said in a statement Wednesday the team is "experiencing unprecedented success" at the box office and the loan isn't necessary, but he said the Hornets would accept the loan "in case these funds are needed in the future," The Times-Picayune newspaper in New Orleans reported Thursday.
An NBA spokesman said, via e-mail to UPI, several NBA teams have participated in a league-wide credit facility, which was increased by $200 million in February. The league doesn't release the names of franchises that take part in the credit program.
The spokesman said the loans ranged from $13 million-$20 million.
The Hornets have sold out 22 games this season at the 17,188-seat New Orleans Arena -- a record since the team relocated from Charlotte in 2002 -- and has filled the arena to an average of more than 98 percent capacity per game, the newspaper said.
As a result of achieving attendance benchmarks in a renegotiated lease with Louisiana, the report said, the Hornets were able to do without any subsidy from the state.
The NBA arranged the credit through a number of financial institutions, including JP Morgan Chase and Bank of America, The Times-Picayune said.
Weber said that while the country is facing tough economic times, the fact that the credit is available to teams such as the Hornets shows "the strength and confidence that financial institutions have in the NBA."
Copyright 2009 by United Press International.
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