Report: Mets ‘Desperately’ Seeking Second Loan

NEW YORK (WFAN/AP) — There may be more trouble in Flushing.

According to the New York Post, the Mets are “desperately” seeking a second loan to offset operating expenses.

“JPMorgan Chase … is trying to recruit other institutions to join a syndicate to put together a new loan that would tide the Mets over until they sell a minority stake in the ballclub,” reported the Post. “A well-placed source said both the Mets and Major League Baseball are exerting strong pressure on JPMorgan to make that loan happen.”

The new loan could add up to “tens of millions of dollars,” reported the paper.

“This is a very risky loan,” said one Post source. “You don’t lend into a distressed situation.”

RELATED: Fay Vincent: Mets’ $25 Million Loan A ‘Concern’

Hounded by a multimillion dollar lawsuit filed by the trustee trying to recover money for victims of the Bernard Madoff pyramid scheme, the Mets acknowledged last week that they received a loan — reported to be around $25 million — 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 Friday. “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 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. Fred 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 Citi Field 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.

Would you loan the Mets money? Sound off in the comments below…

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

pixy Report: Mets Desperately Seeking Second Loan
  • kenjonesloans

    DO YOU NEED A LOAN JUST for more informations on your loans..

  • Drew

    dirtbag yankee fans hoping the mets leave town should jump off a bridge. the team is never leaving NY. unlike yankee fans, mets fans stick with the team through success and failure.

    • Big Tony

      Mets fans stick with the team through success and failure. I love those words you used. Last year the Mets attendence was just a liltte over 2.5 million, so much for sticking with the team through failures. The Yankees came close to 4 million fans last year. This after having 6 straight years of over 4 million fans from ’04 to ’09, an MLB record. Also, there’s been many more failures then success in the Mets history. So base on the Mets losing history be ready to have more failures then success, because a winning Mets team is far and few in between. LOL

    • Tom

      If the Mets “stick with the team” then how come Citi Field at times is a ghost town?

      • Big Ed

        good one Tom. Mets fan can’t see the forest for the trees. Yankees fans don’t want the Mets to leave. Who would we rag on every summer if not the Mets & the Mets fans. Please stay. Yankees fans are enjoying all this Madoff stuff, we’re having a ball of laughs. Can’t wait for the season to start so we can hear Mets fans crying in complain about the Mets, Reyes, Beltran, Perez & the Wilpons. Mets are great joke material & have been for 50 yrs, don’t go, please stay.

  • Ricky

    The Wilpons should just sell the team as they are doing nothing but embarassing and hurting the Mets. Fred calls himself a true New Yorker as he’s friends witHS andy Koufax? Then do the right thing and sell the team. They have done nothing but hurt the team!!!!

    • James

      Last I checked Ricky the Mets won the WS in ’86, got there in 2000, losing to the Yankees, but they got there. They were one hit from the WS in ’06 until Beltran choked with the bases loaded. This was done with Wilpon as the owner & his money, a ton of money. What were the Mets before Wilpon? I’ll tell you, a last place team who every year lost 100 games. How soon Mets fans forget the dump the Mets were before Wilpon came around. You must be about 10 years old not to know that Ricky. I thought Mets fans were loyal, good one. So much for that.

      • James

        simple, don’t claim to be loyal fans only when things are good as Mets fans always claim they are “we are the most loyal fans in sports” which I think its ridiculous because every fans claims the same.

        Look at the fans in St. Louis, where they love to say it the best baseball town in America. First, they have ONLY one team, the Cardinals, with no other team within 300 miles, yet every year the Yankees have the best home attendance in baseball.

        Now Mets fans because things have been going bad like the have the last few years & worst this year, Mets fans are looking to abandoned the team & will want to reclaim the team once again when things get better, period.

        it’s not the Titanic, but very close to it, yet there were survivors. be a fan, stick with the team, you’ll be better for it

      • Thunder Pudding

        So you want we should be loyal to the Captain of our sinking ship is what you’re saying.

      • Devin

        Well said James. No one remembers the years of nothingness.

  • Tunafish Dentures

    Needing the first loan was bad enough, now they need a SECOND loan.


  • Tom M

    I said it once and I’ll say it again Mutt and Jeff PLEASE sell the team back to Doubleday!

  • Mr Met

    If they really LOVE the mets as they say… SELL The team. When you break up with a woman… they always say… If you really love me… your let me go…. Time for the Wilpons to LET THE METS GO.


  • Omar

    Sellllll, Mortimer, get back in there and SELLLLLLLLLLLLLLLLLLL

    • Murray


  • JayTee

    Sell the friggin team, freddie you @$$&#%!
    Your son jeff is a GD’d joke …..


    SELL .

  • dabooch

    25 Million is chump change isn’t that Santana’s salary ~ballpark figure~ The Wilpons can plan on digging a lot further when the turnstyles could be run by second graders whose counting skills are limited while they will be happy to be compensated with a cookie.

  • Edward

    MLB thought of contraction a few years back because some teams could not make the cut in making money & drawing fans, well, here’s a great chance to eliminate one huge baseball monstrosity of a mistake. Mets have never been successful. Baseball will survive with the Mets no longer in existence. No one cares for the Mets, they have never mattered, it’s not like they’re the Yankees. The Yankees are baseball.

    • Mr Met

      Yankees are a joke… They can only TRY and win by Spending 500 Million more then other teams… How that work out over the last 10 years 1 title….. Lets see the yanks spend what other teams spend and win…. WON’T Happen… 4th place at best this year. Lets get rid of the Yankees that would be BEST FOR BASEBALL!!!!

      • Edward

        The joke are your LOSER METS. Letterman is having a field day with his opening monologue every night.

        Top 10 reasons why the Mets suck & are a joke:

        1. Jealous of the Yankees & their fans 2. Mets fans are a joke 2. Fans Mets are A$$HOLES – 3. Reyes sucks 4. Wright sucks 5. Mets Fans SUCK 6. See above on Mrs. Mets as an example 7. Beltran SUCKS 7. Madoff Mess 8. Mets fans SUCK 9. Mets fans SUCK, really the do, and top 10. See all of the aboves

      • Edward

        This is what the Mets are after spending billions of dollars. No titles, not even a division. Best of luck following the Mets in their new home, in a new state & new name, The Utah Prairie Dogs.

        I wonder if we can get the Dodgers to move back to Brooklyn and bring a real NL team to NY. Yankees could use a little competition. Mets are no match, with LOSER fans.

        Don’t be haters Mets fans, it is what it is. Yankees matter, Mets don’t.

      • Edward

        Mrs. Met we all now you’re exaggerating there with the numbers buddy, but no surprise, that’s tipical of Mets moron fans who forget the Mets have had the highest payroll in the NL the last 10 years, this year alone will be over $150 mil.
        But then again, you’re stupid enough to believe the Mets payroll is there with the Marlins at just 20 mil a yr, & yet it’s the Mets who have a ton of money problem.

        How much of the $25 mil borrowed in Nov. came from the Yankees? and now the Mets are asking for more. The Yankees are the team that just keeps on giving. Yankees are baseball. Mets, well, a joke, an embarrassment.

  • John

    It is time for Selig to step in, put his arm around Wilpon’s shoulder and tell him the facts of life. It is time to sell the team.

    • Richard Morey

      I agree.


    Let NY have only one team. The Yankees are doing just fine. The Met’s would not be able to pay back the loan and us tax paying NY’s will get stuck with the bill.

  • Shiney

    Outside of the Madoff issue clearly players in all sports are over compensated. In the end the fans and the tax payers lose out.

  • Kevin the former Catholic

    When is that idot Selig going to demand that the penniless Wilpons sell the team.
    Poor Met fans!

  • Ivan

    I just wish the Wilpons would let go and sell the entire franchise, all 100%. I for one will not attend any games until new owners take over. I will watch them on TV
    because yes I am a Met fan.

    • Jason

      then Ivan, you’ll be waiting a long time. haven’t you heard, the Wilpons are NOT SELLING, and what makes you think a new owner would be any better, just look at the Orioles, the Royals, the Pirates & the Dodgers. All have new owners & look what they have done to the teams, the first 3 teams are last place teams & have been for the last 15 or so years. Now look what is happening with the Dodgers. Be careful what you wish for.

      Like the old Dodgers & Giants, the Mets could have a new logo with the state of Utah & Bryce Canyon the sleeves.

      • Jason

        What happend Jerry, hit your little girt nerve there? Here’s a history lesson you moron, Pittsburgh & Baltimore were huge baseball towns. Both championship winners & rich in baseball history, Something Mets can’t say, but love to brag about when they have nothing to brag about.

        You’re right, I never should have compare the Mets to them, it’s an insult to them to even compare the Mets to those two great baseball teams of the pass.

        Inside information my A$$, you got nothing, so that the SH%T!!!!

      • Jerry

        Jason- you are definitely an idiot. First thing you need to learn is ANYTHING and EVERYTHING is for sale. MLB is very concerned about the Mets situation and privately there is much skepticism. And yes that comes from inside information. Also, don’t EVER compare Pittsburgh, Baltimore and K.C. with NEW YORK.

  • Jack E Marlow

    I’m glad the Madoff stuff isn’t effecting the Mets.

    This Wilpon trash has lied enough. They deserve everything they get. It would be great if the trustee forced an auction of the team and it went to the highest bidder, not who greased Selig enough.

    100 loses Mets fans. You are looking at a 1977-83 run with this team.

    • Tron

      last I checked, the Mets have won just 2 WS in 50 years. They sucked in the early 60’s, sucked in the ’70’s, sucked in the early ’80s,won just once in ’86 , sucked the entire 90’s & other than making the WS and getting slammed by the Yankees 4 games to 1 in 2000, the Mets have sucked the entire 2000’s as well. Let’s not forget baseball historical chokes of ’07 & ’08.

      Where have you been?
      You make the Mets to be this great team when in reality, THEY SUCKED!!!

  • Myrtle Beach Bobby

    Get rid of the Wilpons and the fans will give then $25 million.

  • Charles

    I can hear the Pirates, Nationals & Royals fans saying “DAMN!!!! and here I thought our sh%t was bad, but it could be worst, we could be Mets fans.” LOL

  • ratso

    Maybe they can ask Bernie Madoff for the money..!

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