Truth & Rumors > MLB
Struggling Mets receive $40 million loan
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08:08 AM ET 12.13 | The reported financial figures are staggering. The owners of the Mets, needing cash and unable to turn to Major League Baseball for more financial help, received a $40 million loan from a major bank in the past six weeks. The team described the arrangement as a bridge loan, meant to aid the team as it tries to raise money through the sale of minority stakes in the club. The loan marks the second time in a year that the Mets have received an infusion of cash. A year ago, the team's owners, Fred Wilpon and Saul Katz, received a $25 million loan from Major League Baseball, but they have not been able to repay it. Meanwhile, Sandy Alderson, the club's general manager, said last week that the organization had lost $70 million in 2011 alone.
Sandy Alderson, Getty Images
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Comments (37) Add A Comment
This makes no sense - why would ANYONE lend them money when they still owe $25M from last year?????? Didn't we have to bail out Bank of America once, already?
stargatebabe
Total Comments (2054)
The Wilpons should be forced to sell the team for the good of the league. It has been done before. It should be done now.
Delaying this will just make a bad situation worse. How much can Mets fans take.
Bronx_Pride
Total Comments (2129)
Embarrassing.........<Sarge shakes head can't wait for NFL season 2012-13>
Sgt. Schultz
Total Comments (9737)
The Wilpons won't be forced to sell as long as "Nutty Professor" Selig runs this circus of a league..the screwed up part of this whole mess is the fans suffer for God knows how long in order for Selig to keep one of his cronies from going under....
Sgt. Schultz
Total Comments (9737)
Worse.....90's the Mets just pissed money away on lousy free agents..Bonilla,Coleman..etc...now they're just pissing into the wind......it's friggin horrendous to watch.......
Sgt. Schultz
Total Comments (9737)
According to the New York Daily News...the due date to repay MLB their $25 mil is this spring...and supposedly the money will come from the sell off of shares of the team..which is supposedly working out okay...they are selling off $10mil shares at a pop....and they have between 10 and 16 investors already...MLB will get their money back....
Sgt. Schultz
Total Comments (9737)
Shame on the NY Times for not telling us that the loan wasn't due yet! Man, I hate that half-assed reporting!
Well, I hope they can pull their butts out of the swamp before the gators gather
stargatebabe
Total Comments (2054)
They should be forced to sell...period....can anyone say Mark Cuban.....
Sgt. Schultz
Total Comments (9737)
If Selig was so in favor of selling the dodgers, I don't know why he is giving this club so much leeway. This is another example MLB needs new unbiased leadership.
eman1313
Total Comments (2)
It's fine example of cronyism.
THE BISHOP!
Total Comments (13410)
It's a fine example of cronyism.
THE BISHOP!
Total Comments (13410)
Anything they can do to pay off Bonilla finally......just give the man his 20 million and let the team be free of his contract
RexandtheJETS
Albany , NY
Total Comments (14)
Look for them to invest the money on Wall Street!!! Stick a fork in them!!!
Not4Nutten
Total Comments (9894)
I wonder if Albert loaned them the money.
Walkenhorst
Apex , NC
Total Comments (27)
too funny
joet
Total Comments (471)
it seems that the mets still learning how to make business!!
alacran
Total Comments (14457)
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