Jan 31, 2014, 7:47 AM EST
The Wilpons’ financial crunch, brought on by being taken in a Ponzi scheme by their friend Bernie Madoff, almost cost them the team a couple of years ago. It did cause them to take loans with restrictive terms, both from banks and from Major League Baseball. That in turn pushed payroll way below that which a team in a market like New York should be. It’s been something of a depressing slog, frankly.
But now, according to the New York Post, there’s some reason to hope of a financial thaw. It comes in the form of a new $250 million loan which will refinance an existing loan that had a massive principal payment looming early this year. The interest payments will remain about where they were before but (a) no principal payment will be due for seven years; and (b) payroll restrictions built in to the current loan will be gone.
This doesn’t mean that the Mets will suddenly sport $150 million payrolls, but it does give the team breathing room to add players who actually make some money at some point.
Of course, it also means that the Wilpons will not be forced to sell the team due to a cash crunch, paving the way for the Mets’ own version of Magic Johnson to swoop in and make a broke franchise immediately flush. And I know many Mets fans who really, really wish that would have happened.
- Phil Hughes signs a three-year extension with the Twins 17
- The Padres have talked to the Phillies about Cole Hamels 21
- Why is John Smoltz a shoo-in for the Hall of Fame? 59
- Phillies GM told Ryan Howard they’d be better off “not with him but without him” 85
- Trea Turner’s agent is unhappy his client is in limbo after trade to Nationals 48
- Nexen Heroes accept Jung-Ho Kang posting fee from unidentified MLB team 37
- Giants acquire Casey McGehee from the Marlins 16
- The Padres have given their fans something to talk about. Which is badly needed in San Diego. 64
- Bud Selig will get a $6 million a year pension. Which is obscene. (145)
- The United States will seek to normalize relations with Cuba (144)
- Rays, Padres, Nationals agree to 11-player trade (97)
- Chase Headley signs a four-year deal with the Yankees worth at least $52 million. (95)
- St. Petersburg City Council votes down deal to allow Rays to look for new stadium site (90)