The National Football League is closing almost $2 billion in financing as governments and banks continue to struggle to find lenders.

The most-watched television sport in the U.S. is borrowing $1.4 billion through a four-year term loan and another $460 million with a 10-year term note that will guarantee teams' operating money through credit-market turmoil, Chief Financial Officer Anthony Noto confirmed Friday.

Noto declined to disclose financial terms or other details of the transactions.

The NFL also is preparing to renegotiate its labor contract with players.

The NFL received financing even as the largest U.S. banks continued to avoid the corporate bond market, European corporate debt markets endured their worst month on record and state and local government borrowers found higher costs and scaled back deals after a monthlong freeze in municipal-bond issuance.

"We're making a decision that locks in significant financing, which was our top priority given the uncertainties in the credit markets," Noto said.

The NFL and its 32 team teams rely on cheap, available credit to maintain cash flow, expand business and pay players, according to Marc Ganis, president of the Chicago-based industry consulting firm Sportscorp Ltd. Increased financing costs could slow stadium renovations or reduce player signing bonuses, he said.

"It shows the real strength that the NFL could do a deal of this size in this environment," Ganis said. Still, the league likely is paying more than it otherwise would have, he said.

Able to Borrow

One month after Lehman Brothers Holdings Inc.'s Sept. 15 bankruptcy froze lending among financial institutions, Commissioner Roger Goodell said the NFL was still able to borrow and didn't expect problems renewing its credit facilities.

The NFL is a safe borrower because it is America's most popular sport, operates with a strong economic model, has conservative financial policy and billions in television revenue guaranteed through long-term contracts, according to a June report by Fitch Ratings.

The NFL has television contracts with CBS Corp., News Corp.'s Fox unit, General Electric Co.'s NBC, Walt Disney Co.'s ESPN and DirecTV that bring in more than $3.5 billion annually, Fitch said.

NFL games were six of the seven most-watched shows on television last season, and the Super Bowl title game between the New England Patriots and New York Giants drew a record audience of 97.5 million.

As equity and credit markets deteriorated in recent weeks, the New York Jets auctioned off 620 licenses to the best seats in a new, $1.6 billion stadium in New Jersey, earning a total of $16 million.

Not Immune

The NFL hasn't been immune to market turmoil. At least one- third of the league's 32 teams — including the winners of four of the past five Super Bowls — play or will play in stadiums financed by debt whose interest rates rose as much as fivefold since the beginning of the year.

NFL owners voted unanimously in May to end their agreement with the players' union after the 2010 season. Goodell said at the time that increased borrowing costs were one factor putting pressure on owners to renegotiate the deal.

The NFL has "done some significant belt-tightening" since then, Goodell said this month.