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Report: Each NBA team to receive $30M in funds for COVID-19 relief

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The league is doling out financial assistance amid the ongoing coronavirus pandemic

Dallas Mavericks v Los Angeles Clippers - Game Two Photo by Ashley Landis-Pool/Getty Images

The NBA is giving each organization $30M to assist with the financial fallout associated with the Coronavirus pandemic, according to John Lombardo of Sports Business Journal.

The league raised $900M via a private placement market, and it expects all 30 teams to pay back the allotted money with interest within three to four years.

With the 2020-2021 season on the horizon, this influx of cash should be useful for teams as state and local restrictions prevent sold-out arenas that would typically generate millions in revenue from food, drink, and merchandise sales.

Adrian Wojnarowski and Zach Lowe of ESPN have projected that the NBA will lose around 40 percent of their overall revenue if the league plays games for an entire season without fans in attendance.

The San Antonio Spurs announced their intentions to host games at an empty AT&T Center to begin the season last Friday, targeting a New Year’s Day matchup with the Lakers to welcome fans back into the stands in a limited capacity.