Stories Shaping Sports and Business: May 26th
A few weeks ago, Sports Illustrated reported the Los Angeles Lakers returned the financial aid they received from the government’s CARES Act after learning many small businesses did not receive any funds. Turns out the Lakers were the only team in the NBA to request money from the Paycheck Protection Program. According to HBO Sports, no NFL teams applied for the financial assistance.
The Lakers were criticized for applying for the loan in the first place considering the goal of the program was to help small businesses. The Los Angeles NBA team has an estimated net worth of $4.4 billion, which is the second-highest valuation for a pro basketball team behind only the New York Knicks.
Stephen Ross Says NFL Will Have Season
Some positive news for NFL fans hoping to watch football this fall. According to Miami Dolphins owner Stephen Ross, the NFL is definitely having a season in 2020. Ross told CNBC it’s not a matter of if there will be a season, but more so a question of if there will be fans in the stadium.
Last week Sports Illustrated reported some NFL owners could see more than a 50% drop in revenue if there are no fans in stadiums with the NFL losing about $5 billion.
Speaking of the NFL, New Jersey Governor Phil Murphy announced professional sports teams can now return to training at their team facilities. That means both the Giants and Jets can host training camps at their New Jersey locations. It seems like a positive step in the right direction as the Garden State was one of the hardest-hit states in the U.S. by the coronavirus.
Daily Coronavirus Update
Worldwide, there are more than 5.5 million cases of the virus, with 347,000 deaths. The U.S. has over 1.6 million cases with over 98,000 fatalities. Brazil has over 347,000 cases and 23,000 deaths. Russia has 362,000 cases.
The New York Stock Exchange reopened its trading floor Tuesday but with only about 25% of the normal trader workforce. The NYSE closed the floor about two months ago due to the coronavirus pandemic and moved to all-electronic trading. Traders returning Tuesday were wearing masks and following social-distancing guidelines.