Mets repay loans to MLB and Bank of America

RONALD BLUM AP Sports Writer Published:

NEW YORK (AP) -- A person familiar with the team's finances says the New York Mets have repaid loans of $25 million to Major League Baseball and $40 million to Bank of America, and have closed on the sales of 12 limited partner shares for $20 million each.

The person spoke to The Associated Press on condition of anonymity Monday night, after the Mets' ownership group settled the lawsuit filed against them by the trustee seeking to recover money for the victims of the Bernard Madoff Ponzi scheme.

Hampered by the lawsuit, a losing record and decreased attendance, the Mets borrowed the money from MLB in November 2010. It had been due to be repaid last November, but the time was extended until the end of March.

The loan from BOA was taken out last year.