Watch CBSN Live

D'Backs Need Loan To Stay Afloat

The Arizona Diamondbacks recently borrowed $20 million to meet operating expenses, a loan that had to be co-signed by Major League Baseball, The Arizona Republic reported Tuesday.

The club now has faced a cash shortage in each of its three years of existence. The team asked for and got $29 million from all 29 limited partners during its first season in 1998, then $24 million from 24 of the partners late last season.

The money this season came from an as-yet unidentified bank, the Republic said.

"How I'm running the business is not everyone's business," Diamondbacks managing partner Jerry Colangelo said. "I'm getting tired of it. I'll do what needs to be done. It doesn't need to be public information, whatever it is."

A payroll that increased to about $80 million this season, up from $66 million last season and $32 million in the team's first year, and a decline in attendance are primarily to blame for the need for cash, the newspaper said.

The team was expecting a boost in attendance after winning the NL West title last season but it hasn't materialized.

©2000 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed

View CBS News In
CBS News App Open
Chrome Safari Continue