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Friday, February 25, 2011

And Frank Is Alone: MLB Secretly Loans The Mets $25M

There are two things we may infer (perhaps, more strongly) from this NYT story about MLB loaning the Wilpons $25M last fall:
  1. The owners still aren't averse to helping out those they favor, and
  2. They hate Frank McCourt.
Mr. Selig’s decision to give what amounts to extraordinary assistance to one of the sport’s most prominent and highly valued teams — one owned by Mr. Wilpon, a man Mr. Selig has long regarded as a close personal friend — could anger other team owners, who might wonder why their money is being used to rescue a team with a $140 million payroll.

...

“The fact that the loan is coming from baseball would be a jarring event because, as with the Texas Rangers, the league is effectively a lender of last resort,” said Marc Ganis, a sports industry consultant. “It would indicate the team cannot get loans from normal commercial sources, which could be taken as a sign of very significant problems.”

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