Month: November 2011

MLB Allows Mets Near Record Debt Level

ST LOUIS, MO - OCTOBER 28: MLB commissioner B...
Image by Getty Images via @daylife

In the continuing saga about the Mets trying to get out from under the Madoff lawsuits and the attendance problems, MLB has allowed the Mets to secure more debt than the $400 million that’s already on the books. The Mets are now taking out a series of small loans against the team from investors in the $15-$20 million range. The SportsMoney blog has a post today detailing the Mets desperate plight to raise cash and comparable situations in MLB (Rangers and Dodgers).

The investors are offered a chance to get their loan back plus 3% annually in six years or just keep a small stake in ownership of the Mets with no chance for a majority share. Apparently, JP Morgan and other debt holders must have signed off on this strategy. They certainly didn’t like the Mets plan for a $200 million loan/ownership stake from David Einhorn this summer.

This new set of loans will take the Mets to approximately $540 million plus interest leveraged against the team. Keep in mind that the Dodgers, currently in bankruptcy, have the highest ever debt against a team at $555 million.

It sure looks like the Mets are following the path of the Rangers and Dodgers which both ended with team sales via bankruptcy court. But Bud Selig and his good friend Fred Wilpon keep telling us that the Mets are doing fine even though the Mets haven’t repaid their secret $25 million loan from MLB that was due last summer. Maybe some Mets fans would be happy if there was an ownership change for the team?

Mets Add To 40-Man Roster – Havens, Nieuwenhuis, More

Reese Havens
Image by Eric Kilby via Flickr

On Friday the Mets announced that they added seven minor league players to the 40-man roster to protect them from the Rule 5 draft. The players that they added were pitchers Robert Carson and Jeurys Familia, second baseman Reese Havens, and outfielders Wilmer Flores, Juan Lagares, Kirk Nieuwenhuis, and Cesar Puello.

Prior to this move the Mets removed Nick Evans and Jason Pridie from the 40-man roster. Both players elected for free agency and Pridie signed a minor league deal with the Oakland A’s.

As the Mets continue to trim their budget, we should see some of these prospects getting a look in spring training for spots on the 25-man roster. Havens especially deserves a shot at the second base job despite his injury history. He’s probably the best second baseman in the organization right now. Also expect Nieuwenhuis to get a look at the center or right field positions in the spring. He’s coming off season ending shoulder surgery but should be ready to go in February.

Mets 2012 Uniform Changes

Tom Seaver and Tug McGraw Jerseys at Mets Hall...
Image by slgckgc via Flickr

The Mets are following on the heels of the new Miami Marlins’ uniforms with some changes of their own to the uniform. ESPN is reporting that the Mets will hold a press conference on Tuesday to display the changes. The word is that the Mets are going retro for their 50th anniversary in 2012 and that they’re going to reduce the black used.

I won’t complain about either change. The Mets have had problems embracing their past, most notably when Citi Field opened and the Mets forgot to include any team memorabilia or images in the park. So switching to a retro look of pinstripe with “Mets” on the front and no black shadows is fine with me. Also, reducing the use of the black alternate uniforms is a solid choice at this point. They’ve over-utilized the black uniform to the point that I forgot that it was the alternate it was used so often.

Brian Erni from MetsBlogalso reports that David Wright, Ike Davis, and Lucas Duda will be at the press conference. Presumably, they’ll be there to model the retro look uniforms. It’s interesting that Wright will be continuing to do everything the Mets ask of him despite the trade talk that’s been in the news this offseason. It would certainly be awkward if the was traded in the near future after attending a press conference on behalf of the team.

Enhanced by Zemanta

Jose Reyes to Marlins Not Done Deal

NEW YORK, NY - SEPTEMBER 28: Jose Reyes #7 (R...
Image by Getty Images via @daylife

There’s been a lot of chatter this week about Jose Reyes having two meetings with the Marlins since he hit free agency. The Marlins executives were in New York last week for a meeting and Reyes was in Miami for lunch and a tour of the new stadium on Wednesday. But don’t expect a quick resolution to Reyes’ contract situation.

Reyes is one of the top free agent position players available this offseason along with Prince Fielder and Albert Pujols. As such, the top free agents will typically meet with several teams to gauge interest.

Although it seems like a long shot that Reyes will re-sign with the Mets, and it probably is a very long shot, don’t expect a quick resolution to a contract with the first team Reyes meets with. The Marlins have plenty of issues to deal with including how to handle the fact that they already have a shortstop that probably won’t want to leave that position. Hanley Ramirez’ value as a player is drastically reduced if he isn’t a shortstop anymore. It’s one of the premium defensive positions and even more so for a player that can really hit.