Yesterday was a good day for the Mets. Not only did they receive a favorable settlement in the Madoff case, but completed the sale of 12 minority ownership shares at $20 million a shot for a total of $240 million.
The Mets claim to have lost $70 million last season, and the new money will pay off loans to Major League Baseball ($25 million) and Bank of American ($40 million). They should be able to sustain their operating expenses for this season.
The Mets have a three-year break before they required to pay any of the $162 million from the settlement, so there is some sense of relief in clarity as they attempt to budget until that time.