Craig passed along a story yesterday that the Mets received $700 million in loans to refinance their debt, but as Richard Sandomir of the New York Times reports, the devil is in the details.
The resulting stability and financial muscularity of SNY and similar networks make them low risks to banks. Late last month, SNY refinanced $450 million in existing bank loans at lower interest rates and borrowed at least $250 million more. With their 65 percent ownership of SNY, Wilpon and Katz should have walked away with about $162.5 million.
In theory, the Mets could go out and use this cash to add talent to the team, but there’s no indication they are willing to do anything other than bargain hunt or perhaps re-sign Scott Hairston. Other more likely scenarios include paying down part of the existing bank debt on the team or bracing for further operating losses. Fun stuff.
In a mailbag published on Thursday, Patrick Saunders of the Denver Post says he has spoken with Arenado and his agent from the Wasserman Media Group. Based on that, he says the Rockies have not broached the subject of a contract extension with the All-Star third baseman.
Arenado will enter his second of four years of arbitration eligibility after earning $5 million for the 2016 season. He’s due to a hefty pay raise and will continue on that track into free agency after the 2019 season. It may behoove the Rockies to get extension talks started sooner rather than later. Saunders, however, thinks that Arenado wants to see if the Rockies become contenders in the next two seasons before signing the dotted line.
Arenado, 25, enters Thursday’s action batting .293/.361/.567 with 40 home runs, 130 RBI, and 112 runs scored in 678 plate appearances. His 40 homers is best in the National League and the 130 RBI are best in the majors. He has an argument for winning the National League Most Valauble Player Award.
Agent Scott Boras eulogized client Jose Fernandez at his funeral on Thursday. Boras couldn’t even get through the first sentence without breaking down in tears. It was difficult to watch without wanting to sob myself, but it was a touching eulogy that spoke for a lot of people who were fond of Fernandez.