Cash strapped Mets get loan, money fron shareholders and more Santana Problema

Cash strapped Mets get loan, money fron shareholders and more Santana Problema

Cash strapped Mets get loan, money fron shareholders and more Santana Problema

Sandy Alderson said Wednesday that he expected the Mets to get a cash infusion in January when sales to minority investors are expected to close.

Sources familiar with the process recently told that Fred Wilpon and family had commitments from seven investors to purchase $20 million blocks of the team.

The Mets recently took out a $40 million "bridge loan" from Bank of America in order to have cash on hand until the sales are complete to pay items such as a $25 million bond interest payment owed on the stadium this week.

“I wasn’t even aware of the loan until yesterday, so it couldn’t have had any impact on what I’ve done,” Alderson said. “On the other hand, I’m not surprised. With losses that we sustained last year, they have to be funded somehow -- and that’s either with cash or debt. I think a bridge loan makes perfect sense given the investments that are expected to close in January.”

However, even the new minority investments can be viewed as debt. That's because in six years, those investors have the option of cashing out and getting their principal returned as well as 3 percent annual interest.

How will the new cash in January affect Alderson?

"I wouldn't expect that an influx of capital in January or February or what have you would have a major impact on our payroll for 2012 -- at least going into the season," he said.


Johan Santana labeled as a Question Mark and might not be ready for opening day

According to ESPN NY's Adam Rubin, Mets general manager Sandy Alderson labeled Johan Santana as a "question mark" and said he "might not be" ready for Opening Day.

Santana didn't throw a pitch in the majors this season after undergoing surgery on his left shoulder last September.

The Mets may have to go trolling for starting pitching behind Jon Niese, R.A. Dickey, Mike Pelfrey and Dillon Gee, because it's a fool's errand to count on Santana's health at this point.

"If we stick someone in, who's the logical person to go down? We don't really have a logical candidate to go down," Alderson said. "But we do have some question marks, of course, with Santana being one of them. We think he's going to be ready, but he might not be. That's where the depth becomes important."

Alderson mentioned Jeremy Hefner, claimed off waivers, as a pitcher who could potentially fill in.

By Mets Chronicle
Tuesday, 13 Dec 2011

No votes yet


Login or register to post comments
Share |