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
This will never end until the Wilpons are history.
ReplyDeleteWhy 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.
ReplyDeleteBut the real question is...
ReplyDeletewhy 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...
ReplyDelete