In a report by the New York Post, Fred Wilpon, along with Saul Katz, made a move to keep the team for longer than many thought they would.
The same way you refinance your home mortgage to get some breathing room is what the Wilpon and Katz did with their eye-popping $450 million loans borrowed from their cable network, SportsNet New York. They were due to make payments within two years time.
Josh Kosman of the Post stated:
…some of the proceeds are expected to go toward funding the cash-strapped team’s day-to-day operations.
In other words, do not expect the New York Mets to be sold any time soon. The details of the refinancing have not been revealed, but you can bet it was for quite a number of years. The amount owed is very large and if you have a home, you know just how long it takes to pay that off. The Wilpons want to act like they are the paupers. So expect them to drag it out for as long as possible.
It is just one more reason for commissioner Bud Selig to open his eyes and let the owners know that the time to sell, was two years ago. Sell now or seize the team.