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Report: Mets won’t receive additional “substantial” financial assistance from MLB

Mar 1, 2011, 10:48 PM EDT

Fred Wilpon

We learned earlier today that the Mets are currently seeking another loan to cover operating expenses. Well, according to David Waldstein of the New York Times, they won’t be able to look to Major League Baseball to stay afloat for the long-term.

The league already extended a $25 million loan to the Mets in November, but Waldstein reports that they won’t make another significant loan to the club.

The two people briefed on the situation said baseball could conceivably re-evaluate its position in the coming months if it thought it needed to protect its larger interests, like trying to avoid a fire sale of one of its elite clubs. In addition, with opening day a month away, baseball could make a modest short-term loan to help the Mets avoid defaulting on certain payments, like player salaries. But it would not be enough to rescue the Mets’ owners in any long-term sense, the people suggested.

“It’s tapped out,” one of the people briefed on the situation said, referring to the availability of more money.

The Mets may end up borrowing against the value of the team in an effort to run out the clock on a potential sale, but I can’t help but feel the Wilpons and Saul Katz are headed down the same road as Tom Hicks from a couple of years ago.

  1. Old Gator - Mar 1, 2011 at 10:51 PM

    Baseball was well rid of Hicks. It will be well rid of the Wilpons, Bud Light’s man crush on them notwithstanding, and it will be well rid of the McCourts as well. The hope is that the Mutts and the Bums emerge in as comparatively decent shape as the Rangers did.

    • BC - Mar 2, 2011 at 11:44 AM

      How the hell owners of a team can be allowed to rack up a debt equivalent to the GDP of Bolivia without it going public for so long and without MLB doing something is mystifying.
      Can MLB order a sale? They should.

  2. cur68 - Mar 1, 2011 at 10:53 PM

    Oh boy. I can hear the heavy breathing of lawyers about to start arguing for free right now. Question; is it baseball or just the Mets that will cause lawyers to froth at the mouth like its Roe v Wade they’re trying to hash out? Discuss.

    • Old Gator - Mar 1, 2011 at 11:25 PM

      B. Blutarsky
      Baseball Economics 101
      Midterm Exam
      Professor cur68

      Many people have aksed if it is base ball or just the Mutts that will cause lawyers to frothe at the muoth like it was centered around Roe versis Waid theyre trying to hash out. In fack, tthis may be what causes lawyer’s breathing heavyness. According to Calcaterra (2011), “The Metts are seeking another loan to cover operating expenses.” Shorts (2012) adds, “they wont be able to look at Majer League Base Ball to stay floating much longer”.

      However the league already extended a $25 million loan to the Metts in November with opening day a month away, Base Ball could make a modest short-term loan to help the Mets avoid defaulting on certain payments, like player salaries. But [commissionner of Base Ball] Waldstein reports that they won’t make another significant loan to the club beecause the two people briefed on the situation said baseball could concievably revaluate its position in the coming months if it thought it needed to protect its larger interests like trying to avoid a fire sale of one of its elite clubs in edition. But it would not be enough to rescue the Metts’ onus in any long-term sense the people also suggested. It’s tapped out, one of the people (2011) briefed on the situation sed referring to the availability of more of money.

      But, Gator (2011) sais Base ball was well rid of Hicks it will (also) be well rid of the Wilpons Bud Light’s [sick] man crush on them notwithstanding, and it will be well rid of the McCourt’s as well. They hope is that the Mutts [sick] and the Bums [sick] emerge as in comparatively decent shapes as the Ranger’s did.

      • cur68 - Mar 1, 2011 at 11:48 PM

        Mr. Blutarsky; the lawyers in question appear to be doing this for free. That’s the bit we don’t get. As we understand it, this is against the Code of Conduct of Lawyers, Solicitors and Other Large Rodents (like the Beaver). Now none of them has as yet to check in and take up their mantles and resume pointing/counterpointing each other, but I feel it will only be a matter of time before this happy state of affairs has ended. For additional marks; why are labour lawyers carrying on about union busting law on a baseball blog because a ball player said something? Hint; perhaps it is in the nature of lawyers to argue? i.e. one makes a point and the other automatically takes the opposite side of it and, with much referencing, citing, and putting of downs, they’re off. Up to a point its interesting, especially the bits where they resort to blatant name calling. Frankly I think they should all get together, form they’re own firm and just take over the damn Mets and be done with it.

  3. hulkhogan69 - Mar 1, 2011 at 11:15 PM

    http://defendingthecore.blogspot.com/2011/03/rangers-sabres-wrap.html

  4. Kave Krew - Mar 1, 2011 at 11:19 PM

    With the cat out of the bag and lots of hairballs still to spew, MLB is starting to backtrack mighty fast away from the Wilpons. Unfortunately, MLB won’t be able to cover up it’s tracks in trying to aid and abet Mr. Met and we will have to endure another Bud Selig Wozzy Wo Wo press conference.

  5. seeingwhatsticks - Mar 2, 2011 at 12:00 AM

    DJ, if you’ve been paying attention to the comments on this blog over the past few days and weeks you’d know there was very little reason to post this new information about the current status of the Mets. It has been conclusively proven that the Mets are not in any financial trouble in either the short or long term, and any publications that state otherwise are merely spinning the facts to suit their own private agenda against the greatness of the Wilpon family and the Mets franchise. Those working to undermine these innocent, upstanding individuals are disgusting and you shouldn’t allow your fine site to become part of this smear campaign. The only reliable sources of information on this subject are Steven Greenberg, the Wilpon family, the Mets organization, and the Daily News and I would hope that you restrict yourself to posting information from those sources only. The more this site links to stories from a disreputable organization like the New York Times, the more I start to question the credibility of the information posted here.

    • cur68 - Mar 2, 2011 at 12:14 AM

      Well, here we go. Lemme get my evening coco, stoke up the fire, and get comfy with my old dog on my feet. I enjoy these debates in the same way I enjoyed Tyson and Holyfield’s little exchanges. No ear biting!

      • Old Gator - Mar 2, 2011 at 12:24 AM

        Tyson raises pigeons now. Next thing you know he’ll be biting the tail off a beaver. And may I suggest some hot mulled cider in lieu of your cocoa? That stuff’s full of caffeine and it’ll keep you up all night.

      • cur68 - Mar 2, 2011 at 12:35 AM

        Gonna be up all night if old beetljuiceNY3 sees this. How do you mull a cider anyways? What can it possibly have to think over?

    • mgflolox - Mar 2, 2011 at 8:35 PM

      Don’t forget that they’re being represented by some hi-falootin’ New York firm in a fancy building, which obviously means they have the finest legal talent available to them this side of Perry Mason, Jonathan Rollins, Alan Shore or my cousin Vinny.

  6. Old Gator - Mar 2, 2011 at 1:06 AM

    You mull cider by pouring a quart of it into a saucepan, adding a quarter cup of brown sugar, a tablespoon of pumpkin pie spice and a couple of cinnamon sticks. Bring it to a quick boil, let it cool down a bit. Thassall. Good for what ails ya – in your case, that meteorological aberration we here in Macondo call weenter.

  7. edgarbell562 - Mar 2, 2011 at 1:27 AM

    How do you find good refinance rates? I like 123 mortgage refinance. They gave me the option of selecting various rates with different problems. I choose the lowest rate of 3.29% BTW Remember to call and verify the loan rate. Search online to find them.

    • seeingwhatsticks - Mar 2, 2011 at 1:45 AM

      Don’t forget Lending Tree: when banks compete, YOU win.

  8. kiwicricket - Mar 2, 2011 at 3:22 AM

    Two questions….1, Are beavers actually of the rodent family? Or did this just amue me non-facutally 2, Could the ‘Mutts’ sell a batch of their magical elixir hmmm say 30% to the public? (A minority owner made up of the paying public) Can this happen?

    • paperlions - Mar 2, 2011 at 6:56 AM

      1) Yes, beavers are rodents: Order Rodentia, Family Castoridae.

      2) No, MLB will not approve “the public” to be a stake holding in an MLB franchise. The “public” as a group, is not old enough, rich enough, or white enough to own a baseball team.

    • cur68 - Mar 2, 2011 at 9:48 AM

      In this case Castor canadensis (bigger, more robust and fierce than the now extinct european variety). Careful with ‘em; kill ya.

      • Old Gator - Mar 2, 2011 at 11:20 AM

        But of course even these fearsome modern beasts paled in comparison to the extinct Pleistocene Dire Beaver. Great song, and Raquel Welch in a beaver pelt, remember?

      • cur68 - Mar 2, 2011 at 11:37 AM

        Good lord! Please tell me you speak in fact and not fiction? Such a thing as the “Pleistocene Dire Beaver” exists as a song? And Raquel Welch once appeared in a beaver pelt? Let it be true for such riches have I! Frankly I can’t think which term makes a better thrash metal band name: Now appearing on a stage near you: The Pleistocene Dire Beavers! Opening act; The Raquel Welch Beaver Pelts!

      • Old Gator - Mar 2, 2011 at 12:13 PM

        Dire Beaver has been excavated from the Athabascan tar sands. How they tunneled into it when the ground was frozen solid I don’t know, but the ability to generate heat is one of the amazing things about beaver and always has been.

        For Raquel Welch in a beaver pelt (what else?), see:

        http://www.google.com/imgres?imgurl=http://upload.wikimedia.org/wikipedia/en/thumb/2/2f/Raquel_welch_1millionyearsbc.jpg/200px-Raquel_welch_1millionyearsbc.jpg&imgrefurl=http://en.wikipedia.org/wiki/One_Million_Years_B.C.&usg=___Gy-IekD48f8_tA8V7I_4KZbXMI=&h=252&w=200&sz=18&hl=en&start=0&zoom=1&tbnid=41Iti0VuGLKSBM:&tbnh=161&tbnw=130&ei=kHpuTcnoI4aisAOgudC7Cw&prev=/images%3Fq%3Dimages%2Bfor%2BRaquel%2BWelch%26um%3D1%26hl%3Den%26sa%3DX%26biw%3D1024%26bih%3D653%26tbs%3Disch:1&um=1&itbs=1&iact=hc&vpx=823&vpy=282&dur=679&hovh=201&hovw=160&tx=105&ty=91&oei=kHpuTcnoI4aisAOgudC7Cw&page=1&ndsp=18&ved=1t:429,r:11,s:0

      • cur68 - Mar 2, 2011 at 12:20 PM

        Goooolllleeee! I have indeed been living in a cultural backwater to not know of this. Maybe this is where all the Phrynosoma have gone?

  9. garryfish - Mar 2, 2011 at 8:42 AM

    Sell the club!!!!

    • birdman6824 - Mar 2, 2011 at 12:10 PM

      careful, cur – you’re getting close to the original name of Stone Temple Pilots (STP)

  10. sdelmonte - Mar 2, 2011 at 8:54 AM

    So if the Wilpons are broke, how can anyone be asking for $1 billion in money they don’t seem to have? And if the Wilpons really made that money with Madoff, how are they broke?

    Something isn’t adding up here.

    • paperlions - Mar 2, 2011 at 9:23 AM

      1) The fact that you are broke has nothing to do with whether or not you owe money.
      .
      2) The Wilpons are not broke, they simply do not have liquid assets available. They have to start selling off their interests in valuable holdings and hope that it is sufficient to cover the debt tied to whatever it is they sell so that they can meet other obligations.

  11. mrznyc - Mar 2, 2011 at 9:35 AM

    If not for Bernie, Mets fans would be looking down a very long tunnel with no light at the end. We need a statue of Bernie outside Citi Field – “Bernie Madoff, savior of the Mets.”

    • Old Gator - Mar 2, 2011 at 11:18 AM

      Get the same guy who cast the statue of Bud Selig in front of the Brewers’ stadium in Milwaukee. He has a proven track record of producing fine replicas of complete assholes.

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