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News & Notes© September 1999
Ravens loaned $65 million from NFL lender
The NFL has arranged a $65 million, short-term loan for the Baltimore Ravens, backed by the eventual sale of part of the franchise to a new investor, according to The Baltimore Sun.
Team owners voted overwhelmingly to approve the bailout for Ravens controlling partner Art Modell, one of the league's longest-standing owners. His financial problems have prompted several NFL actions in recent years, including the 1996 vote to allow his team to move from Cleveland.
The loan will be funded by an NFL lender and be repaid with interest by the Ravens.
Sources told the Sun that lenders require a team to maintain a certain ratio of debt to operating profit. The Ravens, while profitable, failed to meet the ratio.
Of the $65 million, $10 million will cover transaction cost....The full article can only be seen by subscribers.
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