Originally posted on Mets Merized Online  |  Last updated 10/6/12
In a report for the New York Times, Richard Sandomir says the Mets are talking to banks in an effort to raise more cash so to be able to reorganize their debt.According to Sandomir, the Mets could refinance SNY’s $450 million loan and then borrow more to repay some of the team’s debt and pick up some extra money that will be used to pay for day-to-day operations of the team.You may remember last year I made an issue about that $450 million dollar SNY loan and I said they could easily refinance it to give the team more flexibility if they needed it and more time to pay the loan back and perhaps at an even lower interest rate because of how far rates had fallen in the last two years. It was a big point of contention between me and few others who have been following this story. Well, it now looks like the Wilpons will indeed re-finance the terms and as Sandomir’s source says, “You still have the debt,” he said, “but at a lower rate.”This is a great move by the Wilpons at a time when th...
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