I don’t pretend to understand high finance that well — and I tend not to get my business news from the New York Post — so someone who knows more about this stuff than me tell if this is really a bad sign or if it’s much ado about nothing:
Banks that provided roughly $400 million in loans to the New York Mets are starting to unload some of that debt at a discount, a sign that creditors are getting nervous about the team’s finances, The Post has learned.
Potential buyers are bidding around 90 cents on the dollar for the debt, sources said. At least one creditor has bought a debt slice at a discount with the approval of Major League Baseball, which must sign off on any buyer of the team’s loans, said one source.
“This tells me the original lenders are scared,” a source close to the situation said.
Is it possible that lenders — freaked out about their returns — could start to panic and a chain reaction could happen that would force the Mets into bankruptcy like the Rangers were? I’m not trying to be alarmist here: unlike Tom Hicks, who had been in the papers for silly finances for some time before the Rangers went into bankruptcy, I really don’t know enough about the Mets’ situation to say anything too intelligent yet. I’m really curious to know.
For now, though, I can at least say that that stuff doesn’t sound good.
Rick Morissey of the Chicago Sun-Times published an article on Sunday giving a bit of insight into Cubs president of baseball operations Theo Epstein. When Epsten was younger, he dabbled in sportswriting, but quickly realized the trade wasn’t for him.
As Morissey details, when Epstein was 19 years old writing for Yale’s student newspaper, he wrote an article suggesting the school’s football coach should be fired during what would become a 3-7 season. Epstein was told during the meeting that one writer would defend the coach and one would call for his job. “It was a lesson in the way that the world of journalism sometimes works. It was an eye-opener for me. I regret it, and I’ve happily moved on.”
Epstein continued, “I realized I didn’t want to be a sportswriter when I was interning with the Orioles back in ’92, ’93, ’94. I did do a lot of media-relations stuff, and I saw that the life of a sportswriter is pretty lonely. You kind of work by yourself, sit there by yourself in the press box, go back to the hotel bar. Not to generalize.” He added, “But I really respect writing and respect sportswriters.”
He’s not wrong, and he seems to have found his calling as a front office executive. His Cubs are back in the World Series for the first time since 1945.
Indians second baseman Jason Kipnis tweeted on Sunday, “Got a little too close to [Francisco Lindor] during the celebration!! Freak accident but should be good to go by Tuesday! #cantkeepmeoutofthisgame!”
Per MLB.com’s Jordan Bastian, manager Terry Francona said Kipnis is dealing with a low ankle sprain, but he’s expected to be ready to go when the World Series begins on Tuesday. Kipnis went through fielding drills on Sunday.
Kipnis is hitting .167/.219/.367 with a pair of homers and four RBI in eight games this postseason.