Mets could get another loan from MLB
(L-R) Jeff Wilpon, Saul Katz and Fred Wilpon in Port St. Lucie. (Feb. 17, 2011) Credit: Newsday/Alejandra Villa
The Mets could get financial help from Major League Baseball, if needed, before a partial sale of the club is completed, sources familiar with the situation said Wednesday.
The team, which is seeking to sell up to 25 percent of the club, borrowed $25 million from MLB in November to cover operating expenses. A list of prospective investors is being vetted by MLB, and the Mets may submit more names. It could take months before a new partnership is completed.
"There may be a 30-day period before a deal is closed where funds [from MLB] could be advanced,'' a person monitoring the sale said. "That would then be repaid with funding from the [new] partnership."
A source with knowledge of the situation said MLB will evaluate any future Mets loan request on a circumstantial or case-by-case basis, as would be the case with any team.
The Mets are seeking investors in reaction to a lawsuit brought by the trustee in the Bernard Madoff Ponzi scheme.
The Mets continue to say the team won't seek offers for more than a minority share.
"The conditions remain the same, the team is not for sale,'' a source within the organization said.
