Major League Baseball

Mets recently took out $40 million loan

Published Dec. 13, 2011 5:17 p.m. ET

share

facebookxredditlink

foxsports

The New York Mets' owners recently got a $40 million loan to help with cash flow, a year after getting a $25 million loan from Major League Baseball.

The recent loan came in the last six weeks from a major bank and was first reported by The New York Times on Monday.

The Mets have been plagued by the Bernard Madoff Ponzi scheme and general manager Sandy Alderson has said the team lost $70 million.

The Mets called the recent transaction a ''bridge loan'' to help them while they seek to sell minority shares of the club.

A statement by the Mets says the latest loan was approved by ''Major League Baseball and the syndicate of lenders to the Mets'' and that the effort to sell minority shares ''continues to go very well.''

Last week, star shortstop Jose Reyes left the Mets as a free agent and joined the Miami Marlins.

share

Get more from Major League Baseball Follow your favorites to get information about games, news and more

in this topic

Major League Baseball