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, according to a NY Times report.. 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…
Find out more at http://www.nytimes.com/2011/12/13/sports/baseball/mets-struggling-for-cash-receive-40-million-bank-loan.html?_r=1
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