NFL Owners set up $600mln credit facility 9 months ago today...

The NFL was WAY ahead of this labor situation and secured $4.631 billion of borrowed cash, on which to sit on, including a $596 million credit facility for 13 teams (40% of NFL teams) that was set up on June 11 2010.
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The NFL also has "Football Trust $2.1 billion senior secured notes," rated 'A' and "NFL (G-3 Stadium Finance program) $1.1 billion senior unsecured notes," rated 'A+' and a "NFL's Participating Teams $835 million term notes" rated 'A', Outlook Stable' by NRSRO Fitch Ratings.
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And Fitch states that NFL has five years to pay the balance of the credit facility: "Thirteen of the NFL's clubs will participate in the borrowing. The senior secured credit facility will be used by participating NFL clubs to repay existing indebtedness, including the remaining outstanding portion of the bank term loan, for general corporate purposes, and/or to provide working capital. The facility will mature in five years."
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Single A is defined as being at the middle of the Investment-Grade credit spectrum, a relatively low default risk (although General Motors was 'A' a couple years ago).
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Here is the entire release:
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Fitch Rates NFL's Participating Teams $596MM Sr. Secured Credit Facility 'A'; Outlook Stable
11 Jun 2010 4:11 PM (EDT)

Fitch Ratings-New York-11 June 2010: Fitch Ratings has assigned an 'A' rating to the $596 million senior secured credit facility issued by various clubs of the National Football League (NFL) through Football Funding LLC. The facility was privately placed. In addition, Fitch has affirmed the following outstanding ratings:
Football Trust
--$2.1 billion senior secured notes at 'A'.

NFL (G-3 Stadium Finance program)
--$1.1 billion senior unsecured notes at 'A+'.

The Rating Outlook is Stable.

Thirteen of the NFL's clubs will participate in the borrowing. The senior secured credit facility will be used by participating NFL clubs to repay existing indebtedness, including the remaining outstanding portion of the bank term loan, for general corporate purposes, and/or to provide working capital. The facility will mature in five years.

The NFL is a not-for-profit unincorporated association of 32 member teams and was originally founded in 1920 with 18 franchises.

For additional information on the underlying credit, see Fitch's press release 'Fitch Rates NFL's Participating Teams $835 million term notes 'A', Outlook Stable' dated April 9, 2010 and 'Fitch Closely Monitoring National Football League Labor Negotiations' dated March 8, 2010.
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