August 25, 2012; Flushing, NY, USA; New York Mets owner Fred Wilpon (left) and retired MLB player Sandy Koufax during the game against the Houston Astros at Citi Field. Mandatory Credit: Noah K. Murray/The Star Ledger via US PRESSWIRE

Mets Reorganizing Debt; Olson and Egbert Elect Free Agency

So, there’s nothing wrong with a little refinancing, right? Well, when you run a Major League Baeball organization, some hesitation comes from outside sources. Richard Sandomir of the New York Times reported the Mets are in talks with banks in an effort to raise more cash and reorganize their debt. The Wilpons are looking to pay off some of their heavier debt, such as the day-to-day operations of the organization, as well as the Citi Field bonds.

According to the article in the Times, which was discussed on MetsBlog, there is a $450 million loan currently out for SNY Networks, which the Wilpons would look to refinance and borrow more to repay the aforementioned heavy debt. Sandomir also mentioned that since SNY’s value is increasing, it’s less likely for the network to be affected by any of the team’s revenue

issues. If this debt can be redistributed, there is a potential for cash dividends for the owners and their partners, but depending on the interest rate during this process, the revenue could decrease. In addition to that, Adam Rubin reported that the Mets have an adding problem when it comes to their salary; there is $79.5 million for next season tied up between six players (Johan Santana, Jason Bay, David Wright, Frank Francisco, R.A. Dickey, Jonathon Niese). So, Rubin said that for New York’s payroll to be around $100 million like they’ve been saying, the other 19 players on the 25-man roster would have to make an average salary of $1.08 million each.

With a handful of players due for a raise through arbitration, it seems unlikely these salary figures will stay true for the Mets, which will make it interesting to find out exactly what happens this off-season with this impending roster turnover that Sandy Alderson has talked about over the last month or so of the season. When you hear of a team reorganizing their debt, it doesn’t sound very good, but it could help them out in the long run, even though most fans probably don’t want the Wilpons to get themselves financially set to continue running the team.

Speaking of salaries, MetsBlog and MLB Trade Rumors reported that Alderson could have extensions agreed upon with Wright and Dickey before the start of the World Series. Sandy has already started conversations with Wright’s agents, and although he hasn’t started talking to the people representing Dickey, he remains confident they will be able to come to an agreement, but nothing is guaranteed. Throughout the blogosphere and twitterverse, there were plenty of fans who were not happy with what sounds like great news, and Rising Apple staff writer Danny Abriano shared his opinion about it.

Garrett Olson and Jack Egbert, two pitchers that played the majority of their season in the minor leagues in 2012, have both elected to enter free agency yesterday. Egbert made 27 appearances for the Buffalo Bisons, compiling a 3-4 record and 5.40 ERA. He made one appearance at the MLB level against the Phillies throwing 0.2 innings without allowing a base runner. Olson’s cup of coffee in the Bigs wasn’t the same, as he was called up and only threw 0.1 of an inning, allowing 4 runs on 3 hits and a walk. In Triple-A, he was used as both a reliever and a starter, as he made 34 appearances, 21 of which were starts. Olson put together a 4-7 record with a 4.63 ERA.

Tags: David Wright Garrett Olson Jack Egbert Mets Refinancing Debt New York Mets R.A. Dickey

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