Mets Ownership Refinances $700M Worth Of Debt Owed By Team, SNY

Mets co-Owners Fred Wilpon and Saul Katz last month "quietly refinanced roughly" $700M of debt owed by the team and SNY, according to sources cited by Josh Kosman of the N.Y. POST. Sterling Equities owns 65% of SNY and 60% of the Mets. Sources said that the "new five-year loans against the separate entities carry lower interest rates and tie the maturity dates together." It is "not known if Sterling was able to take any cash out of its investment, but the refinancing came as the Mets increased payroll by acquiring several players to help the team in its playoff run." Wilpon has "significantly cut" payroll in recent years, and sources said that the Mets "are close to being profitable." Attendance this season is up 14% "over last season" (N.Y. POST, 8/19).