Mets recently took out $40 million loan
NEW YORK -- The New York Mets' owners recently got a $40 million loan to help with cash flow, a year after getting a $25 million loan from Major League Baseball.
The recent loan came in the last six weeks from a major bank and was first reported by The New York Times on Monday.
The Mets have been plagued by the Bernard Madoff Ponzi scheme and general manager Sandy Alderson has said the team lost $70 million.
The Mets called the recent transaction a "bridge loan" to help them while they seek to sell minority shares of the club.
A statement by the Mets says the latest loan was approved by "Major League Baseball and the syndicate of lenders to the Mets" and that the effort to sell minority shares "continues to go very well."
Copyright 2011 by The Associated Press
This story is from ESPN.com's automated news wire. Wire index
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