Mets Reportedly Received $20 Million in Aid From Major League Baseball

Filed under: Mets, MLB Biz, Sports Business and Media

The New York Mets have received a minimum of $20 million in assistance from Major League Baseball as they continue to fight a lawsuit brought against them by victims of Bernie Madoff's Ponzi scheme, according to a report in the New York Times.

Irving H. Picard, the trustee of the victims in the suit, is seeking close to $1 billion from the Wilpon family and Saul Katz -- the owners of the Mets -- further straining an ownership group that already is carrying $400 million in debt on the team.

The Times report claims that the Mets have already exhausted MLB's $75 million standard line of credit, which is made available to clubs for a number of reasons over the course of each year, forcing commissioner Bud Selig to step in and provide further aid to fund the team's day-to-day operations.

Selig signed off on $40 million in loans to the Texas Rangers last year as they went through a drawn-out sale of the club from Tom Hicks to a group led by Chuck Greenberg.

 

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Source: http://mlb.fanhouse.com/2011/02/25/mets-reportedly-received-20-million-in-aid-from-major-league-ba/

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