Report: Good news for Mets' finances

Owner Fred Wilpon of the New York Mets

Owner Fred Wilpon of the New York Mets addresses the media during spring training at Tradition Field. (Feb. 17, 2011) Photo Credit: Getty Images

advertisement | advertise on newsday

The Mets are reportedly on the brink of scoring a major victory toward getting their finances on steadier footing.

The club's owners are close to refinancing about $250 million in bank debt, the New York Post reported late last night. The agreement pushes back a hefty principal payment that would have been due this spring.

advertisement | advertise on newsday

The report cited anonymous sources who said that the seven-year refinancing could close in February or March. Owners Fred Wilpon and Saul Katz had been in negotiations for most of the winter.

According to the report, the new agreement also does away with restrictions that were written into the existing loan, which had forced the Mets to keep player payroll from a significant increase.

The team's payroll stands at roughly $87 million, in similar range as last season.

A Mets spokesman declined to comment and team officials did not return messages.

Subscribe to Newsday’s sports newsletter for stories, photos and videos about your favorite New York teams plus national sports news and events.

Comments now uses Facebook for our comment boards. Please read our guidelines and connect your Facebook account to comment.

You also may be interested in: