep popping out, even with the added grip of the Under Armor neoprene gloves the guys were wearing. Every time I looked at the Principal Financial scoreboard I thought to myself, 'wow, I'm going to need a couple of Bayer aspirin with a Gatorade Tropical Twist chaser when this thing is over.'"

[cube]

It would be funny if NFL players had to start wearing some kind of product endorsement patch on every square inch of their uniforms, like race car drivers.

It would also be kind of neat to see them work all of their sponsors into their post-game comments:

"Well, it was a tough game out there today at the Exxon-Mobil Texas Stadium. The Wilson Ultra-Pro football seemed to keep popping out, even with the added grip of the Under Armor neoprene gloves the guys were wearing. Every time I looked at the Principal Financial scoreboard I thought to myself, 'wow, I'm going to need a couple of Bayer aspirin with a Gatorade Tropical Twist chaser when this thing is over.'"

Wayne's World "Sponsors"

[SuperTico]

Yaaaaaaaaawn
Tyipical M-pyre
IDIOTS..........

[Armageddon]

Sports in the US is about to change. By the end of 2009 I would expect to see attendances down 50%.

[BigTex]

Superhero of the future:

[DJSNOLA]

I do think something is going to have to give when it comes ticket prices for sporting events. Not to mention concerts and such! Its just not going to sit well with the average person who is having a hard time making ends meet. With many people hit hard by the economy, watching some overpaid guys play a sport just wont be the same!!

[jdmartin]

No doubt. I wanted to take my father to the Giants/Steelers game earlier this year. The cheapest tickets I could get, and these were tickets that would make you wish you stayed home, were $200 apiece, and that does not include parking, etc. I would have dropped $600 easily on that game in the nosebleed section, over a grand with halfway decent seats. Dad had to watch it on TV instead - I'd sooner give him the $500 to supplement his income than piss it away at the lip of the Meadowlands.

Same thing with Yankees tickets this year. Going to any sports game has gotten ridiculous. Back when my grandfather was alive we could take him to the game, plus buy him a hat, a hot dog & soda and have decent seats & parking for less than $100 for 3 people.

[frankthetank]

These arenas, stadiums, ballparks will take a hit.

I was watching the end of the Bucks game tonite (i don't watch NBA, but it caught my eye for some reason). I noticed that wherever they were playing, the place was empty. There were empty seats everywhere.

NBA just sucks now. Back when i watched it (Jordan, Pippen) it was a lot more interesting. Now its just a bunch of rapping, gangsters with their bling bling and their giant paychecks.

[manu]

You haven't seen anything yet. The real crash in the U.S. economy is coming at the end of Dec., 28 or 29. We will see you plays the game just "for the love of the game". Ha ha ha.

[GeneralGreen]

Football-Basketball-baseball-soccer ect..are past time sports played by youth or men for fun...it has in the oil age turned into a multi-billion dollar industry.
Sports have no lasting value or spirit to them..they dont do much more then a basic movie does on entertaining a spectator for a few hours.
I for one will be glad to see pro-sports fall by the way...and if they are played..they are played by a man who has a job as a mechanic, a plumber, a farmer etc..not by some overpay IQ-52 moron for 25 million dolalrs a year.

were $200 apiece, and that does not include parking, etc. I would have dropped $600 easily

Sorry but I can think of 1,000,000 other things I can spend 500 bucks on...hell a high school football game cost 7 dollars and brings just as much entertainment value as some pro-sport does ..and its local..I actually can meet and talk to the players "who are all most likely doing a part time job in the community'
pro-Sports-May they fall by the way