Things are going form bad to worse for the Mets. In case you haven't been following the story, the Mets ownership is facing a lawsuit from victims of Bernie Madoff alleging that they profited from the ponzi scheme. In fact, they've reportedly put 25% of the team up for sale to help defray the costs of a possible judgment against them. Now, it's been revealed that the team couldn't even cover costs last November and needed a bailout from Major League Baseball.
We said in October that we expected to have a short-term liquidity issue," the team said in a statement. "To address this, we did receive a loan from Major League Baseball in November. Beyond that, we will not discuss the matter any further."
It's been reported that the loan was for $25 million. The bad news surrounding the Mets seems to have investors scared.
Less than two weeks ago, Moody’s Investors Service lowered its outlook on the company that operates the ballpark used by the New York Mets because of the litigation. The ratings firm cut the outlook on Queens Ballpark Co. LLC to "Negative," but maintained its "Ba1" rating on the company’s bonds.