Phillies

Mets Were Bailed Out by Baseball Last Fall

By Kyle Scott

Published: Feb 26th, 2011 · 1:05 AM EST

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Mets owner Fred Wilpon and Prince Harry

Like a car company in the Obama era, the Mets received bailout money from Major League Baseball last fall: [New York Times]

The Mets have exhausted baseball’s standard bank line of credit, tens of millions of dollars that Mr. Selig and the sport’s owners make available to teams for a variety of reasons in the course of a year. The owners also have more than $400 million in debt on the team. Thus, the additional money provided by Mr. Selig — done in secret last November — might have been crucial in keeping the club functioning. Three weeks ago, after months spent denying that they were in any significant financial trouble, Mr. Wilpon and Mr. Katz announced that they were willing to sell 25 percent of the club, which is valued by Forbes magazine at $858 million. In recent days, the men indicated they were willing to sell even a larger share of the team, but they have insisted they do not want to give up majority ownership.

 

Funny how a team with a $140 million payroll needs a bailout. That's what a Ponzi scheme will do to you.

Much more at the New York Times.

The Amazin' Mets, folks.