Mets Need More Time To Pay Back $25M Loan From MLB
According to Josh Kosman & Kaja Whitehouse of the NY Post, the Mets are seeking at least a four-month extension to pay back the $25 million emergency loan they got last year from Major League Baseball, while they work on closing the sales of minority stakes in the franchise.
“An extension has been discussed with the Commissioner and after some dancing, it should be approved,” a source following the situation said, adding that baseball commissioner Bud Selig has been speaking to baseball owners to rally support.
The team in the last few days made its 2011 revenue-sharing payment of $20 million, meeting the Nov. 30 deadline and easing concerns, a Mets spokesman confirmed.
Commissioner Bud Selig approved the then secret loan to Fred Wilpon and Saul Katz a year ago to help it make their revenue-sharing payment. Revenue sharing is the system where all teams pay in 30% of their local earnings and then that money is redistributed evenly 30 ways to all the teams. Those who kick in the most usually get much less back.
The Mets have said they have 6-7 investors who are interested in purchasing minority stakes in the team worth $20 million dollars each, but it could months before each individual deal is negotiated and nothing is a sure thing as we all learned from the David Einhorn situation which collapsed in the final days of the deal.
The Post also reported that the Mets and MLB declined comment on the extension.
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