Monday, December 12, 2011

Mets Continue To Hemorrhage Cash - Borrow $40 Million From Bank Of America

Word came tonight from the New York Times, that the Mets have taken out another loan. This loan, from Bank of America, is to the tune of $40,000,000! When combined with the $25,000,000 loan that they received from Major League Baseball back in February, the Mets have now borrowed $65,000,000 in less than a year.

The loan, which according to the New York Times, is being described as a bridge loan, designed to hold the organization over until they begin to receive funds from the shares of the team they are attempting to sell. In correspondence with the loan announcement, the team believes that funds from the sold shares will be available by spring time.