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.
Jan 30, 2015, 10:50 PM EST
Neal Cotts battled numerous injuries and nearly called it quits before the Rangers signed him to a minor league deal in 2012.
Jan 30, 2015, 9:40 PM EST
Joe Kelly has some bold words for non-believers.
Jan 30, 2015, 8:30 PM EST
Yasiel Puig meant it in a good way!
Jan 30, 2015, 7:20 PM EST
The Rockies addressed their depth on Friday, signing reliever Rafael Betancourt and utility infielder Omar Quintanilla to minor league deals.
Jan 30, 2015, 6:10 PM EST
The Red Sox are willing to trade reliever Edward Mujica, according to a report.
Jan 30, 2015, 5:11 PM EST
This is gonna turn some heads.
Jan 30, 2015, 4:55 PM EST
MLB has been suspending guys by the truckload lately.
Jan 30, 2015, 4:26 PM EST
He hit .293 with 21 homers and a .930 OPS in 102 games last season, topping 200 plate appearances for the first time at age 31.
Jan 30, 2015, 4:10 PM EST
A couple of pitchers who don’t profile well in a hitters’ environment for a couple of catchers who have shown a little at the plate. Advantage: Braves.
Jan 30, 2015, 3:49 PM EST
Ogando posted a 3.12 ERA in 381 innings from 2010-2013.
Jan 30, 2015, 3:07 PM EST
The lack of a DH and the health of Miguel Cabrera are the determining factors.
Jan 30, 2015, 1:04 PM EST
Baker has struggled to regain his form after missing all of 2012 following Tommy John elbow surgery.
Jan 30, 2015, 12:30 PM EST
And he’s not selling jeans here.
Jan 30, 2015, 12:19 PM EST
He’s back on the open market.
Jan 30, 2015, 11:21 AM EST
“Operation Foul Ball” was actually a thing.
Jan 30, 2015, 10:49 AM EST
Paulino was once a young power with lots of upside, but injuries have repeatedly derailed his career.
Jan 30, 2015, 10:20 AM EST
LaHair looks destined to go down as one of the least successful All-Stars of all time.
Jan 30, 2015, 9:57 AM EST
He’s entering the final year of his contract.
Jan 30, 2015, 9:18 AM EST
Must-click material from Jorge Arangure of Vice Sports
Jan 30, 2015, 8:43 AM EST
Even second tier relievers are in demand in the offseason.
- Yasiel Puig says the Cardinals are the Dodgers’ “principal rivals,” not the Giants 61
- Jayson Werth to serve five days in jail for reckless driving 47
- Keith Law’s top 100 prospects list is out 39
- Great Moments in Media Arrogance: Marshawn Lynch edition 173
- Nationals sign former Blue Jays closer Casey Janssen 11
- Ichiro Suzuki’s deal with the Marlins is worth $2 million 35
- Orioles acquire outfielder Travis Snider from Pirates 37
- Not so fast on the Bud Selig Hall of Fame talk 52
- Great Moments in Media Arrogance: Marshawn Lynch edition (173)
- Rob Manfred, new Major League Baseball commissioner, suggests ban on defensive shifts (118)
- Why “Deflategate” would never happen in baseball (96)
- The Yankees are going to try to get out of paying A-Rod his contract incentives (83)
- Rosenthal proposal: make relievers face more than one batter per appearance (74)