Billionaire Team Owners Rack Up Debt: Top Sports, Business News

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Here are the top stories driving sports and business news on Tuesday, May 12.

Another Worker at the SoFi Stadium Tests Positive for the Coronavirus

Once again the term essential worker is coming into question regarding construction workers building SoFi Stadium in Los Angeles. A fifth worker from the LA job site has tested positive for coronavirus.

Sports Illustrated’s Bill Enright and TheStreet’s Katherine Ross first reported and ultimately questioned why stadium construction crews were being deemed essential personnel in Los Angeles, Las Vegas and Arlington Texas where new stadiums are being built back in early April.

The Chargers and Rams will both call SoFi Stadium home, and so will the Super Bowl in 2022. The Rams are scheduled to host the Dallas Cowboys in the new stadium on September 13th for Week 1 of the NFL Season.

From Sports Illustrated; What the NFL's CBA and Standard Player Contract Would Mean for Canceled Games and a Lowered Salary Cap

A Coronavirus Update

There are over 4.1 million cases worldwide, with over 288,000 deaths.

Over 1.3 million of those cases are in the U.S., with over 81,000 deaths.

Russia is now the country with the second highest number of cases worldwide, with over 232,000 cases. And the United Kingdom is now third, with over 227,000 cases.

Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases and one of the leading voices during the coronavirus pandemic is testifying in front of the Senate Health, Education, Labor, and Pensions Committee on Tuesday. Prior to the testimony, on Monday night, Fauci told the New York Times, "If we skip over the checkpoints in the guidelines to 'Open America Again,' then we risk the danger of multiple outbreaks throughout the country."

"This will not only result in needless suffering and death but would actually set us back on our quest to return to normal,” he continued.

During his testimony, Fauci said that he believes that there are “multiple shots on goal” when it comes to possible coronavirus vaccines, but was also cautious about the rollout of a vaccine due to the possibility of negative consequences.

He said that reopening the U.S. too quickly could lead to avoidable “suffering and death.”

Billionaires Are Racking Up Debt

Several billionaire sport owners are racking up insane amount of debt and interest rates due to the coronavirus according to a report by the Wall Street Journal.

Endeavor, which owns Ultimate Fighting Championship, took out a $260 million load at over 10.5 5 interest with JP Morgan. According to the report, Endeavor has seen a 70% drop in revenue during the pandemic.

Per Bloomberg, Tilman Feritta is seeking a $250 million loan and is willing to pay up to 15% interest. Feritta is the owner of the Houston Rockets and Landry’s Restaurant, which includes the Golden Nugget Casino business. The billionaire businessman purchases the Rockets just three years ago for $2.2 billion.

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