Showing posts with label Financial Situation. Show all posts
Showing posts with label Financial Situation. Show all posts

Saturday, April 09, 2011

Video: Mets are trying to move past Madoff scandal


Tuesday, March 01, 2011

Financially Challenged Mets Want Another Loan?


The cash-strapped New York Mets are seeking yet another loan to cover operating expenses, the New York Post reported.
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.

Wednesday, February 09, 2011

Updating the Wilpon Financial Implosion


Just when you thought the Mets mess was bad financially, it has gotten a little bit worst.

The New York Times has come up with all the dirt of Wilpon's financial information.

Shortly after the Madoff scheme came crumbling down, eight banks joined together to rework some 40 loans worth $500 million that Sterling Equities needed to remain in business. That added $100 million in debt, but it didn't end there.


When the Wilpons were starting SNY, they needed to buy out their existing cable contract. To do so, they took out a loan using one of their Madoff accounts as collateral. Those Madoff accounts often served such a role, with the money borrowed going right back into investments with the sham financier. They also took out a $450 million loan on SNY last year and a $375 million financing of the Mets, giving them a much-needed cash infusion but leaving their empire in the hands of banks that have to be feeling pretty nervous right now.

What does all of this mean to the Mets?

Saturday, February 05, 2011

ESPN Video: How the Lawsuit might impact the Mets


This video segment is from ESPN’s Outside the Lines. They discuss how the financial situation with Fred Wilpon and Saul Katz might impact the Mets:

Enjoy!


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