The Daily News broke the story today that the Wilpons have sold 12 minority stakes in the team and have paid back the loans from Bank of America and Major League Baseball. According to the report:
The owners of the Mets have closed deals to sell 12 shares of the team and have repaid their $25 million loan to Major League Baseball, a $40 million loan to Bank of America and additional club debt, according to sources familiar with the sale.
As the Daily News has reported, the Mets have been in the process of selling the $20 million shares in the club for several months, and completed the sales last week just as they were in negotiations to settle the lawsuit filed against them by the trustee for the Bernard Madoff bankruptcy estate.
The Mets took out a $25 million loan from Major League Baseball and a $40 million loan from Bank of America earlier this year to help with cash flow issues. It had remained uncertain, until this point, as to whether the Wilpons would be able to restructure that debt. Now that is no longer a concern. The only two remaining concerns are the $400 million or so loans they have for SNY and Citi Field. Due to the flurry of good news today, they will likely be able to extend that debt out for years and years without it being a problem.
Overall, some good news for the Mets today on the financial front. I’ll have an opinion piece on the settlement coming up in a little while.