Funny enough I just read this piece of news on Rubin's blog after posting the above:
NEW YORK -- New York Mets owner Fred Wilpon and family, who faced a massive $250 million loan against the team coming due in the next few months, have successfully arranged for it to be refinanced, according to a published report.
The Post reported that the refinanced loan will not come due for seven years, freeing the cash-strapped owners from an immediate, burdensome obligation that could put their ownership of the team in peril.
The newspaper added that interest payments will remain about the same for team owners under the new terms. They will not be required to immediately pay down any principal as part of the refinancing agreement -- avoiding the type of immediate lump-sum obligation that could trip them up.
The refinanced loan reportedly also does not restrict the Mets' payroll, whereas the original loan's terms capped how much the Mets could spend on players. The Mets' payroll currently is about $87 million for 2014 -- well below what is customary in a large market such as New York.
Better than bad news, I guess, but these positive financial spins do nothing for me anymore. Again, I'll believe we have more to spend AND are willing to spend it when I see it.
If this suddenly unleashes the shackles, let's actually SEE it. You have a SS that is disliked from manager to front office (and isn't any good) and the bullpen is a bunch of hopes and prayers after Parnell, who faces some health questions of his own. Go get Drew and Rodney, or hell go swoop in and sign Ubaldo Jimenez or Ervin Santana to fill out the rotation, and THEN maybe I can start believing we are going in a new direction with our finances.
Edited by nmigliore, 31 January 2014 - 09:28 AM.