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Magic To Borrow At Least $15M

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#1 lakerstefi



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Posted March 07, 2009 - 03:35 PM

The Magic will borrow at least $15 million --- maybe more --from an NBA fund to offset operating expenses.

Alex Martins, the club's Chief Operating Officer, said that the Magic would borrow more than the $10 million the club originally said it was seeking.

Martins would not give the exact figure, but with past losses by the club reaching about $20 million a year, the Magic are expected to help owner Rich DeVos bridge the gap before the team moves into a new arena in 2010.


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