Stocks Rally As Outcome Looks Good For Disney World Hosting NBA Season
Disney stocks are getting a wee boost this week with the news that Walt Disney complex in Florida may be hosting the NBA. The stocks rose after the NBA Players Association revealed that it was in talks to play games at the ESPN Wide World of Sports Complex which is on property at Walt Disney World.
It should be noted that talks are still said to be in the exploratory stage according to NBA spokesman Mike Bass. However, Players Association Executive Director Michele Roberts made the prospect seem favorable by signalling that players were in support of the move.
“It’s time. It’s time. It’s been two-and-a-half months of ‘what if?’ My players need some level of certainty. I think everybody does,” Roberts told ESPN. “Let’s just get it out there because our guys need to know. Certainty will be good. But the players really want to play.”
News about stocks being up is great for Disney. As a piece in the Investor’s Business Daily reminds us, the Walt Disney Company has been especially vulnerable during the pandemic. The studios have been hit by the theater closings and cruise ships and theme parks temporarily shut down. A lack of live sports has also impacted ESPN.
As we previously reported here at MickeyBlog, the NBA was forced to shut down back on March 11th with 10 players testing positive for COVID-19. However, there are some suggestions that the total may be higher than that according to statements from Commissioner Adam Silver in recent days.
With the ESPN Complex, Disney is in demand with sports leagues looking to minimize the damage caused by the coronavirus. Major League Soccer is also in talks to resume its season with Disney in Orlando.
This puts the ESPN Complex in a great position as it definitely has the capacity to host both events at the same time. The Complex spans 255 acres with multiple arenas. Its facilities include a baseball stadium, basketball arena, multipurpose fields, tennis courts and a track and field complex. It previously hosted the Junior NBA World Championships. Lying within Walt Disney World there are also 24,000 hotel rooms.
However, there are still a few details to be ironed out some are even significant like how will returning players be tested to combat the spread of COVID-19?
In the hopes that the NBA and Disney collaboration will happen, shares climbed 2.9% to 121.46 on the stock market. This is the highest level the stocks have been at for nearly two months!
This is a story that we’ll be following closely. Keep checking in with MickeyBlog for more news and updates!
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