sport news San Diego Padres 'recently took out huge $50MILLION loan to cover short-term ... trends now
The San Diego Padres took out a $50million loan in September to deal with short-term cash slow issues and meet obligations that include player payroll, according to reports.
Although MLB teams tapping into credit lines for help paying their bills is not uncommon, it was noted that officials briefed on the Padres finances viewed the situation as worrisome, according to The Athletic.
'The Padres organization continues to have access to all the resources, financial and otherwise, it needs to field a championship caliber team for the fans of San Diego,' Padres CEO Erik Greupner said in a statement.
'We established a capital plan for 2023 with our ownership group and lender partners and are operating our business in accordance with that plan.'
The Padres had a third-party lender willing to loan the franchise $100 million in September but were only given permission to receive around $50 million after the amount was deemed enough to cover the necessary expenses.
The San Diego Padres took out a $50 million loan to help deal with