The League Office will offer loans to franchises under the following guidelines.
1. The team must project to be negative at the end of the year. (this is certified by commissioner before proceeding)
2. The team must have ran less than 80% of the computer-owner-generated budget for that year.
3. The loan will not exceed 15,000,000
4. The loan amount will be paid on 10/1/xx. It has a 10% interest rate per month, with a 1 month interest minimum.
(example: Team X takes a 10 mil loan on 10/1/xx. He can first pay back on 11/1/xx at 11 mil, or 12/1/xx at 12.1 mil, etc)
5. Only one loan allowed per season.
6. Franchises have a lifetime limit of two loans, and may not take a loan if an exist loan is accruing interest.
11/1/2023 - issued loan to Cardinals for $10,000,000 with 10% interest, minimum 1 month interest.
12/1/2023 - Cardinals repaid league $11,000,000. Debt settled
1. The team must project to be negative at the end of the year. (this is certified by commissioner before proceeding)
2. The team must have ran less than 80% of the computer-owner-generated budget for that year.
3. The loan will not exceed 15,000,000
4. The loan amount will be paid on 10/1/xx. It has a 10% interest rate per month, with a 1 month interest minimum.
(example: Team X takes a 10 mil loan on 10/1/xx. He can first pay back on 11/1/xx at 11 mil, or 12/1/xx at 12.1 mil, etc)
5. Only one loan allowed per season.
6. Franchises have a lifetime limit of two loans, and may not take a loan if an exist loan is accruing interest.
11/1/2023 - issued loan to Cardinals for $10,000,000 with 10% interest, minimum 1 month interest.
12/1/2023 - Cardinals repaid league $11,000,000. Debt settled
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