JP Morgan - which led the banks that loaned the team about $430 million last year -- is trying to recruit other institutions to join a syndicate to put together a new loan that would tide the Mets over until they sell a minority stake in the ballclub.This comes shortly after it was revealed that MLB loaned Mets owner Fred Wilpon $25 million in 2010. It was the second time that Wilpon borrowed from MLB. He previously borrowed $50 million.
The Mets have totaled $505 million in debt. However, the frachise is worth about $800, so theoretically, the Mets can still take on more debt.
The instability with the Mets' financial situation could start to find its way to the playing field. The Mets owe about $170 million in future committments.
Keep an eye on outfielder Carlos Beltran. He's owed $19.3 million this year and could be traded. And if the Mets decide to dump shortstop Jose Reyes, who becomes a free agent after the season, before the trade deadline, then all signs point to the Mets cashing it in.