MLS leverages $25 million loan to promote economic justice
By ANNE M. PETERSON
AP Sports Writer
Major League Soccer will leverage a $25 million loan from a coalition of Black-owned banks in an effort to promote economic equity and justice. The partnership announced Thursday with the nonprofit National Black Bank Foundation aims to grow the banks’ capital through interest earned and fees — which in turn creates the capacity for new lines of credit for loans in communities of color. MLS says it is the first time a major sports league in the United States has entered into a major transaction with exclusively Black-owned banks.
