Mar 1, 2011, 8:20 AM EDT
The New York Post reports that the Mets are seeking yet another loan to cover operating expenses:
The cash-starved Mets are desperately seeking a new loan — totaling tens of millions of dollars — to cover their basic operating expenses, The Post has learned
JPMorgan Chase — which led the banks that loaned the team about $430 million last year — 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.
If you assume the Mets are worth $800 million, they still have the capacity to take on debt and remain within baseball’s theoretical debt limits (theoretical because baseball doesn’t always enforce them — cough! — McCourt — cough!). But even if that’s OK for the team, you have to think that it’s less than ideal for the Wilpons, who really don’t need to be compromised any more than they already are.
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