Lakers Return The $4.6 Million Small Business Loan They Received for Coronavirus Aid Relief

The Lakers applied for and received a small business loan of over 4 million dollars, which they will return. The fact that one of the wealthiest franchises in the world qualified as a small business while actual small businesses are closing is a travesty.https://t.co/DVWmsGSBqn

— Frederick Joseph (@FredTJoseph) April 27, 2020

“The Lakers qualified for and received a loan under the Payroll Protection Program,” the Lakers said in a statement to ESPN. “Once we found out the funds from the program had been depleted, we repaid the loan so that financial support would be directed to those most in need. The Lakers remain completely committed to supporting both our employees and our community.”

The Lakers are believed to be worth more than $4 billion, according to ESPN.

The Lakers’ value was estimated to be more than $4 billion prior to the virus outbreak. They have the league’s most lucrative local broadcast deal, which generates more than $150 million in annual revenue. In addition to the Buss family, which presides as the controlling owners, the franchise has three billionaire minority partners — Philip Anschutz, Patrick Soon-Shiong and Ed Roski Jr.

I think they’ll figure out a way to survive this pandemic.