NFL players get a sweet deal on equipment financing
NFL players getting a sweet $10 million payment from equipment financing from an unnamed source is a great story.
But this story could have a lot of twists.
Here’s how the story unfolded.
A source tells Bleacher that NFL teams will get the equipment for their players via the league’s new NFL Performance Equipment Fund, a program that will pay out $10M annually to teams with equipment that isn’t yet approved by the league.
The source also says that the payments will be split between the teams and the league, with the teams picking up the full amount.
The NFL’s Performance Equipment fund is a huge money-spinner for the league in 2018, as it’s currently set to be worth $3.3B in 2018.
But the fund has been a big loser since last year, when it lost $1.2B.
The fund is set to have $3B by the time the season starts in 2020.
“The equipment fund is one of the few programs the NFL is actively pursuing to generate revenue, and it will be very important for us to maintain that momentum and keep this momentum going,” NFLPA President DeMaurice Smith told reporters during a conference call this week.
“There are a number of things that are on the table, some of which have already been announced by the NFLPA and other parties.
I think that’s one of them.”
Smith said the league is also looking at potential ways to increase revenue in the future, but declined to specify which ones.
Smith also said the NFL and the union were looking at a number, but didn’t give any details.
NFLPA CEO DeMaun Smith addresses the media during a media availability for the NFL Players Association at the University of North Carolina on March 27, 2021 in Charlotte, North Carolina.
In a statement released last week, NFLPA Executive Director DeMante Smith said the payments were “an important step in the right direction toward creating a fair and sustainable financial structure for our players.”
The statement added that the league will continue to work closely with the union “to find ways to grow our revenue stream.”