The San Diego Padres insist they have all the necessary resources after a report that they took out a loan for approximately $50 million to address short-term cash-flow issues.
The Padres took the loan in September to meet obligations including payroll commitments, sources told The Athletic’s Evan Drellich, Ken Rosenthal, and Dennis Lin.
“The Padres organization continues to have access to all the resources, financial and otherwise, it needs to field a championship-caliber team for the fans of San Diego,” Padres CEO Erik Greupner said in a statement.
San Diego entered the 2023 campaign with the third-highest payroll in baseball at approximately $250 million. The club signed Manny Machado, Xander Bogaerts, Joe Musgrove, and Yu Darvish to nine-figure contracts over the last year.
“We established a capital plan for 2023 with our ownership group and lender partners and are operating our business in accordance with that plan,” Greupner added.
The Padres reportedly had a third-party lender willing to loan $100 million, according to Drellich, Rosenthal, and Lin. The club asked MLB if it could receive that amount but only got permission to take approximately $50 million.
The Padres had a disappointing 2023 campaign despite high expectations and the highest payroll in franchise history. San Diego finished the season 82-80 and missed the playoffs.
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