I know nothing about finance. This may be “normal” or this may be “panic.”
From the Upper Deck (I mean Promenade – which is a dopey name by the way) it appears as if I will learn what it is like to be a fan of a small market club with no resources to add players.
Let’s hope that Omar left us a good farm system. I’m sure he did.
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.
via Mets seek more loans, tens of millions of dollars, from banks:sources – NYPOST.com.
The Mets farm system is ranked 24th so no Omar left the cupboard bare!
“it appears as if I will learn what it is like to be a fan of a small market club with no resources to add players.”
On the bright side, it shouldn’t be much different from being a fan of a big market club that uses all its resources to add the wrong players.
Another thing. Per the last Forbes count (http://www.forbes.com/lists/2010/33/baseball-valuations-10_New-York-Mets_334564.html), the Mets were worth $858 million. If the Wilpons have already gotten $430 million in loans from the banks, got another $25 million form MLB, and are now looking for more, how in the world are they only interested in selling a minority share? The bank loans alone are more than half the franchise’s value.
Am I the only who who’s starting to think this drama is going to drag on for another year or two, just to culminate in the Wilpons selling the team anyway? Don’t get me wrong, if I owned a MLB franchise, I’d do everything I could to keep it, too, but at what point do you–for the good of the franchise and everyone associated with it as well as yourself–face reality, admit it’s a losing battle, and get it over with?
oh you’re so right, this is gonna drag on and on and on. I hope Sandy can play a lousy hand.