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Thread: N.Y. Mets Owners Said to Obtain at Least $700 Million in Loans

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    N.Y. Mets Owners Said to Obtain at Least $700 Million in Loans

    http://www.bloomberg.com/news/2013-0...-in-loans.html





    N.Y. Mets Owners Said to Obtain at Least $700 Million in Loans

    By Scott Soshnick - Jan 3, 2013 10:01 PM MT


    The owners of the New York Mets obtained at least $700 million in loans to refinance debt, according to a person with knowledge of the matter.

    The financing will be used to replace existing credit lines and provide additional funds to the parents of the Major League Baseball team, said the person, who asked not to be identified because the information wasn’t public.

    A spokeswoman for the Mets, Danielle Parillo, declined to comment.

    The financing comes after Standard & Poor’s cut the ratings of the debt used to finance a stadium in Queens, New York, where the team plays. S&P lowered the grade of Queens Ballpark Company LLC by one level to BB on Dec. 21.

    To contact the reporter on this story: Scott Soshnick in New York at ssoshnick@bloomberg.net

    To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

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    That sucks.

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    Oh well, they didn't spend when they were robbing $$. MLB is a joke for letting this continue. I won't be a sap anymore but they'll still get theirs in an empty palace. Sad.

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    Quote Originally Posted by JumbalayaJet View Post
    Oh well, they didn't spend when they were robbing $$. MLB is a joke for letting this continue. I won't be a sap anymore but they'll still get theirs in an empty palace. Sad.
    What do you want them to do? Free Market man.. I wish they would sell the team. But they are free to keep the team if they way... That is the beauty of being free

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    It's just a refinancing. They are not incurring more debt.

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    I think my sister has the same accountant.

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    Quote Originally Posted by 24 View Post
    What do you want them to do? Free Market man.. I wish they would sell the team. But they are free to keep the team if they way... That is the beauty of being free
    MLB isn't a free market. Check out what MLB did to Frank McCourt, if Selig hated the Wilpons like he hated McCourt there'd be new owners in Flushing already.

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    Quote Originally Posted by adb280z View Post
    MLB isn't a free market. Check out what MLB did to Frank McCourt, if Selig hated the Wilpons like he hated McCourt there'd be new owners in Flushing already.
    It should be.

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    Quote Originally Posted by 24 View Post
    It should be.
    It is not, and it has never been a free market.

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    Quote Originally Posted by adb280z View Post
    It is not, and it has never been a free market.
    No professional sport is a free market.

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    Quote Originally Posted by adb280z View Post
    MLB isn't a free market. Check out what MLB did to Frank McCourt, if Selig hated the Wilpons like he hated McCourt there'd be new owners in Flushing already.
    If Frank McCourt was able to meet payroll, he'd still be the Dodgers owner. Selig only steps in when someone goes bankrupt or is unable to meet their payroll obligations. The Mets have not and will not reach that point. I'm just saying it's more then a buddy system keeping them afloat, there are clear differences in the situations.

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    MLB is a Cartel.

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