Cash-Strapped Mets Take Out $40 Million ‘Bridge Loan’

NEW YORK (WFAN/AP) — Mets owners Fred Wilpon, Jeff Wilpon and Saul Katz recently got a $40 million loan to help with cash flow, a year after getting a $25 million loan from Major League Baseball.

According to the New York Times, the loan came in the last six weeks from Bank of America. The Mets haven’t yet paid back the loan from MLB.

The Mets called the recent transaction a “bridge loan” to help them while they seek to sell $20 million minority shares of the club. A $200 million deal for minority ownership with hedge funder David Einhorn fell apart over the summer.

“The bridge loan was approved by Major League Baseball and the syndicate of lenders to the Mets,” the team said in a statement. “The process for the sale of minority shares in the team continues to go very well.”

The Mets have been plagued by the Bernard Madoff Ponzi scheme. General manager Sandy Alderson recently disclosed the team had lost $70 million.

Last March, Forbes reported the Mets had lost 13 percent of their worth amid legal and debt problems. Listed by the publication at $858 million in 2010, the franchise was valued at $747 million in 2011.

Star shortstop Jose Reyes left the cash-strapped Mets as a free agent and joined the Miami Marlins last week.

Your thoughts on the Mets’ financial woes? 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 This material may not be published, broadcast, rewritten, or redistributed.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.)

Comments

One Comment

  1. Tommy says:

    Wilpons – be thankful you are Jewish and Santa will not be visiting your homes for Christmas because if he did you would be burried alive in coal !!!!

  2. Pfantom says:

    Why is it when a serious Mets issue arises and a negative comment comes from someone perceived as a Yankees fan, things degrade into a Yankees-Mets spitting contest? What do Piazza or Posada or your respective IQ have to do with the Mets current woes?

    Stick to the issue.

  3. Allen - Queens NY says:

    Why would anyone hold onto something they can’t take care of?? Pride and selfishness maybe? If you cannot afford something you just have to let it go or it will take you down. Being able to admit this is not working out for the Wilpons seems to be something they will not acknowledge. If they continue to expect the fans to come after the last 5 years of not very good baseball ownership. They will ultimately wind up with an empty stadium. What the NY Mets brass are doing is trying to sell the Met fan a half fast team and still charge us top dollar and expect people to come.
    Even if ticket prices are reduced we are not coming to CitiField for $ 14.00 pulled pork sandwiches. We come to see the players, that is the bottom line. The lack of financial investment to build a contending team has come to a head with all Met fans and will now only destroy their business at CitiField. No people, no ticket plans means no money. No concession stand purchasing which will also hurt CitiField employees greatly. Merchandise will sit on sporting good shelves not selling. The Mets coincidentally will become the Dodgers. Just as they have crashed financially so will the Mets. SELL THE TEAM is the right thing to do for the Wilpons, their employees, and most of all the people who pay the bills, US, THE FANS. SELL THE TEAM!!!! It is the right thing to do for everyone who truly Loves and works for the Mets.

  4. Mr. Baseball says:

    Hey Mess,like I said in a previous post,YOUR SEASON IS OVER,before it starts,again.enjoy last place you losers and I hope you challenge the record of the ’62 team(or the ’03 Tigers),that would be sweet.

    1. noel safont says:

      you must be a yankee fan

      1. flea says:

        Look at the bright side….”Banner Day” is back!!………..LOL

  5. NYM.NYG says:

    Norton,
    Believe me, you have your own worries with your precious Yankees. Piazza will be in the Hall while Posada buys a ticket to see the Hall. Get a life you loser!

    1. Norton says:

      What’s there to worry about the Yankees, they make the post season every year. Yankees fans do not have to beg management for players like Mets fans do, and not get them and the Yankees are not bankrupt like the Mets are LOSER.

      Also, when Piazza does make the Hall it will not be in a loser Mets uniform, but as a Dodger. As for Posada, the Yankees got 5 rings with him behind the plate, how many did the Mets get with Piazza? oh yes, I now remember, none, he lost to the Mighty Yankees & Posada in 2000.

      Let’s not remove Posada from the Hall just yet loser, he has the numbers for a catcher & the rings.

      As a fan, Championships is what matters most, who cares about the Hall, besides, the Hall is full of Yankees that they can make another building just on the Yankees alone.

      How many Mets are there? One (Seaver), that’s a joke for a team with 50 yrs in the majors.

      This information is making you cry isn’t it NYM.NYG.PMS? LOL, LOL

      The Mets are a joke, your a joke, and a big time LOSER!!!!!! So put a quarter in the slot & call someone who cares. LOL, LOL

      1. Posada Sucks! says:

        Is this absolute loser really trying to compare Piazza to Posada?!!! Get a clue moron, its’ not even close! Posada was a decent offensive player and a mediocre catcher. Piazza is a first ballad hall of famer! Yankee fans are so friggin clueless!

        1. Norton says:

          JACK*SS, no one said that. You do know how to read and understand on what you read don’t you Gomer?

          The idiot moron hear is you because you just made a complete *ssh*le of yourself.

          Read it again, or have someone with an IQ higher then yours, anything above 20 would do, and then have that Einstein explain it to you OK Forrest Gump

          Below 20 IQ -. Severe mental retardation

          Don’t forget the put that special helmet you wear before you leave home. You can’t afford to hurt yourself, one more serious injury to the head and we’re talking monkey.

          1. Posada Sucks! says:

            Actually my IQ is 119 if that really matters. You are clearly one of two things: A child who doesn’t know any better or: A absolute moron who is either single or who’s wife has left him because she couldn’t handle your idiotic ways. Most Yankee fans are very uninformed about players outside of the Yankee organization because they seldom watch any other teams play. Most Yankee fans are not baseball fans, they are mere posers who only watch playoff games. You sir, are among the worst! Now go get some sleep so you have enough energy tomorrow to keep on pretending that people like you!

            1. Norton says:

              OK Posada Sucks. Seems I hit you’re little girly sensitive area

              You strike and think Yankees fans are not going to say anything. Mets fans can ditch it, but like the girls they are can’t take it.

              Next time, sh*t for brains, mine your business and let the men take care of this. Like the little girls Mets fans are, you come crying when stuck back.

              By the way, you think the Mets nightmare is over, its not. Wait until the season starts next year. You really be crying like the B*tch you are. LOL, LOL

              IO of 119, you’re too stupid to even spell IQ.

            2. Norton says:

              OK Posada Sucks. Seems I hit you’re little girly sensitive area

              You strike and think Yankees fans are not going to say anything. Mets fans can ditch it, but like the girls they are can’t take it.

              Next time, sh** for brains, mine your business and let the men take care of this. Like the little girls Mets fans are, you come crying when stuck back.

              By the way, you think the Mets nightmare is over, its not. Wait until the season starts next year. You really be crying like the B*t*h you are. LOL, LOL

              IO of 119, you’re too stupid to even spell IQ.

          2. Avi says:

            Norton: Keep your comments to the subject, i.e., baseball. You obviously do not have a situation with a child with disabilities. Just because someone doesn’t agree with you doesn’t mean he is any of the things you called him. If you did have a child, a close relative or a friend with any of those conditions, you wouldn’t be spouting those kinds of sentiments on such a basically meaningless subject as a baseball argument. You are sick and need help desparately.

            1. .. says:

              another happy Mets fan

  6. JT says:

    I have been pretty much supported the Wilpons throughout the years as I acknowledge that albeit not always successful they have always tried to make the team a contender.

    Now in between taking away Citifields defining character and turning it into every-other-balllpark/bandbox and building a team around what was a beautiful baseball field (because D. Wright yelps about not being taletned enough to hit real HRs); and the completely DISREGARD for the Mets Fan affection for Jose Reyes the Wilpons have lost a supporter for life. SELL THE TEAM!

  7. ace11 says:

    If you keeping reading Coutinho’s articles

    Everything is GREAT in Mets Land

  8. dp says:

    Wilpons…

    I hope your business plan is a success and will reap a World Series title for your family and the fans very soon….

    I am expecting an exciting season of Met’s baseball in 2012.

    Best wishes and Happy Holidays

    1. TDS says:

      LOL – business plan? World Series? Funny funny. If MLB doesn’t step in soon my beloved Mets will soon have the lowest payroll in baseball and be in bankruptcy. Please Mr. Wilpon sell the team NOW!! Don’t Madoff us.

      1. flea says:

        Talk about entertainment…It doesn’t get better than this. Not to mention “Banner Day”.

  9. Know Your Mets History says:

    Mets fans, what’s all the crying about? Wilpons is the same guy who bought the team from the Payson family, and we all know how well they managed the Mets, other than winning the ’69 WS the Mets were the laughing stock of baseball losing 100 games just about every year.

    It was Wilpon who gave you idiots the ’86 WS, it was Wilpon who gave you the 2000 WS appearance, it’s Wilpon who gave you idiots a new stadium and it also Wilpon who has spend billions in signing free agents & trying to make the Mets contenders and champs.

    The Mets payroll in the last 15 years has been one of the highest in baseball and before last year, the highest in the NL.

    Yes some of you idiots will say it was Doubleday, but it was Wilpon who brought Doubleday into buying the Mets

    It was Wilpon you gave the Mets some recognition & some respect in this city own by the Yankees.

    How soon you idiots forget.

    1. Lou says:

      You’re apparently the idiot. It was Doubleday who was behind just about every major move the Mets have made that led to the ’86 WS, as well as the 2000 NL pennant. Piazza, Keith Hernandez, etc etc etc. All Doubleday.

      Go back to the Bronx. Let Mets fans worry about the Mets.

      1. Norton says:

        Sure Lulu, that why the Yankees are the kings of New York & baseball, while your loser Mets continue to go down in a spiral wind, even the Royals & Pirates are more respectful these days.

        Glad to be a Yankees fans then a loser Mets fan. This couldn’t happen to a better group of fans. LOL, LOL

        Bringing up the Yankees does not help Lulu; it just makes the loser Mets look worst.

        Base on your comment, I’m sure you’re really looking forward to next season. LOL, LOL, so enjoy your 2012 Mets. LOL, LOL

      2. Tom M says:

        Lou you are so right. Wilpon didn’t want to resign Piazza thought it was too much money. Doubleday was behind all the moves. Notice when Doubleday sold his shares to those 3 stooges they have gone downhill since.

        1. Norton says:

          Wilpon knew something, Piazza numbers his last 3 yrs with the Mets

          ’03 – .286, 11 hrs, 34 RBI’s
          ’04 – .266 – 20 hrs, 54 RBI’s
          ’05 – .252 – 19 hrs, 62 RBI’s

          and let’s all remember, Piazza SUCKED as a catcher. He threw like a girl. His throws would bounce off the pitcher’s mount. That’s why they wanted to move him to 1st base, but he SUCKED there too.

          Mets fans, your postings are making you look stupid, stop with your comments; you guys are beginning to look like one of Jerry’s Kids

          1. Avi says:

            Norton: what a ridiculous way to make a comparison, when Piazza was already old, injured and missing a lot of games. If he had retired before the 2003 season, he’d still be a first ballot Hall of Famer. He wasn’t the greatest defensive catcher, but not as bad as you make him out to be. Of course, if he had played for the Yankees he would not have had to play the field.

            1. Norton says:

              Avi, you’re stupid. The facts are there. Not as bad as a defensive catcher you say. Piazza was one of the worst catchers in baseball when he played. As a Mets fan you’re over looking the facts because he played for the Mets, but they’re there.

              If Piazza had played for the Yankees he would have won many WS titles. He was offered to the Yankees before he was offered to the Mets, Yankees passed because the Marlins asked for more in return.

              Piazza’s bad luck going to the Mets, just like Santana, once a sure Hall of Famer, not anymore.

              Still not over Reyes leaving the losers I see.

              So much for being a Met and a Mets fan.

  10. Tom M says:

    I didn’t know they have a new version of the 3 stooges!!! PLEASE PLEASE sell this team you already have run it into the ground. Hey Budd I know they are your friends but for MLB sakes make them sell it!

  11. Tom M says:

    I didn’t know the have a new version of the 3 stooges!!! PLEASE PLEASE sell this team you already have run it into the ground. Hey Budd I know they are your friends but for MLB sakes make them sell it!

  12. Tom says:

    This team is the joke of professional sports. Until the Wilpons sell this team this team will be a joke. THE MESS.Are the wilpons this stupid or are the trying to run this team into the ground.

    1. Mr. Baseball says:

      Tom,you haven’t watched the Buffalo Bills,now that’s a joke of a franchise.Speaking of Buffalo,the Mess will have to find a new AAA team after ’12,because the Bisons owners will kick them out.

  13. louie says:

    how does mlb continue to allow the wilpons to own this team

  14. Betty says:

    Sell the team. Then I will buy tickets. Not until then.

  15. Larry D says:

    The Wilpons can’t leave fast enough. This family is a disaster for Mets fans.

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