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Endeavor secures US$260m loan to aid coronavirus recovery
Getty ImagesEndeavor Group has secured a US$260 million emergency loan as it continues to grapple with the financial fallout of the ongoing coronavirus pandemic. Reports in the US say the group - which owns the IMG and WME agencies as well as the Ultimate Fighting Championship (UFC), among other properties - is borrowing the money to fund operations during the indefinite shutdown of live events. JPMorgan Chase has arranged the loan, which comes with an interest rate of just under 11 per cent, according to the Wall Street Journal (WSJ). Investment firm Oaktree Capital is reportedly the primary source of the funds. Endeavor’s portfolio of media, sports and entertainment assets, including a host of live events businesses, has felt the full force of the Covid-19 crisis. In recent weeks the group, led by chief executive Ari Emanuel, has been forced to make sweeping furloughs and cut executive salaries as part of cost-saving measures that could affect one-third of its 7,500 employees worldwide.
