So Fred went to the Bank of America ATM and withdrew 40 million. And we all wonder why Reyes is playing for the Marlins?
My issue is this: How long will Bud Selig allow this to happen? How much debt do the Wilpons have to amass before he steps in a forces them to sell the Mets?
Honestly, you really think this debt and lack of funds is not affecting payroll?
I just want to know what song and dance Fred Wilpon gave Bank of America to convince them to loan him a cool 40 mill. Maybe he put up the ballpark as part of his collateral. Hey, I have a load from the same bank, you think the Wilpons got the same interest rate?
65 million in the hole and counting.
7 comments
Anonymous
12/13/2011-5:28pm at 5:28 pm (UTC -4)
My guess is April. If they can’t get those 20 million investors club’s payments, they are toast.
Anonymous
12/13/2011-5:41pm at 5:41 pm (UTC -4)
They are surely WAY more than 65 mil in the hole.
I say that they must have a favorable Madoff settlement and show signs of increasing spending by next fall, or they will be gone.
In all seriousness, if you remove Omar’s last two horrific albatrosses from his Reign of Error, Bay and Johan, the 2012 Mets ARE a small-market team.
It’s not just annoying whining anymore.
The idea of Mike Nickeas as backup is the tattered white flag of insolvency. Nickeas is not a AAA starter.
Anonymous
12/13/2011-6:29pm at 6:29 pm (UTC -4)
Well, to be fair, if they didn’t have those contacts, they would have added (or have money to add) else where (most likely). Maybe that allows them to re-sign Reyes, maybe not.
Anonymous
12/13/2011-7:43pm at 7:43 pm (UTC -4)
Well, to be fair, they might not have.
The roster is loaded with guys making peanuts, and if they really do have Nickeas on the team, they probably will try to unload Johan on anyone who will take his salary.
Paul J. Festa
12/13/2011-6:44pm at 6:44 pm (UTC -4)
According to this Forbes report, they are $400MM in debt. It ain’t pretty. http://www.forbes.com/sites/mikeozanian/2011/11/20/selig-permits-mets-to-increase-debt/
MetsFan4Decades
12/13/2011-7:40pm at 7:40 pm (UTC -4)
This makes more sense and is probably closer to the truth.
Worst case scenario is the Wilpons keep robbing Peter to pay Paul and they won’t collapse for 6 years, when those investors cash in.
Best case scenario – IMO – is those deals for investors for some 20 MIL each falls through and the Wilpons are on their way out this upcoming spring.
Anonymous
12/13/2011-9:36pm at 9:36 pm (UTC -4)
well, if true, that explains why BOA was happy to fork over more money.
The Mets are worth what, $900mill? so as long as there is equity to put up, the bank has no real exposure. They have something to repo!