Mets Owners Sold Stakes For $240M, Paid Down Debt
"Mets owners Fred Wilpon and Saul Katz last week sold 12 minority stakes in the troubled franchise worth $240 million, using the proceeds to pay off Major League Baseball and reduce the team's crippling debt, The Post has learned.
With the moves, the team now has breathing room with its lenders and — combined with yesterday's Picard settlement — appears to have saved the franchise.
It's positive news few would have predicted a couple of months ago when the Mets didn't have the cash to make revenue-sharing payments in 2010 and likely 2011, and were forced to borrow a total of $65 million from MLB and Bank of America, sources said."
By Truth and rumors
More From Around the Web
On September 1, 1989, Commissioner Bart Giamatti dies from a ...
On September 1, 1975, Tom Seaver becomes the first major lea ...
On September 1, 1971, the Pittsburgh Pirates field the first ...