Word comes this morning from New York Post writer Josh Kosman that New York Mets owners Fred Wilpon and Saul Katz have made their biggest move of the off-season. Thanks to an increase in franchise value as a result of the record sale price of the Los Angeles Dodgers in 2012, Wilpon and Katz had no difficulty finding banks willing to refinance a loan weeks ahead of the due date of a $250 million principal payment.
The new loan still has to be approved by Major League Baseball, but with Fred Wilpon’s good friend Bud Selig still in charge, that’s likely to be a formality.
What this means: Wilpon and Katz, who might have been forced to sell the team if the refinancing negotiations went badly, will continue to own the Mets for the foreseeable future.
The payroll will continue to hover around its current range, and Sandy Alderson (or whoever takes over for him if his contract is not extended) will have to continue to look to the Oakland Athletics and Tampa Bay Rays for a blueprint to possible success. Not ideal, but not quite completely hopeless.