I guess he hasn’t technically defaulted before, so sure, why not give a guy who has spent two years spinning financial plates close to a billion bucks:
The owners of the New York Mets obtained at least $700 million in loans to refinance debt, according to a person with knowledge of the matter. The financing will be used to replace existing credit lines and provide additional funds to the parents of the Major League Baseball team, said the person, who asked not to be identified because the information wasn’t public.
In other news, Standard & Poor’s cut the ratings of the debt used to finance Citi Field. They’re now BB, which is two levels below investment grade. Howard Megdal’s story on this from yesterday digs into the reasons for that. Which for Mets fans, has to be rather depressing.
Jon Heyman of FanRag Sports reports that the Phillies signed pitcher Henderson Alvarez to a minor league deal. If he is added to the major league roster, he’ll earn $750,000 prorated.
Alvarez is still only 27 years old but hasn’t pitched in the majors since 2015 due to shoulder issues. He signed with the Long Island Ducks last month, making seven starts and posting a 3.94 ERA with a 13/14 K/BB ratio in 32 innings.
The Phillies learned that Vince Velasquez will undergo season-ending surgery and also placed Zach Eflin on the 10-day disabled list, so the club is just looking for pitching depth to help take them through the end of the season. Any innings that Alvarez is able to handle will be considered a bonus.
Mets third baseman David Wright will begin a minor league rehab assignment Tuesday with High-A St. Lucie. He’ll be the DH.
Wright has been sidelined since May of 2016, first with a cervical disc herniation and, more recently, a shoulder impingement. He has appeared in just 75 games since his last full season in 2014. Wright is under contract through 2020 and is owed $47 million after this year. For now insurance is picking up a large portion of that.
It’s possible he’ll make a return to the Mets before the season out as the competitive portion of their year is basically over and giving him a chance to see big league pitching before he begins what one hopes is a normal offseason might be a good confidence boost. What meaningful role he ever plays in the big leagues again, however, is decidedly up in the air.