Reports: Mets Get $25 Million Loan From MLB

Fears Of Bernard Madoff Scheme Impacting Operations Grow

PORT ST. LUCIE, Fla. (AP) — Hounded by a multimillion dollar lawsuit filed by the trustee trying to recover money for victims of the Bernard Madoff Ponzi scheme, the New York Mets acknowledged Friday that they received a loan in November to help cover expenses.

“We said in October that we expected to have a short-term liquidity issue,” the team said in a statement. “To address this, we did receive a loan from Major League Baseball in November. Beyond that, we will not discuss the matter any further.”

The New York Times and Daily News said the loan amount was $25 million.

The trustee, Irving H. Picard, sued Mets owner Fred Wilpon, brother-in-law and team President Saul Katz and various family members and entities related to Sterling Equities, seeking at least $300 million.

Picard claimed the Mets profited with their Madoff investments and ignored warnings that his high returns might be false. Losses in the Ponzi scheme are estimated at around $20 billion.

The Wilpons have said they are victims in the scheme.

The Mets announced last month they were looking to sell a non-controlling interest in the team of 20 to 25 percent to raise several hundred million dollars. Wilpon insisted his family would remain in control of the team.

Less than two weeks ago, Moody’s Investors Service lowered its outlook on the company that operates the ballpark used by the New York Mets because of the litigation. The ratings firm cut the outlook on Queens Ballpark Co. LLC to “Negative,” but maintained its “Ba1” rating on the company’s bonds.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


One Comment

  1. King says:

    what’s next, money borrowed from a loan shark name Fat Tony? This is all Mets fans fault for begging Wilpon to compete with the Mighty Yankees. Mets fans are jealous & envious of the Yankees winning so many titles. Wilpon had no choice, but try to satisfy these jealous idiots & now these same idiots are asking Wilpon to sell the team. Mets fans, you asked for it, you got it & now you can’t handle it.

    1. thetrickster says:

      Yea.. it’s the Mets fans’ fault and not the greedy little fingers of Sterling Equities. Go be morons on

      1. King says:

        stop your crying, this is the truth and you know. You wanted the Mets to play like the Big Dog in town and now the Mets are broke. The moron here is you for believing the Mets could compete with the Mighty Yankees. Now you’re crying crocodile tears hoping for someone who cares.

  2. Ha, Ha, Ha says:

    and the hits keep coming. LOL. Must be great being a Mets fan these days & last few years, and I’m talking those who love to call themselves best fans in baseball, those die hard Mets fans, we stick with our team. LOL. The rooster has come home to roost. LOL . Life is good.

  3. NYC Cabbie says:

    SELL THE TEAM A$$HOLES!!! This is coming from a NYY fan.

  4. Kevin says:

    oh boy….this is getting worse each day

Comments are closed.

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