JPMorgan (JPM) Strong-Armed by MLB, Mets to Provide More Financing

The cash-strapped New York Mets and Major League Baseball are reportedly pressuring JPMorgan (NYSE:JPM) to come up with more financing for the baseball team as they continue to struggle from the consequences of the Bernie Madoff Ponzi scheme.

At this time, according to a report in the New York Post, the Mets are "desperately" seeking millions in financial assistance just for general operating expenses.

Being a major financier for Major League Baseball, they are again being sought for capital, as they successfully helped the team raise $430 million in 2010, which included Bank of America (BAC) and Citigroup (C) as lenders.

Citing an anonymous source, MLB and the Mets are said to be "exerting strong pressure" on JPMorgan to find them funds to tide them over.

At this time, the Post reported the Mets have debt of about $505 million, and are losing close to $50 million annually.