Stories Shaping Sports and Business: May 12th
"Essential" Employee at SoFi Stadium Tests Positive for COVID-19
Once again the term essential worker is coming into question regarding construction workers at SoFi Stadium in Los Angeles. The fifth worker from the L.A. job site has tested positive for coronavirus.
Sports Illustrated and TheStreet first reported construction crews were being deemed essential personnel in Los Angeles, Las Vegas and Arlington where new stadiums are being built back in early April, despite the mandate for most of the workforce across the country to shelter in place. The Chargers and Rams will both call SoFi Stadium home starting this season and so will the Super Bowl in 2022. The Rams are scheduled to host the Dallas Cowboys in the new stadium on September 13th for Week 1 of the NFL season.
Billionaires Have Debt Problems Too
Several billionaire team owners are racking up insane amounts of debt and interest rates due to the coronavirus, according to a report by the Wall Street Journal. Endeavor, which owns the Ultimate Fighting Championship, took out a $260 million loan at over 10.5 interest with JP Morgan. According to the report, Endeavor has seen a 70% drop in revenue during the pandemic.
According to Bloomberg Tilman Feritta is seeking a $200-250 million loan and is willing to pay up to 15% interest. Feritta is the owner of the Houston Rockets and Landry’s Restaurant, which includes the Golden Nugget Casino business. The billionaire businessman purchased the Rockets just three years ago for $2.2 billion.
There are over 4.1 million cases worldwide, with over 288,000 deaths. Over 1.3 million of those cases are in the U.S., with over 81,000 deaths.
Russia is now the country with the second-highest number of cases worldwide, with over 232,000 cases. And the United Kingdom is now third with over 227,000 cases.
Today, Dr. Anthony Fauci, one of the leading experts on the coronavirus pandemic, testified in front of a Senate committee.
Dr. Fauci was joined by Dr. Robert Redfield, the director of the CDC and Food and Drug Administration commissioner Stephen Hahn. Fauci, as expected, warned about the long road that’s still ahead of us. However, he said that we have “multiple shots on goal” when it comes to a vaccine. He said that there’s a possibility of a vaccine by the end of the year, but also noted that he’s being cautiously optimistic.
He also warned that the U.S. is not out of the woods and thinks that if it reopens too fast that the death toll could increase.
TheStreet's Katherine Ross contributed to this report.