NYP: Mets owners on verge of refinancing debt

StackOfMoneyThe Mets’ owners are on the verge of refinancing a $250 million loan due this Spring, reports Josh Kosman for the New York Post.

According to Kosman, the existing loan restricts the team from greatly expanding payroll. However, a source told Kosman, “There are no payroll limits written into the re-worked loan.”

Mets sources told Kosman they expect payroll will increase slowly in coming years, though it’s not likely to return to 2010’s $140 million any time soon.


Read More: New Loan Could End Mets Money Problems (New York Post)

171 comments
Aaron Luke
Aaron Luke

so when this refinancing goes through by mid feb can we see a Drew signing, or a somewhat big trade???

Mike Nelly Briganti
Mike Nelly Briganti

Sell the team you POS. Let Kevin James, Jerry Seinfeld and Ray Romano buy them. Real Mets fans...you scum

Eddie_Dean
Eddie_Dean

I really think what's killing the Wilpons isn't the Madoff thing. They got off incredibly light in that. It's the debt from building that stadium that's crippling them, if I had to guess.

SuperDuper
SuperDuper

But I thought one business doesn't effect the other business. In other words, we was told that Madoff ponzi will have no effect on how the Mets operate.

archer41
archer41

Read the recent story in the Capital New York blog.  Things are even worse for Mets fans hoping for an infusion in money for payroll.  I wish the Wilpons would just cash out already.  

bigdirty
bigdirty

well it seem sthe perfect storm might be near over for this team. 


The 07-08 collapse, the bad contracts, the madoff scandal, the awful teams, the loss of top playeres (reyes, dickey) have all kinda passed. The refinancing of the loan should help the team finally move on. The farm system is stocked and there are players that have been developed from the system or through smart deals ready to help now and for teh teh forseeable future. The Mets will have payroll flexibility when they truley need it. It will be when harvey comes back and wheeler and synderguard will be in the rotation. Cheap quality pitching makes for long runs of contention. You can pay for bats.   


I have been both disappointed and pleased with the offseson. I like the players that were signed (grandy, young, colon) but I think some key issues have been left unresolved (first base, relief, leadoff hitter). i ddnt want to sign an ellsbury or choo because this team would not be ready to compete with them. A leadoff hitter, ss, resolution at first base and bullpen needs  should have been able to be resolved via free agency and within a reasonable payroll amount. 


The wilpons have had a $140 million dollar payroll before an d have spent on players durin the omar era. If the mets can have a competitive year and find an everyday star player to watch, the team should be fine. 


The good thin about the last 5 years is that they are over.There is hope for the future and I think sandy alderson will go down as a godsend for this team. Right guy at the right time. 

RandomDreg
RandomDreg

How many times did we hear from Alderson and friends and this blog that the financial issues had NO impact on spending.  Regarding this blog, yes you reported this item but where is the commentary about how our owners and management lied to us again?  When they made excuses, we had deep commentaries like "Why shouldn't we believe what they're saying as there is no evidence yadda yadda yadda..." but now, nothing in the way of commentary.

vipregan
vipregan

Again? How many times can this be allowed to happen?

Macacawitz
Macacawitz

This is the worst news yet.  Bud Light the commissioner has done more to hurt NL baseball in New York than a dozen Walter O'Malleys ever could.  By propping up these two frauds he's killed NL baseball in this city.  It's disgusting, and completely unacceptable. 

joeyblueye
joeyblueye

WHOSE LENDING THEM THE MONEY?? DID BERNIE GET RELEASED?? 

Frank Garza
Frank Garza

So the Wilpons lied to the fans once again.  Anyone surprised?

slainte2
slainte2

The Wilpons took on the bulk of cost for building Citifield themselves (795M in bonds), instead of blackmailing the taxpayers into paying for stadium under threat of moving like so many of these team owners do ... they deserve some credit for that, no?  Business decision was terrible, crippling, and may still bring them down ... they counted on 240M in ballpark revenue each year, now bringing in half of that.  They are in debt spiral, despite this story still may not survive.

But they spent big before they shot themselves in foot, they spent huge for better ballpark (which in my opinion is awesome), and i think they will spend again if they get thru this debt. 

They F'ed up.  And they def lied about spending abilities last couple of years ... not right.  But IMO doesn't doom team to generations of KC level spending.  Gotta get thru this ... optimistic look is this could be like the steinbrenner suspension years under Gene Michael where the developed homegrown core that led team for decade plus, and in a few years able to supplement with FA hired guns.

Mike Cornacchio
Mike Cornacchio

Mets and Citi Field don't have the All-Star game and its coinciding festivities to lean on this year, I wonder what ticket sales and attendance numbers are gonna be like this year. Already down 40% so far from this point last year from what I hear.

fedupfan13
fedupfan13

Every year we read a story about the owners refinancing debt or selling shares. Every time the article states that it will lead to more money being available. Then the next year we read the same thing. Meanwhile payroll keeps going down. The only business plan for the mets is to keep this franchise in Wilpons hands. Their goal is to develop wilits point and reap it's real estate fortune. Their goal is not to develop talent. Any one who thinks differently is mistaken.

Marky Mark
Marky Mark

Make Mark Cuban the majority owner at 70-30.. the wilpons can still say they own the mets and steal money and we get a real owner who despises losing and would rather spend every dime to make sure he can field the best possible team

TheWizard7
TheWizard7

@Biggie  Yes, they go on and on about fringe players trying to lose 3-4  but don't offer opinion on this.  Then they post stories quickly after in the hopes this is glossed over.  Kinda obvious and not very subtle.

John J. Cucci III
John J. Cucci III

@Biggie I thought it was strange, too.  I'm trying to figure out if this is good news or bad news?

Eddie_Dean
Eddie_Dean

@bigdirty You actually like the Chris Young signing? Why? I'm with you on Granderson and Colon, but that signing made no sense. Wasted $7.5 million that could've been put towards potentially bringing in Drew (assuming no one goes to 3 years for him) AND it forces EYJ, the only legitimate leadoff hitter they have, to the bench.

David Schoenfeld
David Schoenfeld

@kcenhcsyou're assuming Metsblog had some sort of inside knowledge that they were protecting.  It's been proposed many times that the payroll was limited by creditors, but never confirmed until now.  Not sure how you can fault Metsblog writers for not claiming something as fact that the powers that be were denying.


Commentary now, after the years of ownership lying are revealed, would be a welcomed addition however.

scrubsdoc
scrubsdoc

@kcenhcs  Reminder: Metsblog is the Official blog of the NY Mets (SNY).  Might as well not comment. I prefer that to reading the party line, which infuriates me all the more.

David Schoenfeld
David Schoenfeld

@Macacawitz its the best news imho because it explains so much.  and hopefully it means we can see a return to 130M payrolls again.

Harry Fournaris
Harry Fournaris

@slainte2 they took the bulk of the cost based on their internal revenue projections that were supported by madoff returns. All of that was handled before he got busted. Why should we have to wait for them to get through their debt? dodgers didnt have to wait for mccourt to "get through his debt". This is pro baseball, not an auto mechanic's shop it's entertainment. It's been 6 years since mets have had a prayer of being decent and there's really no hope in sight. (prospects are nice, but still a crapshoot)

fedupfan13
fedupfan13

He will say this is good bec they can now spend money as needed without restrictions. Forgetting that he has been saying ownership has no restrictions

Steven Matregrano
Steven Matregrano

@Marky Mark  We've spent the 5th most of all teams this offseason, go do something. Just because you spend doesn't mean you win the world series, example A the dodgers, example B the red sox. The dodgers clearly had a better team but the Red Sox put together a lot of overall good players and look, they won. 

Eddie_Dean
Eddie_Dean

@Harry Fournaris @slainte2  This is different than the McCourt situation though. As bad as Met fans have had it, and believe me when I say I am no lover of the Wilpons, Frank McCourt and what he was trying to do before MLB stepped in and forced him to sell makes them look like the freaking Steinbrenners. To date, the only thing the Wilpons have done is not invest in the major league roster financially. That's bad, but that's it. And they've actually increased spending considerably in the minor leagues and the front office from the days Omar was running the show. McCourt on the other hand was trying to sign a horrendous contract though with FoxSports for the Dodgers's broadcast rights. He would've gotten a ton of money up front to use for his private divorce proceedings, and then sold the team with an albatross around their neck as bad as the Islanders' lease at the Coliseum. The next owner would essentially have a financially damaged product that s/he wouldn't be able to make a serious profit off of for a decade, through the end of the TV contract.

As a Met fan, I actually understand why the league office stepped in in L.A., but never did here. It's just not the same situation. As bad as things are here with Fred & Jeff, the situation with the McCourts, and especially Frank, was worse.

Marky Mark
Marky Mark

@BringBackDaveTelghe @Marky Mark  NBA has way more restrictive rules to make it hard for teams in the middle to get better.. and if I'm correct they did win a championship 3 years ago, whens the last time we even sniffed the playoffs?

John Paul Cullinane
John Paul Cullinane

@Steven Matregrano @Marky Mark3 of the 4 ALCS/NLCS team were top 5 in team payrolls...the 4th team?  The Cardinals at $117 million - over $30 million than us.  You mean to tell me that if we spent 30 million on other players this team wouldn't be better?  You think it's a coincidence that 3 of the 4 teams in the ALCS/NLCS were top 5 in payroll?

fedupfan13
fedupfan13

The REDsox spent a fortune last year. They also had a 160m dollar payroll. Which they added 70m in FA salaries just for that one year. The point is the banks have been dictating payroll not Sandy Alderson like we've been led to believe. This is not sandys plan it's chases plan.

John J. Cucci III
John J. Cucci III

@Eddie_Dean @Harry Fournaris@slainte2 McCourt was bleeding the Dodgers dry and then went through a ridiculous divorce. I would call that mismanagement of team funds.  Wilpon invested in a Ponzi scheme with his childhood friend.  I would call that mismanagement of team funds.  Where is the difference?  The Wipons are allegedly in debt to their ears and haven't spent on the team in half a decade.  I just don't see the difference.  Let someone like Mark Cuban buy the team and see how tides change.

Marky Mark
Marky Mark

@PanchoVilla @Steven Matregrano @John Paul Cullinane @Marky Mark  I'm not asking for Yankee spending, but there is still ways to improve this team drastically that wont hinder the future, and it seems there is no want to do so.. I think if we make one or two more moves (bullpen, one more position player) we can really contend for a playoff spot

Steven Matregrano
Steven Matregrano

@Marky Mark So just because we didn't spend crazy this offseason doesn't mean anything.. we spent the 5th most of all teams this offseason and got some necessities. Who else would you have liked us to sign? We tried for Drew on 2 years or less, he wants 3 and not worth it. We were all in on Balfour but he decided to pitch down south and close to home. 

Marky Mark
Marky Mark

@Harry Fournaris @Steven Matregrano @Marky Mark  Lets be clear, I love the moves they've made so far, but its not enough.. its not enough for what we had to endear the last 5 years.. I can't fathom looking at tejada and duda on the same field for another year

Harry Fournaris
Harry Fournaris

@Steven Matregrano @Marky Markjust bc granderson's money number is high doesnt mean he's an elite free agent. That's just the going rate for players now. I hope he does well but we didnt sign an all star, we'll be lucky if he doesnt strike out 160 times and hits maybe 240 we'll see about 2bs and HRs

fedupfan13
fedupfan13

The hole was bec they had to lower payroll bec the banks froze it at a number that the franchise would break even,no matter whAt. Because without the Madoff investment that they use to use for collateral they had no leverage. Also when they lost the 50m per yr in interest that they were reaping from Madoff it messed up their business model. They were short 50m a year plus the attendance decrease bec they couldn't afford to or allowed to increase spending. Every team has a bad contract or two. The giants won with Zito, rowand , and huff making about 55m that yr and underperforming terribly.

Steven Matregrano
Steven Matregrano

@Marky Mark @Steven Matregrano  How did we "shuffle money"? We signed Granderson for 60MM, Colon for 20MM, and CY for 7MM. Harvey was making minimum last season or close to it and Byrd had signed a minor league deal, but you know, we shuffled money around.

Marky Mark
Marky Mark

@Steven Matregrano  Is that you Fred? All we did was shuffle money, if we didn't spend anything we'd have the marlins payroll

Steven Matregrano
Steven Matregrano

@fedupfan13  Sign Choo for $140MM? right bud, keep thinking that would be smart. We DID outbid them for Balfour, but he wanted to play in the south and be close to home so he chose Florida. Drew for 2 years or less would be fine, but you know what. He is not worth 3 years on this team. We do not need another bad contract in the wings to hold us down.


EDIT I shouldn't have even responded when you called them the "devil rays" you know they didn't change their name years ago or anything.

fedupfan13
fedupfan13

They have an 85m dollar payroll. They signed one real contract Granderson. Colon got 2 for 20 and young got one for 7. That isn't huge spending they had tons of holes. They need to pay someone. How about Drew who was 4 th among SS in ops. How about instead of young they signed CHoo. How about actually out bidding the devil rays for Balfour? They bid the same amount and the RYs are good and have no state income tax and he lives there. That was nothing but a token offer.

Steven Matregrano
Steven Matregrano

@David Wright  We tried getting Drew, but not for 3 years. Notice not many teams offered him 3 years. EDIT: No teams offered him 3 years, which is why he is still a FA.


Kendrys Morales is not able to play in the NL. He needs an AL team where he can play some 1B and DH sometimes to get rest.


Nelson Cruz is older, connected to the PED situation, isn't very good to begin with, and played in a bandbox. 


Hawkins we could have kept, but to what extent? 


Moral of my points, we are trying to get YOUNGER so we are good for years to come, not get older players so we are good for a couple seasons and that's it. I hate how every Met fan is in a win now mode, when in reality, we've waited this long, why not wait another year? 

David Wright
David Wright

Drew, Kendrys Morales, Nelson Cruz (instead of Chris Young) Latroy Hawkins.

Steven Matregrano
Steven Matregrano

@John Paul Cullinane  So lets sign Drew for 3 years for the sake of signing someone to spend money? Let's get stuck in another bad contract and get back into the hole we just started to climb out of, typical logic of most people on this blog. You do realize in order to make a trade, other teams have needs too? Just because we want to get rid of someone doesn't mean other teams actually want that person, and we can't take on a contract with any money because well WE DONT HAVE ANY. Sandy has done a wonderful job piecing together this team. Our pitching will be stellar, we have a top notch catcher, an allstar third basemen, an allstar oufielder, a well rounded second basemen, a stellar closer and decent bullpen, we have a respectable outfield now and Davis will turn things around without so much pressure anymore because he actually has some bats around him as well. Our only problem is SS and it seems as though Tejada is finally maturing and getting himself back into shape. 

John Paul Cullinane
John Paul Cullinane

@Steven Matregrano @John Paul Cullinane@Marky Mark 100% you should sign Drew...those who say 3 years is too much...The mets owe a ton of money due in 2015 - much more than this $250 million due in 2014 they are refinancing...so if they're not spending now, they are not spending next year.  You pay for mid-relievers...and you make a trade that takes a contract off someone's hands...this is Sandy's job to be creative and he has failed.  They need a SS, clean-up hitter, and relief.  Without these key positions, they will again have the same record +/- 2 games.

Steven Matregrano
Steven Matregrano

@John Paul Cullinane @Steven Matregrano @Marky Mark  You mean to tell me that we spent the 5th most this offseason and people still complain about not spending? Guess what, WHO ELSE out there would be worth signing with that 30MM? We tried hard for a guy like Balfour *the best closer in the league last year* and didn't get him. WHO should we have gotten with that 30MM extra? Give me names.

Eddie_Dean
Eddie_Dean

@Harry Fournaris Granderson has struck out over 180 times once in his career (195Ks in 2012, and he didn't even lead the majors in strikeouts that year AND he made the All-Star team as well). Other than that year, the next highest was 174Ks in 2006, 169Ks in 2011, and everything else was ~140 or below. How does that translate into, "consistently (striking) out 180 times/year"?

Mr. SERCH
Mr. SERCH

@Harry Fournaris @Steven Matregrano @John Paul Cullinane  Colon started 29, 24, and 30 games the last 3 years, and has gotten better each year...just for the record. I know what you're saying though, a 40 year old man with a PED suspension on his record is not a SURE thing. But he's a good signing, that you cannot argue.

Harry Fournaris
Harry Fournaris

@Steven Matregrano @Harry Fournaris@John Paul Cullinanegranderson is 33, has consistently struck out 180 times/year, and hit in an extreme righty power park, and did i mention he's 33 (remember the argument against reyes was he'd slow down). colon was great last year, but it was his first full season in how long? he's a wildcard

Harry Fournaris
Harry Fournaris

@John Paul Cullinane @Steven Matregranoya that's some serious excuse making. I consider myself a bit of an "apologist" as well but you cannot excuse what wilpons have done. Sure they spent some money this offseason, but they received approx $30 mill in extra TV money. Also they spent like 4 million last offseason, and even less the years before (excluding wright's deal, which is backloaded like crazy). And also. i'm grateful for some new players, but this isnt bringing in Beltran and Pedro, Granderson strikes out so freaking much, and colon is a wildcard even for an optimist like me.

Steven Matregrano
Steven Matregrano

@John Paul Cullinane  No but I just hate how people talk on here when they don't know the first thing about baseball. We don't spend? Yeah right. We spent the 5th most this offseason, numbers don't lie, especially when it comes to money.

Steven Matregrano
Steven Matregrano

@fedupfan13  Victorino had sucked years prior to that signing, Dempster is old, Napoli was a good signing, Jonny Gomes was never an allstar, Andrew Bailey didn't do that good for them, OH and Drew went 6-54 in the playoffs, but had 1 good moment when he hit the HR. Peavy was an okay trade even tho hes been injured a lot the last few seasons. 

fedupfan13
fedupfan13

Dempster, Napoli, Victorino, the closer, Gomes, Drew just to name a few and traded for peavey

Steven Matregrano
Steven Matregrano

@John Paul Cullinane @Steven Matregrano @fedupfan13  Half of those guys were still under contract. I'm strictly talking about FA signings, not guys they already had... If you did the same thing for the Mets, now it would be fairly close to what they have spent. Granderson (60MM) and Wright's (140MM) contracts alone are $200MM, but you know, we don't spend at all. Then add in Colons and CY and you are at $227MM. Now add in every other player on the team, and see where that leaves us compare to the red sox.