Multiple sources out of New York indicate that Fred Wilpon (whose son and COO Jeff is pictured above), owner of the New York Mets has refinanced a $250 million loan which will render it due in seven years instead of the next couple of months.
The loan that was taken out by Wilpon from Major League Baseball was being paid off by selling minority shares in the team. Now, Wilpon has a few more years to settle his accounts.
Perhaps the most interesting news bit about this refinance as it pertains to what fans want to hear, is how it affects the Mets’ payroll. ESPN’s Adam Rubin explains.
The refinanced loan reportedly also does not restrict the Mets’ payroll, whereas the original loan’s terms capped how much the Mets could spend on players.
This season, GM Sandy Alderson signed two big name free agents. Outfielder Curtis Granderson signed for four years and $60 million, while starting pitcher Bartolo Colon signed for two-years and $20 million.