From the NY Post:JPMorgan Chase -- which led the banks that loaned the team about $430 million last year -- is trying to recruit other institutions to join a syndicate to put together a new loan that would tide the Mets over until they sell a minority stake in the ballclub.
The Mets' financial health has been imperiled by investments by its owner, Fred Wilpon, in Bernard Madoff's massive Ponzi scheme.
A well-placed source said both the Mets and Major League Baseball are exerting strong pressure on JPMorgan to make that loan happen.
The bank already has a tight relationship with MLB because it finances MLB operations.
Revelations about the proposed new loan comes days after it was revealed that, in late 2010, the Wilpon family borrowed $25 million from Major League Baseball -- which had previously loaned the Mets $50 million.
15 comments:
JPMorgan Chase Field?
sell the damn team already
arrogant jerks
game over wilpons
JPMorgan Chase Field?
I like that! Perhaps Citi can recoup taxpayer folly $$.
Don't cry for me Solly and Freddy!!!
Shovel and sweep your sidewalks out there already! Don't you do this in front of your homes in Roslyn?
Vas ist jewish?? Vat den?
When Bloomberg spent $billions in tax payers money to build new stadia for Mets/Yankees, he should have held out for NYC part ownership of the teams.
It's the usual story: socialize costs, privatize profits.
Why don't they just go hat-in-hand to the Arabs..Like Rupert Murdoch did to shore up Fox "News"?
http://news.yahoo.com/s/yblog_upshot/20100820/bs_yblog_upshot/news-corps-number-two-shareholder-funded-terror-mosque-planner
"Wilpon with hat in hand"
Are you sure that's his hat?
Huh? Would Citibank not be the proper lender for a team at Citifield? What exactly are consequences here? The Mets could be sold and moved? I've seen no discussion about the implications of all this mess.
You know, somewhere in the future, the taxpayer is going to fix everything. BOHICA.
Theyr'e a billion in debt, the Phillie rotation has 4 Cy Youngs, and Jeter's going for 3000. Not a great time in fab Flushing.
www.forgotten-ny.com
Huh? Would Citibank not be the proper lender for a team at Citifield? What exactly are consequences here? The Mets could be sold and moved? I've seen no discussion about the implications of all this mess.
Let them be purchased and moved to Tampa! C'com on - the value of the team is in the big media city it call's home - it won't move, in fact other MLB teams would move here in a NY minute only if the NY fans welcome it (no carpetbaggers please!)
The Wilpon era is closing fast - thankfully because they are known to be mean spirited employers, bad neighbors to Corona and Flushing and encourage their fans to use Flushing Meadows as a giant parking lot.
Hey they bought their team and subsidized their team with ill gotten gains and now they lose their team for the same reasons - they helped participate and perpetuate the largest ponzi scheme ever by duping their own ethnic tribe. They are obviously a disgrace and must pay back their victims and be tried to complicity.
A lesser crime is how they ran their club - The Mets - they are incredibly inept running the Mets - good riddance!
Now that you're passing your hat Freddie...I'll contribute a nice hot steaming dump!
Your Mets play like shit anyway!
Go Yankees!
So it was inappropriate to host Claire Shillman's event to raise money so she could pay for fines for her illegal lobbying activities. Ok, I get it...NOT ! ! ! ! !
http://momandpopnyc.blogspot.com/2010/04/claire-shulman-holds-fundraiser-to-pay.html
Bury Claire Shillman at home plate!
Bury Claire Shillman at home plate!
The sooner, the better.
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