Floyd Mayweather’s boxing promotion, named Best Paid Athlete of the 2010s by Forbes, was among a long list of sports companies to receive Paycheck Protection Program (PPP) loans from the federal government during the COVID-19 pandemic. Tom Brady’s company TB12 was also on the list of loan providers.
The program was designed to help smaller businesses deal with the economic impact of the shutdown that began in mid-March. Mayweather Promotions was one of the top three fundraising promotions in boxing. Teams in MLS, NASCAR and IndyCar as well as NWSL and Big 3 basketball were also relieved.
Mayweather Promotions Receives PPP Loans
Mayweather Promotions, Bob Arum’s top-ranking company, and Golden Boy Promotions, which is owned by Oscar De La Hoya, all filed between $ 350,000 and $ 1 million, according to data released Monday by the U.S. Small Business Administration.
Mayweather was named the Highest Paid Athlete of the Last Decade by Forbes with earnings of $ 915 million. His promotion ended his events on March 17 with no date for a return.
The data was published in loan amount ranges and showed companies applying for and receiving the loan, according to the Associated Press. Companies may have chosen not to take the funds.
Congress provided $ 659 billion in soft loans to help businesses through the economic stalemate. The loan can be waived if the money is used for payroll, rent, and other similar expenses. More than 80 percent of the 4,880,943 approved loans were for less than $ 150,000. The Trump administration has refused to release the data about it, according to the AP. News organizations have filed a lawsuit to access them.
Brady’s TB12 on the credit list
NBC 10 in Boston reported that Brady’s TB12 Inc. had received between $ 350,000 and $ 1 million in PPP loan funds. The lifestyle brand was expanded to include TB12 Performance & Recovery Centers, which were closed during the pandemic.
With its move from Foxborough to the Tampa Bay Buccaneers, the company reportedly also planned to bring TB12 to the new market. Brady signed a two-year deal for $ 50 million in the off-season.
He has been training with teammates in Tampa despite the NFL Players Association pushing against group training and heavily promoting his TB12 supplements on Instagram.
Football teams, league apply for PPP
At least four MLS teams were involved in the program. According to the AP, DC United and Inter Miami were in the $ 1 million to $ 2 million range. Orlando City and the Seattle Sounders ranged from $ 2 million to $ 5 million.
The Athletic reported in May that at least 12 clubs have filed an application. Seven will not use the money they have been offered. Around the same time, the Seattle Times reported that the Sounders used their PPP loan to keep a support staff of nearly 140 people.
The NWSL, which has 16 employees and more than 200 players paid by the organization, confirmed to the New York Times that it took an unspecified amount and used 100 percent of that on payroll.
Lisa Baird, the commissioner of the League, which took over March 10, told the Times:
“Our only intention in applying for the PPP loan was to continue player compensation. With ours, the math was pretty straightforward. You either pay your players or you put them on leave. What can we do?”
Baird said the money was a bridge to pay the players as the league worked out a plan and additional sponsorship for a Summer Challenge Cup tournament in Utah that began late last month.
Rennwelt approved for “substantial” loans
According to the AP, a “bulk” of NASCAR and IndyCar teams has been approved for “substantial” loans.
NASCAR teams included Richard Childress Racing and Roush Fenway Racing, both champions of the championship, as well as Richard Petty Motorsports, Jimmie Johnson Racing, Kyle Busch Motorsports and Jeff Gordon Inc.
Almost every full-time IndyCar team has been approved, according to the AP. Team Penske wasn’t there. Pocono Raceway in Pennsylvania also received a loan of between $ 350,000 and $ 1 million.
Other companies have received PPP loans
Big 3 Basketball LLC, the 3-on-3 league founded by Ice Cube, received $ 1.6 million and returned $ 700,000, company spokesman Jeremy Watkins told the AP. The money was used to pay coaches and players for the season and to make sure there was a 2021 season, Watkins said.
The league was set to start its fourth season this summer before being canceled in May. According to reports, a reality show-style tournament is still being worked on, Big 3: Not in My House, which is slated to premiere before the 2021 season. This event was originally scheduled for April.
More than a dozen minor league baseball teams were on the PPP list, including Ohio Governor Mike DeWine’s DeWine Seeds-Silver Dollar Baseball LLC, according to the AP. It was awarded between $ 150,000 and $ 350,000.
At least four smaller college conferences and the Sugar Bowl have also applied for and received credit. An AP poll in May found that 70 percent of all Olympic associations were applying for PPP loans.
Big leagues, teams stay out of PPP
The NFL, NBA, NHL, and MLB were not on the government’s list for PPP lending. The Los Angeles Lakers were criticized in April for receiving a $ 4.6 million loan and small businesses in worse situations struggling to access the program.
The Lakers announced that they were returning the loan when they discovered that “funds on the program had been used up”. The Lakers’ estimated worth is $ 4 billion.
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