NFL players and teams have signed loan agreements for personal loans from Bank of America, Citibank, HSBC and UBS to help defray expenses during the 2014 season, according to the league and the teams.
Each team signed a loan agreement with the banks, which also included some loans made to players.
All of the loans are for up to two years.
The league said the deals were the result of the teams reaching a financial agreement.
The players were required to pay all of their salary, including bonuses and guaranteed money, in advance of signing the loan agreements, which were issued by the leagues own legal counsel.
“We were very happy with the way the league approached this, and I think it’s an important step forward for us,” Chargers linebacker Joey Bosa said.
“It’s just a great way to get the players back on the field.”
Bank of Americans said it is providing assistance to the teams to help them make their loans, which are due by Sept. 1.
“The Chargers, Jaguars, Chiefs, Ravens and Jets have signed a series of loan agreements and loan guarantees for players and staff,” the bank said in a statement.
A second loan agreement, for a total of $3.5 million, was signed with HSBC and Citibanking. “
As soon as we receive the loan guarantee we will ensure it is fully repaid and the borrower will receive full support from our lenders, Bank of Americas and the NFL.”
A second loan agreement, for a total of $3.5 million, was signed with HSBC and Citibanking.
“This loan guarantee is for all players and our staff, including coaches, to help ease the financial burden of their loan,” the banks said in their statement.
It’s unclear whether the loans were approved or not.
The agreement is subject to approval by the NFL Players Association, which is expected to release the documents in the coming days.
The loan agreement for the Chargers and the Chiefs was issued by their legal counsel, and it was made without regard to whether the clubs played at the same time or whether they were part of a conference, according, the league.
The Jaguars and Raiders signed loan contracts with Citibanks, the statement said.
The Chargers were also granted an extension for the duration of the season.
The Jets signed a similar loan agreement.
Banks also loaned out $2 million in bonuses to the Jets, and $1 million to the Chiefs, who won the AFC West and AFC South titles.
All five of the Jets players were named to the Pro Bowl, which the league said was the highest honor of the league’s annual awards ceremony.
The Chiefs, meanwhile, received a $1.5-million bonus for finishing with a winning record.
The Dolphins received a loan guarantee for $500,000 and $500 in additional bonuses.
The Rams were given a loan of $250,000.
“These loan agreements represent a major step forward in the league, which has historically relied on banks for loans to help with expenses of players and coaches,” said NFL commissioner Roger Goodell, who was joined in signing the agreement by Chargers executive vice president of football operations Jon Robinson and Jets general manager John Idzik.
While the loan agreement has been issued in the spirit of our partnership with Bank of the Americas and Bank of California, we continue to review its full terms and conditions and will continue to work with our lenders to ensure that these loans are fully repaid.”