NHL Extends Line of Credit With Citigroup to About $200m 18/05/2009 |
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The National Hockey League extended its line of credit with Citigroup Inc. to about $200 million from $70 million, the league said.
The league has no specific plans for the additional credit, other than to have it available, Commissioner Gary Bettman said in an interview.
The commissioner said bankers advised the NHL’s board of governors in December that it should take advantage of low interest rates and availability of credit if it had an opportunity.
Bettman said none of the money has been committed and that teams can’t directly access the account.
The league uses its line of credit to fund its business operations and in cases of emergency.
“It’s a seasonal business,” Bettman said. “If a franchise found itself in difficulty, this gives us the flexibility that we don’t have to worry about any cash flow issues from the league office standpoint.”
The league canceled its 2004-05 season in a labor dispute.
(Source: Bloomberg)
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