Mets Repay Loans to MLB and Bank of America
The New York Mets have repaid loans of $25 million to Major League Baseball and $40 million to Bank of America, and have closed on the sales of 12 limited partner shares for $20 million each, a person familiar with the team's finances says.
The person spoke to The Associated Press on condition of anonymity Monday night because no public statement was authorized.
Earlier in the day, the Mets' ownership group settled the lawsuit filed against them by the trustee seeking to recover money for the victims of the Bernard Madoff Ponzi scheme.
Hampered by the lawsuit, a losing record and decreased attendance, the Mets borrowed the money from MLB in November 2010. It had been due to be repaid last November, but the time was extended until the end of March.
The loan from BOA was taken out last year.
Hedge fund manager David Einhorn agreed last May to purchase a minority stake for $200 million, but the Mets said Sept. 1 they were calling off that deal and instead wanted to sell the $20 million stakes.
Of the 12 shares, five were bought by newcomers and the rest by the current ownership group and its partners in the SNY cable network.
(Copyright 2012 by The Associated Press. All Rights Reserved.)