Write Schmidt and Sandomir:
People familiar with the team’s situation have said the owners had firm commitments from at least seven investors interested in buying a small share of the team for $20 million apiece. Still, until all are sold, none of the investors have had to turn over cash. Vince Gennaro, a consultant to several major league teams, said that the $40 million loan “says to me that their finances continue to be tight, that there is a cash pinch.” He added: “The team underperformed, and this tides them over until they get their money. They need cash flow.” Now, Gennaro said, between the bridge loan and the $25 million owed to baseball, “the first $65 million has to go out the door” should the team sell an adequate number of shares in the team.
http://espn.go.com/blog/new-york/mets/post/_/id/37169/report-mets-received-another-40m-loan
4 comments:
This will never end until the Wilpons are history.
Why on earth would they want to continue owning this never ending money pit they've turned the team into and why I earth would Selig allow them to keep digging themselves and the team into a bigger hole. Sell it,, pay off everything, pocket some retirement money and give everyone a break. If I was Frank McCourt, I'd be watching this and I'd be pissed that I was force to sell.
But the real question is...
why do the Wilpon's get a risky loan when you and I can't?
Why are they allowed to just take these huge loans? I want $40mm to piss away too, I could use a Maybach and a KFC franchise...
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