The New York Times is reporting that the Mets borrowed another $40 million on top of the existing debt against the team. The Mets already borrowed $25 million from Major League Baseball last year and haven’t been able to repay MLB despite the reported due date being last June. Bank of America issued this latest loan and it was approved by MLB and the lenders that already hold a majority of the debt against the Mets.
The Mets spokesman did acknowledge the loan and described it as a bridge loan. Presumably, the bridge references the Mets attempt to sell small pieces of the team to investors after the deal with David Einhorn fell apart this summer. The Mets appear to be struggling to maintain liquidity. There were reports in the past month that Fred Wilpon and Saul Katz had to put $38 million of their own into the team recently to keep it afloat.
This latest loan and appearance of financial desperation will lead to further calls from Mets fans for the Wilpons to sell the team. Recent poor performances and reducing the payroll instead of investing in the on-field product is leading fans to, rightfully, lose faith in the financial ability of the Wilpons to field a winning team at any point in the near future.