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November 18, 2008
Cowboys laugh in face of credit crunch
Just caught up with this news item from last week: The Dallas Cowboys are looking to borrow an extra $350 million to help finance their new stadium. About $224 million of this would go to pay for the inevitable cost overruns; the rest would help buy back some of that auction-rate debt that's been wreaking havoc across the sports industry.
As you may have heard, this isn't exactly the best time to be trying to borrow money. The Cowboys are reportedly trying to woo bankers by pledging just about all revenues from the new stadium as collateral, as well as, well, by being the Cowboys. If that fails, maybe they can sell more souvenir urinals.
