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Friday, February 25, 2011

Mets borrowed $25 Million from MLB

Major League Baseball loaned the New York Mets $25 million in November as the team faced a liquidity crisis, according to a person with direct knowledge of the matter.

The loan is expected to be repaid relatively quickly, the person said. But it underscores the extent of the Mets’ financial problems. The team’s owners are carrying about $400 million in debt and are being sued for up to $1 billion by the trustee representing Bernie Madoff’s victims.

In a statement released Friday evening, a Mets spokesman said: “We said in October that we expected to have a short-term liquidity issue. To address this, we did receive a loan from Major League Baseball in November. Beyond that, we will not discuss the matter any further.”

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