Report: Mets seeking extension on $250 million loan while they search for buyer
New York Mets owners Jeff and Fred Wilpon are still in the process of trying to find a buyer for the franchise, but it does not sound like they expect a sale at any point in the immediate future.
According to a report from Scott Soshnick of Sportico, the Mets are seeking a one-year extension to pay back a $250 million loan that is scheduled to expire at the end of July. Having another year to repay the loan would give the Wilpons more flexibility with the process of selling the Mets, which has been hampered by the pandemic.
The Wilpons have not been able to meet face-to-face with prospective buyers for several months, and there is also uncertainty about whether or not the 2020 season will even be played.
A report from Monday claimed the shortened season could leave the Mets in bad financial shape. The Wilpons suffered negative financial consequences from investing in Bernie Madoff’s infamous Ponzi scheme several years ago and needed loans early in the 2010 decade to help cover expenses. They desperately need to find a buyer who can inject cash into the organization.
The Mets appeared to be on the verge of selling the team to billionaire Steve Cohen, but that deal fell through earlier this year. Alex Rodriguez and his fiancee Jennifer Lopez have shown interest in trying to buy the team, as has Philadelphia 76ers owner Josh Harris.