By Ryan Shepard
Dec 14, 2020
The Atlanta Hawks have made history away from the court. This month, the Atlanta franchise made history by securing a $35 million loan exclusively from Black-owned banks to build up the Emory Sports Medicine Complex. It is the largest loan from a Black-owned bank to a franchise in major professional sports league history.
“The Hawks are not only the first-in-league with this deal, but are the first in all major league sports,” former Super Bowl Champion
Ryan Clark said.
“Banking black is a simple but incredibly powerful demonstration of professional sports franchise’s commitment to their players and their fans. Now we need other teams to follow the Hawks’ lead.”
A Lil Positivity : The Atlanta Hawks Get $35 Million Renovation Loan Unwritten Entirely By Black Banks, First Pro Franchise Ever
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A Lil Positivity : The Atlanta Hawks Get $35 Million Renovation Loan Underwritten Entirely By Black Banks, First Pro Franchise Ever
wynn1063.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wynn1063.com Daily Mail and Mail on Sunday newspapers.
ATLANTA Today, the Atlanta Hawks announced that it has agreed to refinance the construction loan for the Emory Sports Medicine Complex with a syndicate of Black-owned banks. The $35 million loan marks the first time a professional sports franchise has had a significant loan underwritten exclusively by Black banks.
The groundbreaking transaction was facilitated with the support of the newly-formed National Black Bank Foundation, which organized a syndication team to structure the deal. Georgia-based Carver State Bank served as the syndicate’s Lead Arranger. By partnering with the Black bank syndicate, the Hawks are both demonstrating that Black banks can compete with money center banks for commercial loans as well as using the Club’s strong credit rating to bolster the capital cushion for Black banks so that they can better serve their traditional customer base.