The Dallas Cowboys are seeking to borrow $350 million by Dec. 1, according to numerous finance sources, in one of the worst credit environments in the nation’s history.

The club’s proposed deal would refinance $126 million the team borrowed last year through the now-imploded auction-rate securities market, as well as add new debt to cover cost overruns at the team’s $1.2 billion stadium that is set to open next year, the sources said.

For the Cowboys, getting out from underneath the auction-rate debt is a pressing concern. They are one of four NFL teams to have borrowed from the auction-rate securities (ARS) market, a market that allowed companies to borrow cheaply and continue to reset the interest rate with auctions of the debt weekly and monthly.

In February, the ARS market seized up, and debt auctions failed, which automatically triggered significant interest rate hikes.

The New England Patriots were faced with paying $15 million to $44 million more per year because of the increase.

The New York Giants had largely been shielded because of an interest rate swap it bought from Lehman Brothers, but it’s uncertain what that firm’s demise means to the team’s finances. Sources said the team, through Goldman Sachs, is studying refinancing its $650 million of stadium debt purchased through the ARS market.

The New York Jets, who also did not return calls, had ARS exposure, as well, though it’s unclear if the club still does.

The Dallas Cowboys should convert into a bank holding company so as to enable them to borrow directly from TARP and the Fed.

Does that mean there won't be a 4th season of Dallas Cowboy Cheerleaders: Making the Team?

I kinda wanna bang Kelli Finglass.
....

HAHAHA.

I was thinking the same thing. Heck, if American Express and GE can call themselves bank holding companies, why not the Dallas Cowboys?

It would be funny if NFL players had to start wearing some kind of product endorsement patch on every square inch of their uniforms, like race car drivers.

It would also be kind of neat to see them work all of their sponsors into their post-game comments:

"Well, it was a tough game out there today at the Exxon-Mobil Texas Stadium. The Wilson Ultra-Pro football seemed to keep popping out, even with the added grip of the Under Armor neoprene gloves the guys were wearing. Every time I looked at the Principal Financial scoreboard I thought to myself, 'wow, I'm going to need a couple of Bayer aspirin with a Gatorade Tropical Twist chaser when this thing is over.'"