SNY Debt Will Hurt Sale Of New York Mets
Last summer Bank of America and JPMorgan Chase lent SportsNet New York, the New York Mets-controlled regional sports network, $450 million (Comcast and Time Warner are minority parnters in SNY). The baseball team and cable companies then promptly used more than half of the proceeds from the loan to pay themselves a dividend. The remainder of the money went towards refinancing existing SNY debt.
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