The Times reports that MLB had to loan the team $25 million.

The Mets have exhausted baseball’s standard bank line of credit, tens of millions of dollars that Mr. Selig and the sport’s owners make available to teams for a variety of reasons in the course of any year. The owners also have more than $400 million in debt on the team. Thus, the additional money provided by Mr. Selig — done in secret last November — might have been crucial in keeping the club functioning.

Here’s what I still don’t understand: How, even with the collapse of Bernie Madoff, the Mets’ financial status could be so, well, bankrupt. Did the team owners have every penny of their worth invested with Madoff?