Mets near minority shares sales in club

Mets near minority shares sales in club

Mets near minority shares sales in club
NEW YORK -- General manager Sandy Alderson said Tuesday that the Mets expect an influx of cash in January, by which time ownership expects to have sold multiple minority shares in the club.

That cash will presumably go toward repaying a combined $65 million worth of loans to Major League Baseball and Bank of America -- not toward player payroll or other baseball-operations expenses.

"I wouldn't expect that an influx of capital in January or February ... would have a major impact on our payroll for 2012, at least going into the season," Alderson said.

The Mets confirmed Monday that they recently received a $40 million bridge loan from Bank of America, on top of the $25 million they have owed Major League Baseball for roughly one year. Though Alderson admitted that such debts could "theoretically" have an effect on payroll, he insisted that his own payroll's decrease from $140 million to less than $100 million was due to other factors.

"I wasn't even aware of the loan until yesterday, so it couldn't have had any impact on what I've done," said Alderson, who revealed last week that the Mets have sustained $70 million in recent losses. "On the other hand, I'm not surprised. With losses that we sustained last year, they have to be funded somehow, and that's either with cash or debt. I think a bridge loan makes perfect sense given the investments that are expected to close in January."