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The Mets should have a cash infusion of over $160 million

Jan 5, 2013, 3:53 PM EDT

Mayor Bloomberg Makes Announcement With MLB Commissioner Bud Selig And Mets Owner CEO Fred Wilpon Getty Images

Craig passed along a story yesterday that the Mets received $700 million in loans to refinance their debt, but as Richard Sandomir of the New York Times reports, the devil is in the details.

The resulting stability and financial muscularity of SNY and similar networks make them low risks to banks. Late last month, SNY refinanced $450 million in existing bank loans at lower interest rates and borrowed at least $250 million more. With their 65 percent ownership of SNY, Wilpon and Katz should have walked away with about $162.5 million.

In theory, the Mets could go out and use this cash to add talent to the team, but there’s no indication they are willing to do anything other than bargain hunt or perhaps re-sign Scott Hairston. Other more likely scenarios include paying down part of the existing bank debt on the team or bracing for further operating losses. Fun stuff.

  1. lazlosother - Jan 5, 2013 at 4:00 PM

    700 billion? Typo. The Mets owners are an embarrassment to MLB and to NY. We can only hope they are forced out.

    • D.J. Short - Jan 5, 2013 at 4:03 PM

      Whoops. Fixed. Sorry, I’m used to talking in Dodger dollars.

      • tuberippin - Jan 5, 2013 at 6:03 PM

        I imagine “Dodger dollars” as a counter-currency similar to Disney Dollars, but with Magic Johnson’s face on the bills instead of Mickey Mouse or whomever.

      • 4d3fect - Jan 6, 2013 at 9:57 PM

        What’s next? Glen Runciter dollars? Joe Chip quarters?

    • fanofevilempire - Jan 5, 2013 at 7:15 PM

      I wouldn’t trust them with the money anyway, look at how they spent in the past.

      I agree kick the Wilpons out of baseball, they are blights!

  2. bigharold - Jan 5, 2013 at 4:05 PM

    In all fairness the big ticket FA are pretty much accounted for at this point. This FA class was essentially pretty thin to start with. It would be smarter for them go ahead and put themselves in a better position should a salary dump type player, .. that fits their needs, .. become available during the season.

  3. giantssb42champs - Jan 5, 2013 at 4:17 PM

    We definitely ain’t gonna resemble anything close to what the dodgers, Red Sox or Yankees shop for.

  4. jhb64 - Jan 5, 2013 at 4:19 PM

    They should use the money to take a long vacation and never return

  5. paperlions - Jan 5, 2013 at 5:15 PM

    Getting a better interest rate on $450M is nice….but when you are already so highly leveraged….borrowing another $250M just reeks of desperation. Doesn’t this just seem like another move to try to post-pone the inevitable, borrowing money to cover losses and keep up with the bills….if the Mets were financially healthy, they wouldn’t be borrowing more money. All of this money seems like it’ll have to go to cover expected operating losses while they wait for a miracle.

  6. drunkenhooliganism - Jan 5, 2013 at 5:17 PM

    That’s almost enough to pay off what’s left of Bobby Bonilla’s contract.

  7. mazblast - Jan 5, 2013 at 5:47 PM

    There may be a point at which the NY bad banks and MLB refuse to send good money after bad with the Mets and the Wilpons, but they’re nowhere near that point yet. When you mingle with the rich, they’ll always find justification to lend money that isn’t theirs.

  8. whiteqbs - Jan 5, 2013 at 7:59 PM

    I love that the Mets are the joke of MLB. Keep up the good work guys!

    • historiophiliac - Jan 5, 2013 at 8:32 PM

      Wait, you think the Mets are the joke of MLB? Hmmm….Loria might take that as a challenge.

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