Photo: By eviltomthai on Flickr
The New York Times reports that Major League Baseball has loaned the New York Mets $20 million to shore up their franchise’s troubled finances.The extra assistance was needed because the team already exhausted the league $75M line of credit for teams in need of temporary cash.
The unusual move underscores how perilous the team’s financial situation is. They already have $400M in debt and are desperately seeking minority owners to help fight off lawsuits surrounding from the owners’ involvement Bernie Madoff scheme.
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