Grizzlies Owner Taps NBA Line of Credit - KAIT Jonesboro, AR - Region 8 News, weather, sports

Grizzlies Owner Taps NBA Line of Credit

MEMPHIS, Tenn. (AP) - Memphis Grizzlies owner Michael Heisley says his team is 1 of a dozen tapping into a $200 million line of credit from the NBA.

Heisley says the deal is too good to pass up. Each NBA team is entitled to borrow $13 million to $20 million and is free to use it for any purpose, including to help offset losses incurred in a worsening economy.

Heisley wasn't sure of the exact amount obtained by the Grizzlies.

The Grizzlies were 29th out of 30 teams in league attendance as of Friday, with an average announced attendance of 12,529 this season.

Heisley said the team has suffered huge losses since moving to Memphis from Vancouver in 2001, But, he said, the team with the league's lowest payroll should at least break even this year.

Information from: The Commercial Appeal, http://www.commercialappeal.com

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