Here are the top business and sports stories on Tuesday, May 26.
Positive Sign for the NFL Season?
According to Miami Dolphins owner Stephen Ross, the NFL is definitely having a season in 2020. Ross told CNBC, it’s not a matter of if there will be a season but more so a question of if there will be fans in the stadium.
Last week, we reported some NFL owners could see more than a 50% drop in revenue if there are no fans in stadiums with the NFL losing about $5 billion. Speaking of the NFL, New Jersey Governor Phil Murphy announced professional sports teams can now return to training at their team facilities. That means both the Giants and Jets can host training camps at their New Jersey locations. It seems like a positive step in the right direction as the Garden State was one of the hardest-hit states in the U.S.
A Coronavirus Update
Worldwide, there are over 5.5 million cases of the virus, with 347,000 deaths.
The U.S. has over 1.6 million cases with over 98,000 fatalities.
Brazil has over 374,000 cases and 23,000 deaths. Russia has 362,000 cases.
The New York Stock Exchange reopened its trading floor Tuesday but with only about 25% of the normal trader workforce. The NYSE closed the floor about two months ago due to the coronavirus pandemic and moved to all-electronic trading. Traders returning Tuesday were wearing masks and following social-distancing guidelines.
From TheStreet: Why Jim Cramer Isn't In a Hurry to Return to NYSE
The Lakers and Their PPP Funding
A few weeks ago, we reported that the Los Angeles Lakers returned the financial aid they received from the PPP program after learning many small businesses did not receive any funds. Turns out the Lakers were the only team in the NBA to request money from the Paycheck Protection Program.
According to HBO Sports, no NFL teams applied for financial assistance.
The Lakers were scrutinized for applying for the loan in the first place considering the goal of the program was to help small businesses. The Los Angeles NBA team has an estimated net worth of $4.4 billion which is the second-highest valuation for a pro basketball team behind only the New York Knicks.
From Sports Illustrated: How We Got From 'The Goat' to 'The GOAT': A Real American Story