Bank of America Has Been Calling the Mets' Shots

Word came down last week that the New York Mets were on the verge of a breakthrough in their financial woes, with the refinancing of a $250 million loan from Bank of America. The New York Post's Josh Kosman reported that the loan, which demanded an enormous principal payment this spring, will be restructured by March and will not require a cash paydown from owners Fred Wilpon and Saul Katz. The loan will not come due for seven more years.

That's definitely good news for a stubborn ownership whose mishandling of team finances put the Mets on the brink of bankruptcy after sinking millions into Bernard Madoff's Ponzi scheme. But one nugget from the Post's report, which has been mostly overlooked, should be particularly troubling to baseball fans. Kosman writes: "There is a bit of a silver-lining for critics of Wilpon and Katz: There are no payroll limits written into the re-worked loan, a source added. The existing loan restricts the team from greatly expanding payroll."