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.
Dec 25, 2014, 3:05 PM EST
Japanese righty Chihiro Kaneko might have been one of the top starters on the open market this winter had he been posted by the Orix Buffaloes, his Nippon Professional Baseball team.
Dec 25, 2014, 1:23 PM EST
Your one-stop shop for all of the offseason signings.
Dec 25, 2014, 8:47 AM EST
And a very special friend of HBT
Dec 24, 2014, 10:00 PM EST
A good way to finish off our Christmas Eve coverage on HardballTalk …
Dec 24, 2014, 8:04 PM EST
The sought-after 26-year-old right-hander has now officially re-signed with the Hiroshima Carp for the 2015 season, according to the Japan Times.
Dec 24, 2014, 6:17 PM EST
Ben Badler of Baseball America reports that the Rockies have agreed to terms on a minor league contract with outfielder Roger Bernadina.
Dec 24, 2014, 4:21 PM EST
A toast to my big brother George: The richest man in town. Well, except for Mr. Potter. That guy is LOADED.
Dec 24, 2014, 2:00 PM EST
No, really. The news broke on line at a Honeybaked Ham store.
Dec 24, 2014, 1:00 PM EST
Based on these results, no, we will not stick to baseball. Because you clearly don’t want us to.
Dec 24, 2014, 12:02 PM EST
Buck Showalter found a way to get value out of Young in a part-time role.
Dec 24, 2014, 11:16 AM EST
Zobrist has been a regular for the Rays since 2008.
Dec 24, 2014, 11:00 AM EST
Money don’t get everything it’s true. But what it don’t get, I can’t use
Dec 24, 2014, 10:15 AM EST
San Diego has outfielders to spare.
Dec 24, 2014, 9:14 AM EST
Dirty secret: baseball isn’t always about winning. Even when the Yankees are involved.
Dec 23, 2014, 10:59 PM EST
“NHL Live” on NBC Sports Network ended a segment Tuesday night with this time-lapse video of Nationals Park being converted from a baseball field into an ice rink for next week’s 2015 NHL Winter Classic between the Washington Capitals and visiting Chicago Blackhawks …
Dec 23, 2014, 9:44 PM EST
As first reported by Matt Eddy of Baseball America, the Padres have agreed to terms on a minor league contract with first baseman Brett Wallace. The deal comes with an invitation to …
Dec 23, 2014, 8:31 PM EST
From FOX Sports’ Ken Rosenthal comes word that the Braves have signed 38-year-old right-handed reliever Jason Grilli to a two-year, $8 million contract with a club option for 2017 …
Dec 23, 2014, 7:58 PM EST
19-year-old infield prospect Yoan Moncada defected from his native Cuba over the summer and was declared a free agent by Major League Baseball back in mid-November, but he is still waiting for official clearance from the United States’ Office of Foreign Assets Control (OFAC) …
Dec 23, 2014, 6:23 PM EST
FOX Sports’ Ken Rosenthal was first to report that a deal was in place between the Cubs and veteran catcher David Ross, and now that agreement has been made official …
Dec 23, 2014, 5:17 PM EST
Minnesota adds a right-handed reliever.
- Merry Christmas from HBT! 56
- THE YEAR IN REVIEW: HBT’s most commented-upon stories of the year 85
- The Yankees are treating Alex Rodriguez differently than they treated Derek Jeter. So what? 37
- Braves sign setup man Jason Grilli to two-year contract 14
- My Imaginary Hall of Fame Ballot 120
- Phil Hughes signs a three-year extension with the Twins 27
- The Padres have talked to the Phillies about Cole Hamels 23
- Why is John Smoltz a shoo-in for the Hall of Fame? 63
- Bud Selig will get a $6 million a year pension. Which is obscene. (145)
- My Imaginary Hall of Fame Ballot (120)
- Today’s specious anti-Mike Piazza-for-the-Hall-Fame argument (96)
- Phillies GM told Ryan Howard they’d be better off “not with him but without him” (85)
- THE YEAR IN REVIEW: HBT’s most commented-upon stories of the year (85)