Report: ‘Growing Concern’ Within MLB Regarding Mets’ Finances

NEW YORK (WFAN) — Mets owners Fred Wilpon, Jeff Wilpon and Saul Katz could soon feel the pinch — from Major League Baseball.

According to John Harper of the New York Daily News, there’s a “growing concern” within MLB about the state of the Mets’ finances.

It was disclosed Monday night that the team recently got a $40 million “bridge loan” — reportedly from Bank of America — to help with cash flow. This just a year after receiving a $25 million loan from MLB.

The new loan should aid the Mets as they attempt to sell minority shares for $20 million apiece. A $200 million deal for minority ownership with hedge funder David Einhorn fell apart over the summer.

“They need some things to happen fairly soon,” an MLB official told Harper. “They’re sort of at the end here with the banks and everything else.”

The Mets, plagued by anemic attendance and the Bernard Madoff mess, haven’t yet repaid the loan from MLB.

Mets general manager Sandy Alderson said the team’s bridge loan hasn’t affected any of his offseason decisions. Matter of fact, he didn’t even know about it.

“I wasn’t even aware of the loan until (Monday), so it couldn’t have had any impact on what I’ve done,” said Alderson. “On the other hand, I’m not surprised. With the losses that we sustained last year, they have to be funded somehow.”

Alderson recently disclosed the team had lost $70 million, though he didn’t specify a time frame for the losses.

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.

Your thoughts on the Mets’ financial situation? Be heard in the comments below…

  • Nate B

    Hey I’m a lifer,and I’m just as angry as the next fan.I’m about an hour from Citi Field that’s an hour outta my life that won’t be spent in 2012 driving to Citi.I will watch more at first,then I’ll take a peek,then I’m coaching my sons pop warner team.Everything isn’t ownerships fault,yes I do want the Wilps to sell,yes they have spent money on good players,just the wrong good players.I’m 34 my first Mets memory is of my aunt telling me to sit down and shut up during who knows what game it was of the World Series,after a few innings I had better things to do,87′ who knows, but 88′ I was back and knew who and what I was watching,I understood more. I should’ve known then we were gonna be good never great,start strong and finish weak.From Bobby V to Willie,the future looked bright,but the batteries we brought were used with a no return policy.Remember the movie Life and the character Can’t Get Right,since I vowed my love for the orange and blue they just Can’t Get Right,but hey I’m A LIFER!!!!LET’S GO MET’S!

  • jimmy D

    To all concerned mets fans, do not attend any games until the Wilpons are forced to sell. do not put another penny in their pockets until they do the right thing.

  • Fred

    What’s also interesting is this. What do the Mets do with the $20 mil a year they receive from Citi Bank? This just goes to show how broke the Mets really are.

    The Mets are in deep debt. Who’s going to buy this team that has so much money problems? There’s a good chance a new owner will inherit some of those debts?

    There are 29 other teams out there to root for. Pick one, anyone, either one you’re be better off rooting for than the Mets.

    “Mamas, don’t let your babies grow up to be Mets fans”

  • Keith Joe

    The Mets ownership are greedy thieves who have committed actual financial crimes, I’m surprised it has taken this long for their dirty work to see the light of day, and for them to get their come uppance. Also, since when it major league team ownership forever? If team owner are derelict in their responsibilities, the team should be taken away from them and sold to the next highest bidder.

  • Geoffrey Rice

    I just heard the latest Mets commercial… “come see the Mets… sit whereever you want.”

  • Geoffrey Rice

    I just heard the new Mets commercial…”Come see the Mets… sit where ever you want.”

  • Daniel J Squillacote

    sell thw team
    do us a favor

  • Joe Di'Orio


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