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.
The New York Mets have released relief pitcher Jenrry Mejia.
Mejia, you will recall, received a lifetime ban from baseball back in February 2016, following his third failed drug test. Last July Rob Manfred granted his application for reinstatement, effective at the beginning of the 2019 season. By way of rehab, Mejia pitched in five games in the minors late in the season. The Mets, obviously, did not want any part of him going forward, especially considering he’s arbitration eligible. To keep him, they’d have had to add him to their 40-man roster today.
Mejia is 9-14 with a 3.68 ERA in 18 starts and 95 relief appearances, all for the Mets.